Vermont Statutes Title 27 Sec. 1334
Terms Used In Vermont Statutes Title 27 Sec. 1334
- Building: means a building containing two or more apartments, or two or more buildings containing a total of two or more apartments, and comprising a part of the property. See
- Contract: A legal written agreement that becomes binding when signed.
- Conversion: means a change in character of residential real property from a rental to an ownership basis. See
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Declarant: means any person who offers for transfer ownership interests in a common interest community as part of an initial common promotional plan. See
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
§ 1334. Exclusive right to purchase
(a) For 90 days after giving the notice described in section 1333 of this title, the declarant shall offer to convey each unit or proposed unit occupied for residential use to the tenant who rents that unit. The tenant shall be given all documents provided to the general public or to other tenants as part of the offering for sale of the unit. If a tenant fails to contract for the unit during the offer period, the declarant may not offer an interest in that unit during the following 90 days at a price or on terms more favorable to the offeree than the price or terms offered to the tenant.
(b) If a declarant conveys a unit in violation of section 1333 to a purchaser for value who has no knowledge of the violation, recordation of the deed conveying the unit extinguishes any right a tenant may have to purchase the unit, but does not affect the right of a tenant to recover damages from the declarant.
(c) This section shall not apply to any unit in a conversion building if that unit will be restricted exclusively to nonresidential use or the boundaries of the converted unit do not substantially conform to the dimensions of the residential unit before conversion. (Added 1985, No. 175 (Adj. Sess.), § 5.)