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"If the change results in significantly higher maintenance for units that are already in contract to be sold, the attorney general may require the sponsor to offer any prospective purchaser who has signed a contract to purchase a 'right of rescission' to back out of the contract," he said.
Instead, Mr. Brucker said, the condo board typically has a "right of first refusal" to purchase the apartment on the same terms and conditions as the prospective purchaser.
The prospective purchaser was not identified.
What, then, is the prospective purchaser to do?
The other prospective purchaser was not named by police.
There was, moreover, 'no other prospective purchaser.' Ibid.
He recently got a request from a prospective purchaser in Michigan for a waterfront lot.
Recording it there provides constructive knowledge of the lien to a prospective purchaser, Mr. Wasser said.
Grand Met, the London-based conglomerate, did not name the prospective purchaser.
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"We have begun to talk to prospective purchasers," he said.
The offering circular must be delivered to prospective purchasers.
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