The New Hampshire residential real estate purchase agreement (“residential purchase and sale agreement”) is a binding contract between a seller and buyer for the transfer of real property. The agreement outlines the terms and contingencies leading up to the closing date.
Do Sellers in New Hampshire Have to Disclose Property Defects?
New Hampshire does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in New Hampshire
Although with any material defects with the property, sellers in New Hampshire will also need to provide the following:
- Seller Property Disclosure Form. Sellers in New Hampshire must complete a disclosure statement that informs prospective buyers of the necessary details regarding the property’s sewage disposal system, water supply system, and other qualities of the home.
- Asbestos Disposal Site. This is only necessary if the property being transferred was used as a site to dispose of the hazardous material asbestos. If applicable, the seller will have to disclose various details regarding the contamination to the buyer and also submit a notice to the commissioner’s office.
- Condominium or Other Homeowner Organization. Individuals selling a unit that is categorized as any of the aforementioned types of property are liable to provide a notice conveying that the dwelling falls under the regulations of homeowners’ association.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- Public Utility Tariff. If the home seller has knowledge that the property is subject to a public utility tariff for the financing or amortization of energy efficiency or renewable energy improvements, they are liable to provide the buyer with details concerning this situation and any charges that may occur as a result.
- Radon, Arsenic, Lead. The statements linked within the heading of this disclosure must be presented to the purchaser before accomplishing a contract for sale. The purchaser must then acknowledge that they have received this information by signing the document.
- Methamphetamine Production. Sellers must disclose whether or not the property ever facilitated the production of methamphetamine, and if so, whether there were proper remediation procedures.
- Waterfront Property. Only for waterfront properties using a septic disposal system, this law mandates that the seller of the home must carry out a site assessment study to ensure that the property fits the requirements established by the state of New Hampshire.