This bill mandates that owners of restricted multi-family residential properties must provide tenants with a 60-day notice prior to the sale of the property, along with an opportunity for tenants to make an offer to purchase it. The new legal language inserted into RSA 540 establishes a new section, 540:31, which outlines these requirements. Specifically, it prohibits owners from making a final unconditional acceptance of any sale offer without first notifying tenants, following the same procedures as those required for manufactured housing park owners, with the exception that the New Hampshire Manufactured Housing Association is excluded from this process.

The bill aims to enhance tenant rights by ensuring they are informed and given a chance to participate in the sale of their residence, thereby promoting stability and potentially preventing displacement. The effective date of the act is set for 60 days after its passage, allowing time for property owners to adjust to the new requirements.