Or. Admin. Code § 813-115-0060

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-115-0060 - Recording Notices of Right of First Refusal

(1) A qualified purchaser may record-in the real property records of the county or counties within which the relevant participating property is located-a notice of right of first refusal, as provided by ORS 456.262, in a form provided by and available from OHCS:

(a) After a qualified purchaser has submitted an offer to the property owner as outlined in OAR 813-115-0030; or

(b) Without delivering an offer to purchase, and no qualified purchaser has recorded a right of first refusal, OHCS may record the right of first refusal per 456.262(7).

(2) A qualified purchaser may assign their interest in a right of first refusal to another qualified purchaser by recording-in the real property records of the county or counties within which the relevant participating property is located-a notice of assignment of the right of first refusal.

(3) A qualified purchaser is not required to exercise a right of first refusal and submit a matching offer under ORS 456.263.

(4) A qualified purchaser shall provide a release of the recorded right of first refusal to the property owner upon:

(a) Transfer of ownership to a third party or qualified purchaser; or

(b) Expiration of the term of the right of first refusal if there is no transfer of ownership; or

(c) At any time as determined by the qualified purchaser, at their sole discretion prior to (a) or (b) above.

Or. Admin. Code § 813-115-0060

OHCS 12-2018, adopt filed 09/04/2018, effective 9/4/2018; OHCS 6-2020, temporary amend filed 03/25/2020, effective 03/25/2020 through 09/20/2020; OHCS 10-2020, amend filed 05/21/2020, effective 5/21/2020; OHCS 20-2022, amend filed 08/16/2022, effective 8/18/2022; OHCS 1-2024, amend filed 01/05/2024, effective 1/5/2024

Statutory/Other Authority: ORS 456.258

Statutes/Other Implemented: ORS 456.250-456.265