Section 7032 - Right of first offer; sale to a third-party at a higher price(a) The community owner may accept an offer from a third-party higher than the alternative price, if any, offered by the home owner association without further obligation to the home owner association unless there are significant or material changes in terms and conditions. However, the home owner association must be given 7 business days to match the higher offer if 1 of the following apply: (1) The higher offer is less than $40 million and the home owner association's alternate price is within 6% of the offer.(2) The higher offer is $40 million or greater and the home owner association's alternate price is within 4.5% of the offer.(b) The notice of the right to match the higher offer under subsection (a) of this section, must be sent to the home owner 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. Upon written demand from the home owner association, the community owner must provide the home owner association with tangible evidence of the higher offer received within 3 business days of receipt of the written request from the home owner association by overnight service with signature receipt.(c) If the home owner association matches the offer within 7 business days of receipt under subsection (a) of this section, the community owner must move to the next step of the negotiation with the home owner association under § 7033 of this title. The community owner must not accept or entertain a higher offer from a third party after the home owners association matches the offer.(d) If the community owner accepts an offer from a third-party that is greater than the alternative price offered by the home owners association, such that the provisions of either under subsection (a) of this section, are not triggered, the community owner shall certify this fact in writing to both the home owner association and the Consumer Protection Unit within 7 business days of acceptance of the third-party offer. Such written certification shall also indicate whether the accepted third-party offer contained any significant or material changes in terms or conditions. Added by Laws 2019, ch. 38,s 32, eff. 12/10/2019.