Tenant Opportunity to Purchase
TENANT OPPORTUNITY TO PURCHASE (Chapter 6.32) provides tenants with the right to purchase the rental facility where they live in the event is it is placed on the market for sale.
The law increases the possibility for tenants to become first-time home buyers if the rental facility where they live as a renter is placed on the market for sale. Affected tenants have a specified time period based on the number of rental units in their building, to match a third-party purchase contract that the landlord has accepted. All owners selling a residential rental facility must comply with this law and notify tenants of their right to purchase the property. Some rental units, such as accessory apartments are exempt from this law.
A tenant or tenant association may seek enforcement of any right or provision under the tenant opportunity to purchase law through a civil action filed with a court of competent jurisdiction and, upon prevailing, shall be entitled to an award of reasonable attorney’s costs.
