Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 115 - PUBLICLY SUPPORTED HOUSING PRESERVATION
Section 813-115-0070 - Qualified Purchaser Right of First Refusal; Third Party Offer

Universal Citation: OR Admin Rules 813-115-0070

Current through Register Vol. 63, No. 9, September 1, 2024

(1) Before selling a participating property that is subject to a recorded notice of right of first refusal, under ORS 456.262, to a third party other than a qualified purchaser, the property owner shall provide notice to all parties with a recorded right of first refusal of the owner's intent to:

(a) Accept a purchase offer from a third party; or

(b) Amend the terms and conditions of a purchase offer from a third party under (a) above; or

(c) Terminate a pending sale agreement with a third party; or

(d) Accept a purchase offer from another third party subsequent to (a) above.

(2) Qualified purchasers receiving this notice under subsection (1) above may exercise a right of first refusal by delivering a matching offer to purchase the property. The property owner shall accept the first matching offer the property owner receives from a qualified purchaser.

(3) Qualified purchasers can exercise their right of first refusal as many times as applicable until:

(a) Owner successfully transfers the property to a third party or a qualified purchaser; or

(b) The expiration of the term of the right of first refusal; or

(c) The right of first refusal is released or terminated by the qualified purchaser.

(4) Requirements related to required notices, matching offers, and property sales generally under this process are outlined in ORS 456.263.

Statutory/Other Authority: ORS 456.258

Statutes/Other Implemented: ORS 456.250-456.265

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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