Establishes the commercial tenant opportunity to purchase act, providing commercial tenants the right of first refusal for the purchase of certain.

The Commercial Tenant Opportunity to Purchase Act (CTOPA) establishes the right of first refusal for commercial tenants and qualified purchasers to purchase certain commercial rental properties. Owners must offer tenants and qualified purchasers the opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Tenants and qualified purchasers have specific time periods to accept or reject the offer, and can request an appraisal if they believe the offer is not bona fide.

Establishes the commercial tenant opportunity to purchase act, providing commercial tenants the right of first refusal for the purchase of certain.

The Commercial Tenant Opportunity to Purchase Act (CTOPA) establishes the right of first refusal for commercial tenants and qualified purchasers to purchase certain commercial rental properties. Owners must offer tenants and qualified purchasers the opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Tenants and qualified purchasers have specific time periods to accept or reject the offer, and can request an appraisal if they believe the offer is not bona fide.