TENANTS-RIGHT OF FIRST REFUSAL

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Senate Amendment 001

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3674

Introduced 2/5/2026, by Sen. Rachel Ventura

SYNOPSIS AS INTRODUCED:

New Act

Creates the Multi-Unit Residential Rental Property Right of First
Refusal Act. Requires the owner of a multi-unit residential rental
property that offers the property for sale to provide written notice to
each tenant and the tenants' association offering the tenants' association
an opportunity to purchase the property at a price and terms that represent
a bona fide offer of sale. Exempts property governed by the Condominium
Property Act. Provides that the tenants, by and through the tenants'
association, have the right to purchase the residential rental property if
the tenants meet the price, terms, and conditions of the property owner by
executing a contract with the property owner within 60 days, unless agreed
to otherwise, from the date of mailing of the notice. Provides that, if a
contract between the owner and the association is not executed within the
60-day period, the property owner has no further obligation under the Act
unless the owner thereafter elects to offer the property at a price
materially lower than the price specified in the notice provided to the
association. Defines a materially lower price as a price that is at least
20% lower than the price specified in the notice to the officers of the
tenants' association. Provides that if the property owner thereafter
elects to offer the property at a price materially lower than the price
specified in the notice, the tenants, by and through the tenants'
association, have an additional 10 days to meet the new price, terms, and
conditions by executing a contract. Provides this right to purchase the
property is void if no contract for sale by the tenants' association and
the property owner has been reached within the 60-day period or any
additional 10-day period. Authorizes the property owner to record in the
county in which the property is located an affidavit that the owner has
complied with the Act's requirements. Specifies that if the tenants wish
to exercise the rights under the Act, they must form an association that
must be a corporation or a not-for-profit corporation with the written
consent of two-thirds of all of the tenants. Sets out requirements for
matters to be included in the articles of incorporation, bylaws, and power
and duties of the tenants' association. Allows an aggrieved party to file a
civil action for damages. Makes other changes.
LRB104 18642 JRC 32085 b

A BILL FOR

SB3674
LRB104 18642 JRC 32085 b
1

AN ACT concerning civil law.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 1.
Short title.
This Act may be cited as the
5
Multi-Unit Residential Rental Property Right of First Refusal
6
Act.

7

Section 5.
Definitions.
As used in this Act:
8

"Appraised value" means the value of a multi-unit
9
residential property on the date of its appraisal, based on an
10
objective, independent property valuation, performed according
11
to professional appraisal industry standards.
12

"Association" or "tenants' association" means a
13
corporation or not-for-profit corporation of which at least
14
two-thirds of the tenants of a multi-unit residential rental
15
property have consented in writing to become members or
16
shareholders. "Association" does not include an entity
17
governed by the Condominium Property Act.
18

"Bona fide offer of sale" means either:
19

(1) an offer of sale for a price and other material
20

terms that are at least as favorable as those accepted by a
21

purchaser in an arm's length, third-party contract; or
22

(2) in the absence of an arm's length, third-party
23

contract, an offer for sale for the appraised value or at a

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1

price and other material terms that are comparable to
2

those that would be accepted by a willing seller and a
3

willing buyer.
4

"Highest and best use" means the legal use of a property
5
that is physically possible, appropriately supported, and
6
financially feasible and that results in the highest value of
7
the property.
8

"Member" or "shareholder" means a tenant of a multi-unit
9
residential property who consents to be bound by the articles
10
of incorporation, bylaws, and policies of a tenants'
11
association formed for a multi-unit residential rental
12
property under this Act.
13

"Multi-unit residential rental property" means a
14
residential building or group of residential buildings
15
operated as one entity that contain 2 or more distinct
16
dwelling units available for rent.
17

"Owner" means the persons, firm, partnership, corporation,
18
trust, organization, limited liability company or other
19
entity, or its successors or assigns that holds title to a
20
rental property. An individual who owns a single unit within a
21
multi-unit residential property that they offer for rent is
22
not considered the owner of a multi-unit residential rental
23
property.

