A New Hampshire residential purchase agreement is a legal document used to facilitate the official transfer of real property from one party to another. This binding contract, typically drafted by the buyer with the assistance of a real estate broker, outlines all essential terms and contingencies leading up to the closing date.
Key elements of the agreement include the final sales price, amount of earnest money deposit, due diligence period, financing contingencies, and other desired provisions. Once both the seller and buyer agree to its terms and conditions, they may sign the document to establish a legal contract and proceed with the real estate transaction.
State Laws
- Buyer Beware: New Hampshire is a “buyer beware” state, requiring sellers to disclose only the water supply system, private sewage system, insulation, and potential toxic materials. Any defects found after the sale are the buyer’s responsibility. [1]
- Asbestos Disposal Site: Disclose if the property was used for asbestos disposal. Submit notice to NHDES within 10 days after title transfer. [2]
- Condominium, Co-Op, PUD, or HOA: Notify if the unit falls under HOA regulations. Provide governing documents, rules, fees, and assessments. [3]
- Public Utility Tariff: Disclose if the property is subject to a public utility tariff for energy improvements. [4]
- Radon, Arsenic, Lead: Present statements to the buyer before the sale contract. Buyer must sign to acknowledge receipt. [5]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law mandates sellers to disclose any known lead paint hazards to the buyer for homes built before 1978 (42 U.S. Code § 4852d).
Seller Property Disclosure Statement
Complete a disclosure on sewage, water supply, and insulation (§ 477:4-d).
Include methamphetamine production disclosure (§ 477:4-g) and waterfront property assessment (§ 485-A:39) if applicable.
Do Sellers in New Hampshire Have to Disclose Property Defects?
No, In New Hampshire, sellers aren’t required to disclose property defects, placing the inspection responsibility on buyers. However, sellers may be liable for damages or transaction reversal if they conceal defects or commit fraud.
