Va. Code Ann. § 55.1-1308.3
C. To exercise the right of first refusal under this section, a resident entity shall, no later than 15 days following receipt of the notice required by subsection B, deliver to the manufactured home park owner a written notice of their intent to exercise the right of first refusal described in this section. If the resident entity does not deliver such notice, the locality in which the manufactured home park is located shall have an additional 15 days to deliver to the manufactured home park owner a written notice of their intent to exercise the right of first refusal described in this section.
If, no later than 60 days following delivery of a written notice of intent to exercise the right of first refusal by either a resident entity or a locality, the resident entity or the locality delivers to the manufactured home park owner a proposed purchase agreement containing the same price and substantially equivalent terms and conditions as the purchase agreement of which the manufactured home park owner provided notice pursuant to subsection A, the resident entity or the locality shall have the right to purchase the manufactured home park at the price, terms, and conditions stated in its proposed purchase agreement, provided that the purchase agreement contains a commitment from the resident entity or the locality to preserve the property as a manufactured home park for at least 15 years following the sale unless a majority of the tenants with a valid rental agreement in the manufactured home park assert in writing that they consent to the conversion of the manufactured home park to an alternative form of affordable housing. Such commitment shall also be required of any assignee to which a resident entity or locality assigns its rights under subsection M. Unless the parties agree to an alternative period of time, the resident entity or locality shall have 60 days after the date of the agreement to obtain financing and to close on the purchase. If the manufactured home park owner asserts that the terms of the purchase agreement proposed by a resident entity are not substantially equivalent to the terms of the purchase agreement of which the resident entity was given notice under subsection A, the manufactured home park owner shall treat the resident entity's proposed purchase agreement as an offer to purchase pursuant to § 55.1-1308.4 and comply with all the requirements of that section.
2026, c. 599.