24

Section 10.
Right of first refusal.
25

(a) This Act shall be construed to confer a right of first

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refusal to purchase any multi-unit residential rental property
2
for sale upon the tenants of such property under the terms set
3
forth herein.
4

(b) If an owner of a multi-unit residential rental
5
property offers the multi-unit residential rental property for
6
sale, the owner shall provide a written notice of intent to
7
sell to the Illinois Housing Development Authority and to each
8
unit of the multi-unit residential rental property offering
9
the tenant an opportunity to purchase the multi-unit
10
residential rental property at a price and terms that
11
represent a bona fide offer of sale. The notice required by
12
this subsection must be delivered in person or mailed, by
13
certified or registered mail, return receipt requested, on a
14
form provided by the Illinois Housing Development Authority.
15
The written notice shall include, at a minimum:
16

(1) The name, address, and telephone number of each
17

owner of the multi-unit residential rental property;
18

(2) The address of the multi-unit residential rental
19

property;
20

(3) the asking price for the multi-unit residential
21

rental property and material terms of the sale;
22

(4) a statement that the tenants have the right to
23

purchase the multi-unit residential rental property by and
24

through the tenants' association;
25

(5) a statement as to whether a contract with a third
26

party exists for sale of the multi-unit residential

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property and, if so, further notice that the owner must
2

make a copy of the contract available to the tenant within
3

7 days after receiving a request for it; and
4

(6) a statement that the owner shall make available to
5

the tenant a floor plan of the building and an itemized
6

list of monthly operating expenses, utility consumption
7

rates, and capital expenditures for each of the 2
8

preceding calendar years within 7 days after receiving a
9

request. The statement shall also indicate that the owner
10

shall, at the same time, make available the most recent
11

rent roll, list of tenants, and list of vacant apartments.
12

If the owner does not have a floor plan, the owner may meet
13

the requirement to provide a floor plan by stating in
14

writing to the tenant that the owner does not have a floor
15

plan. The owner shall also post a Notice of Intent to Sell
16

in a form provided by Illinois Housing Development
17

Authority at all public entrances to the multi-unit
18

residential rental property.
19

(c) The tenants, by and through a tenants' association
20
created under Section 30, have the right to purchase the
21
multi-unit residential rental property if the tenants (i) meet
22
the price, terms, and conditions of the property owner by
23
executing a contract with the property owner within 60 days,
24
unless agreed to otherwise, of the owner's receipt of the
25
association's Notice of Intent to Purchase and (ii) have
26
complied with Sections 30 through 50. If a contract between

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1
the owner and the association is not executed within the
2
60-day period, the property owner has no further obligation
3
under this subsection unless the owner thereafter elects to
4
offer the multi-unit residential rental property at a price
5
materially lower than the price specified in the notice
6
provided to the association. For purposes of this Section, a
7
materially lower price is a price that is at least 20% lower
8
than the price specified in the notice to the officers of the
9
tenants' association.
10

(d) If the property owner thereafter elects to offer the
11
multi-unit residential rental property at a price materially
12
lower than the price specified in the notice, the tenants, by
13
and through the tenants' association, have an additional 10
14
days to meet the price, terms, and conditions of the property
15
owner by executing a contract.
16

(1) The sales price contained in the offer of sale
17

shall be less than or equal to a price and other material
18

terms comparable to that at which a willing seller and a
19

willing buyer would sell and purchase the multi-unit
20

residential rental property or the appraised value of the
21

residential rental property as determined by this Section.
22

(2) An appraised value may be based only on rights an
23

owner has as of the date of the offer, including any
24

existing right an owner may have to convert the multi-unit
25

residential rental property to another use. An appraised
26

value may take into consideration the highest and best use

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1

of the multi-unit residential rental property.
2

(3) The owner of the multi-unit residential rental
3

property has the burden of proof to establish that an
4

offer of sale under this Section is a bona fide offer of
5

sale.
6

(e) If, within 60 days, plus any additional 10-day period,
7
a contract for sale signed by the tenants' association and the
8
property owner has not been entered into, the right provided
9
in this Section to purchase the multi-unit residential rental
10
property is void and of no further force and effect.
11

(f) Notices required by this Section shall be in writing
12
and shall be delivered by placing the notice in the United
13
States mail addressed to each tenant and the officers of the
14
tenants' association. Each notice is deemed given upon the
15
deposit of the notice in the United States mail.
16

(g) Multi-unit property that is governed by the
17
Condominium Property Act is exempt from this Act.

