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 in Massachusetts 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 buyer. The goal is to provide stability and predictability for businesses leasing commercial space. This legislation aims to strengthen the rights of commercial tenants during property sales.
Key provisions
- Commercial tenants receive notification when a landlord intends to sell a property.
- Tenants are given the first right to purchase the property.
- The landlord must offer the property to the tenant at the same price and terms as offered to third parties.
- The tenant has a specific timeframe to decide whether to purchase the property.
- This right applies to leases for commercial spaces.
Who is affected
- Commercial tenants
- Landlords
- Small businesses
- Property owners
- Massachusetts municipalities
Notable changes
- Creates a mandatory ‘first right of refusal’ for commercial tenants.
- Provides a mechanism for tenants to potentially acquire the property they lease.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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