Housing: landlord and tenants; purchase of rental property by tenants; provide for. Creates new act.

This bill, known as the Tenant Opportunity to Purchase Act, would allow tenants in Michigan to get the first chance to buy their rental homes or apartments before the landlord sells them to someone else. It requires landlords to offer the property to tenants at a price and terms that are at least as good as what a third-party buyer would get, or comparable to the property's appraised value if no other offer exists. The law applies to various types of rental units, including apartments and single-family homes, but excludes hotels, motels, and vacation rentals. Tenants can exercise this right individually or by forming an association representing a majority of the tenants in the building.