How can a tenant exercise their right of first refusal?

A tenant can exercise their right of first refusal by formally notifying the landlord of their intent to purchase the property. This right allows the tenant the first opportunity to buy the property before the landlord sells it to another buyer. The process generally requires the tenant to express this intent in writing upon receiving notice from the landlord that they plan to sell. This communication is crucial because it formally triggers the tenant's option to negotiate purchasing the property on the same terms offered by other prospective buyers.

While forming a new rental contract may involve other considerations or negotiations, it does not directly pertain to the right of first refusal. Paying rent on time is a responsibility that does not relate to exercising this specific right; it is a basic obligation of the tenant under the lease. Offering a higher price than potential buyers does not align with the right of first refusal, as the tenant typically has the right to match any offer rather than outbid it. Thus, formal notification is the key action that activates the tenant's option to buy the property.