If Dartmouth has a Right of First Refusal on a home, when the owner enters into a contract to sell the home to a third-party buyer, Dartmouth has the right to step in to purchase the home under the same, or similar terms as the interested buyer.
A Repurchase Option is slightly different from a Right of First Refusal. It allows Dartmouth to purchase a property upon the occurrence of certain events, which may be the anticipated sale of the home, or even the owner's decision to leave College employment.
Because Dartmouth from time to time exercises its RPOs on property in Hanover, owners who are interested in selling homes subject to these rights are encouraged to first contact Larry Kelly in the Dartmouth College Real Estate Office (646-1406) to discuss Dartmouth's interest.
Answers to frequently asked questions about Rights of First Refusal and Repurchase Options can be found on our RPO FAQ page.
