An act relating to creating a tenant right of first refusal to purchase a residential rental building

This bill would require landlords in Vermont to notify tenants before selling a residential rental building, giving tenants the opportunity to purchase the property themselves. The law establishes a 45-day period after notice for tenants to decide if they want to buy the building, during which the landlord cannot accept a final sale offer. If a majority of tenants express interest, the landlord must negotiate in good faith and cannot sell to another buyer for an additional 120 days, and must accept an offer from tenants if it matches the property's appraised value or third-party offers. The bill applies to most residential building sales but excludes foreclosures, family transfers, and certain other exceptions, and it includes penalties for landlords who fail to follow the required procedures.