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 is inserted into RSA 540 as section 540:31, which specifies that no owner can accept an offer for sale or transfer without first notifying tenants in accordance with the procedures outlined 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. The effective date of the act is set for 60 days after its passage, allowing time for property owners to comply with the new requirements.