An Act to guarantee a commercial tenant’s first right of refusal
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill would give commercial tenants the first opportunity to purchase a property if the landlord decides to sell. If the tenant declines the offer, the landlord can then proceed with selling to another party. The goal is to provide commercial tenants with more control and potentially prevent unwanted changes to their business locations. This legislation focuses on ensuring fairness in commercial real estate transactions.
Key provisions
- Commercial tenants receive a ‘first right of refusal’ on properties offered for sale by their landlords.
- Landlords must notify tenants of their intention to sell a property.
- The tenant has a specific timeframe to decide whether to purchase the property.
- If the tenant declines, the landlord can sell to another buyer.
Who is affected
- Commercial tenants
- Commercial property landlords
- Small businesses
- Real estate developers
- Property owners
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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