P.R. Laws tit. 5, § 4627
All property rights over the housing unit shall be subject to maintaining the status of member the cooperative of the member-owners. Loss of membership by a member-owner for any reason established in this chapter or in the general rules shall give to the cooperative preferential rights for the acquisition of the housing unit in question, as established herein. If after six (6) months have elapsed, since the loss of membership by the member-owner or before, if the parties reach an agreement, and the member-owner has not been able to sell or legally transfer the title of his/her housing unit to a person who qualifies and is accepted as a member of the cooperative, the cooperative may acquire the housing unit for the appraisal value established by an appraiser licensed in the Commonwealth of Puerto Rico. During said six (6) month period, the owner shall be bound to inform the cooperative of any offer for the purchase or transfer of the title he/she accepts. The cooperative shall have preferential rights for the acquisition of the housing unit at the same price given to the third party that made an offer. The procedures to ensure that the offer is bona fide, reasonable and proportional to the appraisal shall be established in the general rules. When it acquires the housing unit at appraisal price, the cooperative may collect from the member-owner a charge based on a percentage of the sales price for administrative, appraisal and legal expenses incurred. The formula to calculate these charges and the alternative of reducing said charge by an agreement favorable to the cooperative shall be established in the general rules.
History —Sept. 1, 2004, No. 239, § 35A.37.