Right of first refusal
From: Susan L. Hedgpeth (hedgpethberkeley.edu)
Date: Mon, 9 Oct 2006 19:03:51 -0700 (PDT)
Hi all,

We are a California cohousing community (organized as a condominium HOA) exploring the idea of adding a right of first refusal clause to our bylaws. As we understand it, this would mean that in a situation where a seller is in contract to sell to a buyer whom the community has serious reservations about, the HOA could decide to buy the unit at the contract price.

We'd like to hear from other communities that have looked into or set up right of first refusal. How, exactly, does it work? Do you know if it's legal in California? Have you actually exercised the right of first refusal yet? How did you/would you decide if concerns are serious enough to use this right? How would you handle the financial end?

Please feel free to respond privately if you don't want to respond to the list.

Thanks very much.

Susan Hedgpeth
Pleasant Hill Cohousing
Pleasant Hill, California, USA
(San Francisco Bay Area)

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