Montana SB501 establishes the Keep Montanans Housed Act, giving tenants the first opportunity to purchase their rental properties before landlords.

Montana SB501, the Keep Montanans Housed Act, mandates that landlords offer tenants the first chance to buy their rental properties before selling to third parties. Landlords must provide tenants with a bona fide offer of sale, detailing the price and terms. Tenants have 45 days to accept or challenge the offer, potentially requesting an appraisal. If tenants decline or do not respond, landlords can proceed with selling to third parties. The act codifies these provisions under Title 70, chapter 24, part 1, and takes effect July 1, 2025.

Montana SB501 establishes the Keep Montanans Housed Act, giving tenants the first opportunity to purchase their rental properties before landlords.

Montana SB501, the Keep Montanans Housed Act, mandates that landlords offer tenants the first chance to buy their rental properties before selling to third parties. Landlords must provide tenants with a bona fide offer of sale, detailing the price and terms. Tenants have 45 days to accept or challenge the offer, potentially requesting an appraisal. If tenants decline or do not respond, landlords can proceed with selling to third parties. The act codifies these provisions under Title 70, chapter 24, part 1, and takes effect July 1, 2025.