How to use the First Right of Refusal
When you decide to sell your home or lots you will need to abide by paragraph #9 of the Lake Tishomingo Restrictions. Here are the required steps.
- Get a potential buyer and enter into a contract to sell.
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After you have a contract, you must send out the FRR letters to the adjoining lot
owners and the LTPOA. You must list the lot’s block letter & number that is for sale, the
dollar amount, date of closing, current owner’s name, and the name of the purchaser.
You may use this FRR form.
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When the FRR form is filled out it is best to use certified mail, so that you will have
a paper trail with signatures of receipt. Mail a copy to the LTPOA and the owners of the
adjoining lots.
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Once the letters are mailed you must allow the adjoining lot owners and the LTPOA
15 days to respond with their selection, either to purchase, or to decline to purchase. If
you have not had a response in fifteen days, you may assume the adjoining lot owners are
not interested in purchasing.
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If you receive a response indicating an adjoining lot owner is interested in purchasing your property, you must disclose the terms of the contract to the adjoining lot owner,
and they must exactly meet the terms of that contract. This includes the cost and closing date, and all additional terms.
- Complete the sale.