Right of first offer; contract of sale

# (a)

If a homeowner association responds to the notice of right of first offer under § 7029 of this title, or if the community owner agrees to sell the community to the homeowner association under § 7030 of this title, the homeowner association has an additional 30 days to formalize the agreed price, terms, and conditions into a contract of sale. This 30-day period may not be used to renegotiate the price, terms, or conditions agreed to during the first 30-calendar-day period unless mutually agreed to in writing. Time is of the essence.

# (b)

Failure of the homeowner association to formalize a contract of sale during the 30-day period following an agreement of price, terms, and conditions eliminates any right of the homeowner association to purchase the community during the remainder of the 12-month period that commenced on the date of the community owner’s notice of intention to sell, transfer, or convey all or part of the community.

# (c)

Upon a formalized contract of sale being signed by both parties, the change of ownership of the community must be completed within 90 days. Time is of the essence.

# (d)

# (1)

The completion date may be extended beyond the 90-day period if both parties agree to an extension. However, neither party is obligated to agree to an extension.

# (2)

An agreement to extend the settlement date must be in writing and signed by both parties to the transaction.

# (3)

If the parties did not fully exhaust the 30-day periods under subsections (a) or (b) of this section or § 7029(a) of this title, any unused days may be added to the 90-day period in subsection (c) of this section by either party by providing written notification to all other parties within 5 business days prior to the end of the 90-day period. The time period for calculation of unused days is from the dates of mailing of the notices required by each section.