18

Section 15.
Affidavit of compliance with statutory
19
requirements.
20

(a) The owner of a multi-unit residential rental property
21
may at any time record with the Illinois Housing Development
22
Authority and in the official real estate records of the
23
county or jurisdiction where the multi-unit residential
24
property is located an affidavit in which the owner certifies
25
that:

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(1) the owner has complied with Section 10;
2

(2) notwithstanding the owner's compliance with the
3

provisions of Section 10, no contract has been executed
4

for the sale of the multi-unit residential rental property
5

between the owner and the tenants' association for the
6

multi-unit residential property;
7

(3) the provisions of Section 10 are inapplicable to a
8

particular sale or transfer of the multi-unit residential
9

rental property by the owner and compliance with Section
10

10 is not required; or
11

(4) a particular sale or transfer of the multi-unit
12

residential rental property is exempted under Section 65.
13

(b) Any party acquiring an interest in a multi-unit
14
residential property and any title insurance companies and
15
attorneys preparing, furnishing, or examining any evidence of
16
title may rely on the truth and accuracy of all statements
17
appearing in the affidavit and are under no obligation to
18
inquire further as to any matter or fact relating to the
19
owner's compliance with the provisions of Section 10.

20

Section 20.
Appraisal of residential property.
21

(a) A tenants' association may challenge the offer
22
presented by the owner of the multi-unit residential rental
23
property as not being a bona fide offer of sale and may request
24
a determination of the appraised value of the multi-unit
25
residential property by delivering the request to the property

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1
owner by hand or by certified mail within 45 days of receipt of
2
the alleged bona fide offer of sale. The process to do this is
3
as follows:
4

(1) The tenants' association and the property owner
5

shall agree on the appraiser and shall pay one-third and
6

two-thirds of the cost of the appraisal, respectively. If
7

the parties cannot agree on an appraiser, the appraiser
8

shall be chosen by the assessor of the county in which the
9

property is located.
10

(2) The appraiser must hold a current license issued
11

by the Department of Financial and Professional Regulation
12

under the Real Estate Appraiser Licensing Act of 2002.
13

(3) The owner shall give the appraiser full,
14

unfettered access to the property, subject to the privacy
15

of the tenants.
16

(4) The owner shall respond within 7 days to any
17

request for information from the appraiser.
18

(5) The tenants' association may give the appraiser
19

information relevant to the valuation of the property.
20

(6) The appraisal shall be completed expeditiously
21

according to standard industry timeframes.
22

(b) Beginning on the date of the request by the tenants'
23
association for an appraisal, and for each day thereafter
24
until the tenants' association receives the appraisal, the
25
negotiation period described in Section 10 is extended by one
26
day.

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(c) The determination of the appraised value of the
2
multi-unit residential rental property in accordance with this
3
Section becomes the sales price of the bona fide offer of sale
4
for the multi-unit residential rental property unless:
5

(1) the owner and the tenants' association agree upon
6

a different sales price of the multi-unit residential
7

rental property; or
8

(2) the owner elects to withdraw the offer of sale
9

within 14 days of the receipt of the appraisal by the
10

owner.
11

(d) The owner may withdraw the offer of sale by delivering
12
by hand or by certified mail a letter of withdrawal to the
13
officers of the tenants' association.
14

(e) Upon the election to withdraw the offer of sale, the
15
owner shall reimburse the tenants' association for its entire
16
share of the cost of the appraisal within 14 days of delivery
17
of the notice of withdrawal.
18

(f) An owner who withdraws an offer of sale in accordance
19
with this Section is precluded from making a later offer of
20
sale to the tenants' association without a third-party
21
contract for 3 months from the date of the election to withdraw
22
the offer of sale.

23

Section 25.
Tenants' associations.
To exercise the rights
24
of a tenants' association as provided in this Act, upon
25
incorporation and service of the notice described in Section

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1
30, the association becomes the representative of all the
2
tenants in all matters relating to this Act, regardless of
3
whether a tenant is a member of the tenants' association.

