Or. Admin. Code § 813-115-0070

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

Section 813-115-0070 - Qualified Purchaser Right of First Refusal; Third Party Offer

(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.

Or. Admin. Code § 813-115-0070

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