Owner decides to sell a property in which a tenant currently resides. This includes all rental properties, including single family homes and duplexes.
Owner notifies tenants and "Qualified Housing Nonprofits" of intent to sell with asking price. This provides tenants and nonprofits a First Right of Offer.
Owner waits up to 80 days for tenants or nonprofits to provide an offer. The owner may not list or market the property on the open market during this period.
If an offer is presented, owner decides to accept or reject the offer. If an offer is not provided, the owner may go to the open market for a third party offer.
If the owner accepts an offer from the tenant or Nonprofit, the owner must wait 60 days for the property to either close in a sale or fail to close.
If owner rejects offer and goes out to the open market, once a third party offer is received, an owner must go back to tenants to offer them First Right of Refusal. Owner waits 10 days for response from tenants.
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