Delaware Code (Titles 8, 9, 25, 30)

25 Del. C. § 7031

Right of first offer; sale to a third party at a lower price

# (a)

The community owner may not sell the community to a third party at or less than the price offered in the alternative offer from the homeowner association unless 1 of the following occur:

# (1)

The offer is withdrawn under § 7030(b) of this title.

# (2)

The homeowner association is given 30 calendar days to match the lower price and all of the material terms and conditions of the lower offer.

# (b)

The notice of the right to match the lower third-party offer shall be sent to the homeowner association by overnight service with signature receipt. The notice must state the price and any special conditions material to the transaction for the sale, transfer, or conveyance of the community.

# (c)

Upon written demand from the homeowner association, the community owner must provide the homeowner association with tangible evidence of the lower offer received within 3 business days of receipt of the written request from the homeowner association by overnight service with signature receipt.

# (d)

If the homeowner association matches the offer within 30 calendar days of receipt of the notice, the community owner is obligated to move to the next step of the negotiation with the homeowner association under § 7033 of this title.

Amendment history

74 Del. Laws, c. 35, § 2; 70 Del. Laws, c. 186, § 1; 76 Del. Laws, c. 336, § 1; 77 Del. Laws, c. 238, §§ 2-20; 79 Del. Laws, c. 330, § 1; 82 Del. Laws, c. 38, § 32

Source: view the official text

In this title (40 sections)

Full table of contents →