What to do
1. Contact MOHCD for instructions
2. Make the property available on the open market
You must disclose the terms of the Grant of Right of First Refusal in the MLS (Multiple Listing Service) listing, as well as the purchase agreement.
3. Send MOHCD your purchase agreement, after you and the prospective buyer sign and ratify it
- The purchase agreement sets the offer price.
- The Right of First Refusal period begins once MOHCD approves the purchase agreement.
During our Right of First Refusal period, MOHCD has the following options:
- Substitute the first market-rate buyer with an eligible City Second buyer.
- Buy the unit at the offer price, on behalf of the City.
- Let the market-rate buyer buy the unit at their offer price if no eligible buyers are found.
Last updated November 18, 2022