MT SB501

Requires landlords to offer tenants the first opportunity to purchase their rental dwelling unit before selling to a third party, issuing a notice to vacate for demolition, repurposing, or sale

Sales price must not exceed fair market value or appraised value; landlords cannot retain partial ownership in the offer

Tenants have 45 days to accept the offer and may challenge the price by requesting an independent appraisal at the tenant's expense

If tenant rejects the offer or fails to respond within the timeline, landlord may immediately proceed with third-party sale at the same price and terms

Effective date: July 1, 2025