What is required to be given to existing tenants when converting a rental property to a condominium?

The correct choice is the requirement to provide existing tenants the right of first refusal when converting a rental property to a condominium. This is an important legal right that ensures tenants are given the opportunity to purchase their rental units before the units are offered to other potential buyers.

This right is designed to protect tenants by allowing them to maintain their residence and potentially become homeowners if they desire. It signifies a recognition of their existing relationship with the property and gives them a chance to secure their living situation rather than face potential displacement.

The other options, while they may offer some form of incentive to existing tenants, do not reflect legal requirements related to the conversion process itself. A right of first refusal is rooted in tenant protection laws, ensuring that tenants' rights are honored during real estate transitions.