Sec. 7-61

Citation: Sec. 7-61
Parent Document: Somerville Code of Ordinances ch. 7, art. IV (Condominium/Cooperative Conversion)
Jurisdiction: Somerville (municipal)
Original Source: https://online.encodeplus.com/regs/somerville-ma-coo/doc-viewer.aspx?secid=585 ↗

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Occupied units . An owner shall extend to a tenant who is entitled to receive notice of intent to convert an exclusive right to purchase such tenant’s unit, which right shall extend for a period of 120 days, or 180 days in the case of an elderly, disabled, or low/moderate income tenant beginning on the date the tenant receives a purchase and sale agreement from the owner containing the same or more favorable terms of sale than those the owner would, in good faith, offer, or actually does offer, to prospective arms’ length purchasers of such unit, provided that such terms and conditions represent fair market value for such unit in “as is” condition. A copy of such agreement shall be contemporaneously provided to the condominium review board. Once the owner sets these terms of sale, the owner may not sell the unit under more favorable terms for 90 days from the expiration of the tenant’s right to purchase. The tenant may exercise the right to purchase the tenant’s unit by executing such purchase and sale agreement within the applicable period, whereupon the owner shall promptly countersign the agreement. Where there is more than one unrelated adult tenant in a household, the right to purchase shall only apply if (A) all tenants opt to purchase the unit jointly or (B) if all tenants other than those opting to exercise their rights to purchase waive their right to purchase under this section.

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