What must owners provide according to the Rental Housing Conversion and Sale Act?

The Rental Housing Conversion and Sale Act mandates that owners provide tenants with a first right of refusal when converting a rental property to a condominium or offering it for sale. This provision is designed to protect tenants by giving them the opportunity to purchase their rental unit before it is offered to others. This is particularly important in the context of housing stability and preventing sudden displacement, as it allows tenants who may have established their lives within a rental property to consider the option of ownership.

In contrast, while provisions around relocation assistance may exist in various housing laws, the specific requirement tied to the Rental Housing Conversion and Sale Act is primarily focused on the tenant's right to purchase. Monthly rental statements and annual financial disclosures, while relevant to overall property management practices, do not directly relate to the core intent of this particular Act, which stresses tenant rights in the context of conversion and sale.