4

Section 30.
Incorporation; notification of property owner.
5

(a) Upon receipt of its certificate of incorporation, the
6
tenants' association shall notify the owner of the multi-unit
7
residential property in writing of the incorporation and shall
8
advise the owner of the names and addresses of the officers of
9
the tenants' association by personal delivery upon the owner's
10
representative as designated in the lease or by certified
11
mail, return receipt requested. Thereafter, the tenants'
12
association shall notify the owner of the multi-unit
13
residential property in writing by certified mail, return
14
receipt requested, of any change of names and addresses of its
15
president or registered agent upon election or appointment of
16
new officers or board.
17

(b) Upon written request by the tenants' association, the
18
owner of the multi-unit residential rental property shall
19
notify the tenants' association by certified mail, return
20
receipt requested, of the name and address of the owner, the
21
owner's agent for service of process, and the legal
22
description of the multi-unit residential rental property.
23
Thereafter, in the event of a change in the name or address of
24
the owner or the owner's agent for service of process, the
25
owner shall notify in writing the president or registered

SB3674
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1
agent of the tenants' association of such change by certified
2
mail, return receipt requested.
3

(c) The tenants' association shall file a notice of its
4
intent to purchase the multi-unit residential rental property
5
as set forth in Section 10. The notice shall contain the name
6
of the association, the name of the property owner, and the
7
address or legal description of the multi-unit residential
8
rental property. The notice shall be recorded with the
9
Illinois Housing Development Authority and the county clerk in
10
the county where the property is located. Within 10 days of the
11
recording, the tenants' association shall provide a copy of
12
the recorded notice to the owner at the address provided by the
13
owner by certified mail, return receipt requested.

14

Section 35.
Articles of incorporation.
The articles of
15
incorporation of a tenants' association shall provide that the
16
association has the power to:
17

(1) negotiate for, acquire, and operate the multi-unit
18

residential property on behalf of the tenants of the
19

multi-unit residential rental property; and
20

(2) convert the property that has been acquired to a
21

condominium, a cooperative, a subdivision form of
22

ownership, or another type of ownership.
23

Upon acquisition of the multi-unit residential rental
24
property, the association, by action of its board of
25
directors, becomes the entity that (1) creates a condominium,

SB3674
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1
cooperative, or subdivision; (2) is responsible for offers of
2
sale or lease; or (3) if the tenants choose a different form of
3
ownership, owns the record interest in the property and is
4
responsible for the operation of the property.

5

Section 40.
Bylaws of the tenants' association.
6

(a) The directors of the tenants' association and
7
operation of the tenants' association are governed by the
8
bylaws of the tenants' association.
9

(b) The bylaws shall provide and, if they do not, are
10
deemed to include (i) the titles of the officers and board of
11
directors and (ii) provisions specifying the powers, duties,
12
manner of selection and removal, and compensation, if any, of
13
officers and board members. Unless otherwise provided in the
14
bylaws, the board of directors shall be composed of 5 members.
15
The board of directors shall elect a president, secretary, and
16
treasurer who shall perform the duties of those offices
17
customarily performed by officers of corporations, and these
18
officers shall serve without compensation and at the pleasure
19
of the board of directors. The board of directors may elect and
20
designate other officers and grant them those duties it deems
21
appropriate.

22

Section 45.
Powers and duties of tenants' association.
23

(a) A tenants' association may contract, sue, or be sued
24
with respect to the exercise or nonexercise of its powers. For

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1
these purposes, the powers of the association include, but are
2
not limited to, the maintenance, management, and operation of
3
the multi-unit residential rental property.
4

(b) The powers and duties of a tenants' association
5
include those set forth in this Act, in the articles of
6
incorporation, in the bylaws, and in any recorded declarations
7
or restrictions encumbering the multi-unit residential rental
8
property, if not inconsistent with this Act.
9

(c) A tenants' association has the power to make, levy,
10
and collect assessments and to lease, maintain, repair, and
11
replace the common areas upon purchase of the multi-unit
12
residential rental property.
13

(d) The tenants' association shall maintain the following
14
items, if applicable, which constitute the official records of
15
the association:
16

