A New Hampshire residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in New Hampshire Have To Disclose Property Defects?
New Hampshire does not require real estate sellers to disclose material defects in a property. A number of disclosures are required by law, regarding things like hazardous materials and the sewage disposal system. These disclosures normally get made through a standardized form, but any method which conveys the necessary written information may be valid.
Required Seller Disclosures in New Hampshire
New Hampshire sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Seller Property Disclosure Form: Informs prospective buyers of required details regarding the property’s sewage disposal system, water supply system, and other qualities of the home.
- Asbestos Disposal Site: Only necessary when the property being transferred was used as an asbestos disposal site. If applicable, the seller must disclose various details regarding the contamination to the buyer and also submit a notice to the commissioner’s office.
- Condominium or Other Homeowner Organization: Sellers of a qualifying unit must provide a notice conveying that the dwelling falls under the regulations of a homeowners’ association.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
- Public Utility Tariff: When a property is subject to a public utility tariff for the financing or amortization of energy efficiency or renewable energy improvements, sellers must provide the buyer with details including 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 executing 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: Applicable only to waterfront properties using a septic disposal system, this notice reports the legally required site assessment study to ensure that the property fits the requirements established by the state of New Hampshire.
