61B-24.005 — Right of First Refusal

Administrative rule 61B-24.005 establishes requirements governing the right of first refusal in condominium conversions.

The rule sets forth the procedural and substantive framework for exercising a right of first refusal in the context of converting property to condominium ownership. The rule applies to transactions where an owner or developer converts residential property to condominium form and existing tenants or other parties possess contractual or statutory rights to purchase the property before it is offered to third parties.

Condominium developers, converters, and existing tenants or occupants in properties undergoing conversion to condominium status.

Effective September 6, 1981.