ORS 456.263
Right of first refusal
- matching offer
- third-party sale
(1)
Before selling a participating property that is subject to a recorded notice of right of first refusal under ORS 456.262 (Second withdrawal notice) (3) to a third party other than a qualified purchaser, a property owner shall send notice of the owner’s intent to accept a purchase offer by registered or certified mail, with return receipt requested, to each party acknowledging under ORS 456.262 (Second withdrawal notice) (3)(f) a notice of right of first refusal under ORS 456.262 (Second withdrawal notice). The notice delivered under this subsection must contain a copy of the third-party offer or the terms and conditions of the offer to purchase that the owner intends to accept.(2)
A qualified purchaser shall have 30 days from the date the notice is mailed to exercise a right of first refusal by delivering a matching offer to purchase the property by certified mail. The matching offer must contain a commitment from the qualified purchaser to preserve the property as affordable on terms determined by the Housing and Community Services Department. The property owner shall accept the first matching offer the property owner receives from a qualified purchaser under this section.(3)
A qualified purchaser’s offer is a matching offer if it is on the same terms and conditions as the third party’s offer to purchase, except that a qualified purchaser’s offer is considered a matching offer notwithstanding a conflicting term that includes:(a)
An earnest money deposit that is no less than the least of the third-party offer, two percent of the sales price or $250,000.(b)
That the earnest money deposit is refundable until the earlier of 90 days or the date of closing.(c)
That closing shall be scheduled at least 240 days after execution of the purchase agreement.(d)
Any nonmaterial term.(e)
Any other term that the property owner has agreed to waive.(f)
A commitment to maintain the affordability of the property required under subsection (2) of this section.(4)
Subsection (1) of this section does not apply if:(a)
More than 24 months have elapsed since the participating property was eligible for withdrawal from publicly supported housing under ORS 456.262 (Second withdrawal notice) (4);(b)
The property owner accepted a third party’s offer to purchase the participating property before January 1, 2020, and has provided documentation of the purchase agreement to the Housing and Community Services Department;(c)
The third-party offeror agrees to affordability restrictions on the participating property, as determined by the department, to ensure that the participating property remains publicly supported housing; or(d)
Any additional situations as determined by the department by rule.(5)
A property owner that sells participating property to a third party shall certify that the owner has complied with all provisions of this section and ORS 456.260 (First withdrawal notice to department and local government) and 456.262 (Second withdrawal notice). A certification of compliance under this section shall:(a)
Be recorded in the real property records of the county in which the property is located;(b)
Contain a legal description of the property;(c)
Identify the property owner as the grantor; and(d)
Be acknowledged by the property owner in the manner required for acknowledgment of a deed. [2017 c.608 §7; 2019 c.571 §6; 2021 c.56 §5]
Source:
Section 456.263 — Right of first refusal; matching offer; third-party sale, https://www.oregonlegislature.gov/bills_laws/ors/ors456.html.
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