KY SB288

Tenants who have occupied a residential rental property (3 or fewer units) for at least 6 months and are named on a written lease receive a right of first refusal to purchase the property before the owner can list it for sale or accept third-party offers

Owners must provide written notice to tenants with material terms including sale price, settlement date, and any third-party offer details; tenants then have 30 days to submit a purchase offer

Owners must accept tenant offers matching the stated terms within 5 days, or provide a counteroffer which tenants have 5 days to accept or reject

Exemptions apply to transfers to family members, wholly-owned business entities, government, revocable trusts, 501(c)(3) nonprofits, court-ordered transfers, fiduciary transfers, and public housing/land bank authorities

Violations subject owners to fines up to $1,000 per violation; lease provisions waiving tenant rights are void and unenforceable, and conflicting local ordinances are preempted