New Jersey S4244 requires owners of multiple dwelling buildings to notify tenants and tenant associations of certain sales and provides tenant.

New Jersey S4244 mandates that owners of multiple dwelling buildings notify tenants and tenant associations of certain sales. It provides tenant associations with an opportunity to purchase the building before a third-party offer is accepted. A tenant association representing at least 51 percent of the households in the building can exercise a right of first refusal. The association has 120 days to perform due diligence, secure financing, and close on the purchase.

New Jersey S4244 requires owners of multiple dwelling buildings to notify tenants and tenant associations of certain sales and provides tenant.

New Jersey S4244 mandates that owners of multiple dwelling buildings notify tenants and tenant associations of certain sales. It provides tenant associations with an opportunity to purchase the building before a third-party offer is accepted. A tenant association representing at least 51 percent of the households in the building can exercise a right of first refusal. The association has 120 days to perform due diligence, secure financing, and close on the purchase.