(1) A copy of the association's articles of
17

incorporation and each amendment to the articles of
18

incorporation.
19

(2) A copy of the bylaws of the association and each
20

amendment to the bylaws.
21

(3) A copy of the written rules or policies of the
22

association and each amendment to the written rules or
23

policies.
24

(4) The approved minutes of all meetings of the
25

members of a tenants' association and meetings open for
26

members of the board of directors, and committees of the

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1

board, which minutes must be retained within this State
2

for at least 5 years.
3

(5) A current roster of all members and their mailing
4

addresses. The tenants' association shall also maintain
5

the email addresses and the numbers designated by members
6

for receiving notice sent by electronic transmission of
7

those members consenting to receive notice by electronic
8

transmission. The email addresses and numbers provided by
9

members to receive notice by electronic transmission shall
10

be removed from association records when consent to
11

receive notice by electronic transmission is revoked. The
12

tenants' association is not liable for an erroneous
13

disclosure of the email address or the number for
14

receiving electronic transmission of notices.
15

(6) All of the association's insurance policies or
16

copies of those policies, which must be retained within
17

this State for at least 5 years after the expiration date
18

of the policy.
19

(7) A copy of all contracts or agreements to which the
20

association is a party, including, without limitation, any
21

written agreements with the property owner, lease, or
22

other agreements or contracts under which the association
23

or its members has any obligation or responsibility, which
24

must be retained within this State for at least 5 years
25

after the expiration date of the contract or agreement.
26

(8) The financial and accounting records of the

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1

association, kept according to good accounting practices.
2

All financial and accounting records must be maintained
3

within this State for at least 5 years. The financial and
4

accounting records must include:
5

(A) Accurate, itemized, and detailed records of
6

all receipts and expenditures.
7

(B) A current account and a periodic statement of
8

the account for each member, designating the name and
9

current address of each member who is obligated to pay
10

dues or assessments, the due date and amount of each
11

assessment or other charge against the member, the
12

date and amount of each payment on the account, and the
13

balance due.
14

(C) All tax returns, financial statements, and
15

financial reports of the association.
16

(D) Any other records that identify, measure,
17

record, or communicate financial information.
18

(9) All other written records of the association not
19

specifically included in this Section that are related to
20

the operation of the association must be retained within
21

this State for at least 5 years or at least 5 years after
22

the expiration date, as applicable.
23

(e) The official records shall be made available to a
24
member for inspection or photocopying within 15 business days
25
after receipt by the board or its designee of a written request
26
submitted by certified mail, return receipt requested. The

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1
requirements of this Section are satisfied by having a copy of
2
the official records available for inspection or copying at
3
the residential property or, at the option of the tenants'
4
association, by making the records available to a member
5
electronically via the Internet or by allowing the records to
6
be viewed in electronic format on a computer screen and
7
printed upon request. If the tenants' association has a
8
photocopy machine available where the records are maintained,
9
it must provide a member with copies on request during the
10
inspection if the entire request is no more than 25 pages. A
11
tenants' association shall allow a member or his or her
12
authorized representative to use a portable device, including
13
a smartphone, tablet, portable scanner, or any other
14
technology capable of scanning or taking photographs, to make
15
an electronic copy of the official records in lieu of the
16
association's providing the member or the member's authorized
17
representative with a copy of the records. The tenants'
18
association may not charge a fee to a member or the member's
19
authorized representative for the use of a portable device.
20

(1) The failure of an association to provide access to
21

the records within 15 business days after receipt of a
22

written request submitted by certified mail, return
23

receipt requested, creates a rebuttable presumption that
24

the association willfully failed to comply with this
25

subsection.
26

(2) The association may adopt reasonable written rules

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governing the frequency, time, location, notice, records
2

to be inspected, and manner of inspections but may not
3

require a member to demonstrate a proper purpose for the
4

inspection, state a reason for the inspection, or limit a
5

member's right to inspect records to less than one
6

business day per month. The association may impose fees to
7

cover the costs of providing copies of the official
8

records, including the costs of copying and for personnel
9

to retrieve and copy the records if the time spent
10

retrieving and copying the records exceeds 30 minutes and
11

if the personnel costs do not exceed $20 per hour. The
12

association shall maintain an adequate number of copies of
13

the recorded governing documents, to ensure their
14

availability to members and prospective members.
15

Notwithstanding this paragraph, the following records are
16

not accessible to members:
17

(A) A record protected by the attorney-client
18

privilege and a record protected by the work product
19

privilege, including, but not limited to, a record
20

prepared by an association attorney or prepared at the
21

attorney's express direction that reflects a mental
22

impression, conclusion, litigation strategy, or legal
23

theory of the attorney or the association and that was
24

prepared exclusively for civil or criminal litigation,
25

for adversarial administrative proceedings, or in
26

anticipation of such litigation or proceedings until

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the conclusion of the litigation or proceedings.
2

