Updated April 18, 2024
A New Hampshire purchase agreement is a legal document between a buyer and seller for the sale and transfer of real property. The agreement is drafted by the buyer acting as an offer detailing the terms of the purchase. This includes the sales price, due diligence period, financing contingencies, and when the buyer is required to close on the property. After the seller agrees to the offer, the buyer will pay an earnest money deposit as consideration.
Prior to the acceptance of an agreement, the seller is required to complete and issue to the buyer a Disclosure Statement detailing specific information about the property.
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Buyer Beware
New Hampshire is a “buyer beware” state; therefore, a seller is only legally required to disclose information about the residence’s water supply system, private sewage disposal system, insulation, and the possible presence of certain toxic materials. Any defects that are discovered after the property has been transferred from the previous owner are the buyer’s responsibility.[1]
Disclosures (3)
Buyer’s Notification Disclosure – Prior to executing a purchase contract, the buyer must sign the notification that gives a disclosure of possible radon, arsenic, and lead that is located in New Hampshire and could be on the premises.[2]
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Lead-Based Paint Disclosure – If a residence was built prior to 1978, federal law mandates that the seller must give potential buyers a disclosure statement that describes their knowledge regarding the presence of lead-based paint on the property (if any).
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Seller’s Property Disclosure Statement – The seller is required to attach the property disclosure statement to the purchase agreement and inform the buyer of specific aspects of the property.[1]
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The property disclosure statement must legally include:
- Water Supply – Information relative to the type of private water supply system, its location, malfunctions, date of installation, date of most recent water test, and whether or not the seller has experienced a problem such as an unsatisfactory water test or a water test with notations;
- Sewage – Information relative to the private sewage disposal system including its location, malfunctions, the date it was most recently serviced and the name of the contractor who services the system; and
- Insulation – Information relative to the insulation, including type and location.
Commercial Property
Commercial Purchase Agreement – Use this agreement as a legal contract to purchase or sell commercial property.
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