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Summary of Steps for the Resale of an MPDU During the Control Period

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The owner of an MPDU who wants to sell their MPDU during the applicable MPDU control period must contact and work with the MPDU office.  This summary is provided as a courtesy to MPDU owners.  Detailed instructions can be found on the MPDU website, and in the MPDU law, regulations, and covenants.

Step 1 – Obtain MPDU Maximum Resale Price:  First send a letter to the MPDU office or an e-mail to MPDU Intake to get the resale price for the unit.  Please print out and complete the Refinance and Resale Price Request form found on the MPDU website.  The MPDU office will send you the MPDU Maximum Resale Price for your MPDU and an MPDU Marketing Form. 
Step 2:    Notify the MPDU office that you want to sell your MPDU:  After you receive your MPDU Maximum Resale Price, you must notify the MPDU program that you have decided to sell your MPDU by completing the MPDU Marketing Form that was sent to you along with the notification of the MPDU Maximum Resale Price.  You can email the MPDU Marketing Form and official notification of your intent to sell your MPDU to MPDU Intake.
Step 3:  The County Reviews Your Resale MPDU:  The MPDU must first be offered through the MPDU office to the County and the Housing Opportunities Commission (HOC) which both have the right of first refusal to purchase your unit both during and after the controls expire.  At this time, the County is not purchasing MPDUs, and HOC rarely purchases resale MPDUs.  However, this step is required.  The MPDU office will notify you of HOC’s response by email.
Step 4:  Your MPDU is offered to MPDU Program participants: Find a Real Estate Agent:  If the County does not purchase your MPDU (and currently the County is not purchasing resale MPDUs), your MPDU must be offered to MPDU program participants.  You may use a licensed real estate agent to help with this process, if they have received training from the MPDU office.
Step 4A – IF NECESSARY – Obtain a Waiver and Market Your MPDU to Households Outside the MPDU program:  If there are no interested certificate holders after all the persons on the marketing list have been contacted, then the you can request, in writing, permission to sell your MPDU to persons who do not participate in the MPDU program.  Please be aware, however, that a unit sold to non-participants remains an MPDU, and the Maximum MPDU Resale Price and all rules governing the MPDU program remain in effect.  In order to open resales to the general public, the seller must send a letter to the MPDU Program or email a letter to MPDU Intake.  When marketing the MPDU to members of the general public, the Real Estate Agent must clearly inform the interested purchaser that they and the MPDU are still subject to the requirements of the MPDU law and regulations.  The buyer must be a First-Time Homebuyer.  Furthermore, any member of the general public who is interested in purchasing the unit must meet with an MPDU staff person prior to signing a sales contract to be informed about the requirements of the MPDU program.
Step 5 – Enter into a Sales Contract with a Purchaser of your MPDU:  Once a qualified buyer submits an offer on your MPDU, and you accept it, and the buyer attending a meeting with MPDU staff, the Sales Contract can be ratified.  The following documents must be provided to the MPDU office within ten (10) days of ratification of the sales contract.  The Real Estate Agent will be responsible for getting required documents to the MPDU office.  

 

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