(B) Email addresses, telephone numbers, facsimile
3

numbers, emergency contact information, any addresses
4

for a tenant other than as provided for association
5

notice requirements, and other personal identifying
6

information of any person, excluding the person's
7

name, unit, mailing address, and property address.
8

Notwithstanding the restrictions in this subparagraph,
9

an association may print and distribute to members a
10

directory containing the name, address, and telephone
11

number of each tenant. A member may exclude the
12

member's telephone number from the directory by so
13

requesting in writing to the association. The
14

association is not liable for the disclosure of
15

information that is protected under this subparagraph
16

if the information is included in an official record
17

of the association and is voluntarily provided by a
18

member and not requested by the association.
19

(C) An electronic security measure that is used by
20

the association to safeguard data, including
21

passwords.
22

(D) The software and operating system used by the
23

association that allows the manipulation of data, even
24

if the member owns a copy of the same software used by
25

the association. The data is part of the official
26

records of the association.

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(f) An outgoing board or committee member of the tenants'
2
association must relinquish all official records and property
3
of the association in the member's possession or control to
4
the incoming board within 5 days after the election or
5
removal.
6

(g) A tenants' association may purchase units in the
7
multi-unit residential rental property and may acquire, hold,
8
lease, mortgage, and convey or sell them.
9

(h) A tenants' association shall use its best efforts to
10
obtain and maintain adequate insurance to protect the
11
association and the multi-unit residential rental property
12
upon purchase of the multi-unit residential property. A copy
13
of each policy of insurance in effect shall be made available
14
for inspection by owners at reasonable times.

15

Section 50.
Exercise or assignment of rights.
A tenants'
16
association may exercise rights under this Act in conjunction
17
with a third party or by assigning or selling those rights to
18
any party, whether private or governmental. The exercise,
19
assignment, or sale of the tenants' association's rights may
20
be for any consideration that the tenants' association, in its
21
sole discretion, finds acceptable. Such an exercise,
22
assignment, or sale may occur at any time in the process
23
provided in this Act and may be structured in any way the
24
tenants' association, in its sole discretion, finds
25
acceptable.

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Section 55.
Waiver of rights.
A multi-unit residential
2
rental property owner may not request or require, and a
3
tenants' association may not grant, a waiver of the right to
4
receive an offer of sale under this Act.

5

Section 60.
Penalties.
Any aggrieved person, including,
6
but not limited to, any tenant or tenant association, may
7
enforce the provisions of this Act by a civil action in which
8
the court may provide injunctive relief or award treble
9
damages, the plaintiff's court costs, and reasonable
10
attorney's fees.

11

Section 65.
Exceptions.
This Act does not apply to the
12
following:
13

(1) Any sale or transfer to a person who would be
14

included within the table of descent and distribution if
15

the property owner were to die intestate.
16

(2) Any transfer by gift, devise, or operation of law.
17

(3) Any transfer by a corporation or entity to an
18

affiliate. As used in this paragraph (3), "affiliate"
19

means any shareholder of the transferring corporation or
20

entity; any corporation or entity owned or controlled,
21

directly or indirectly, by any shareholder of the
22

transferring corporation; or any other corporation or
23

entity owned or controlled, directly or indirectly, by any

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1

shareholder of the transferring corporation or entity.
2

(4) Any transfer by a partnership to any of its
3

partners or by an individual or group of individuals to a
4

partnership.
5

(5) Any conveyance of an interest in all or a portion
6

of the multi-unit residential rental property incidental
7

to the financing of such multi-unit residential rental
8

property.
9

(6) Any conveyance resulting from the foreclosure of a
10

mortgage, deed of trust, or other instrument encumbering a
11

multi-unit residential rental property or any deed given
12

in lieu of foreclosure.
13

(7) Any sale or transfer between or among joint
14

tenants or tenants in common owning a multi-unit
15

residential property.
16

(8) The purchase of a multi-unit residential rental
17

property by a governmental entity under its powers of
18

eminent domain.

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