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Understanding Seller Disclosures Under the NH Condominium Act

When selling a condominium in New Hampshire, it's crucial to be aware of the legal requirements set forth by the New Hampshire Condominium Act, specifically RSA 356-B:58. This regulation outlines what sellers must disclose to potential buyers, ensuring transparency and protecting both parties during the transaction. Here’s what you need to know.

1. General Description of the Unit and Common Areas

The seller must provide a detailed description of the condominium unit and its designated common areas. This includes specifying the boundaries of the unit, as well as a description of the common areas and facilities that the new owner will have access to and a part of their ownership rights.

2. Statement of Use

A statement detailing the intended use of the unit is required. This includes any restrictions on its use as residential or commercial space, which can significantly influence a buyer's decision.

3. Association Fees and Assessments

This disclosure must include detailed information about the regular condo association fees, as well as any special assessments that are currently in effect or planned for the future. It’s important for buyers to understand their financial obligations beyond the purchase price.

4. Copies of the Declaration, By-Laws, and Rules

Sellers must provide copies of the condominium’s declaration, by-laws, rules, and regulations. These documents govern the operation of the condominium and outline the rights and responsibilities of unit owners.

5. Insurance Coverage

Details about the insurance coverage maintained by the condominium association should be provided. This includes what aspects of the property are covered by the association’s policy and what must be covered by the owner's personal policy.

6. Financial Health of the Association

Sellers need to disclose the current financial status of the condo association. This includes the most recent balance sheet, operating budget, and any reserve studies. Knowing the financial health of the association can help buyers assess potential future costs and the stability of their investment.

7. Litigation and Unresolved Violations

Any ongoing litigation or unresolved municipal code violations involving the condominium must be disclosed. These could affect the ownership rights or financial responsibilities of the prospective buyer.

8. Rights of First Refusal

If there are any rights of first refusal or other similar restrictions that could affect the sale or transfer of the unit, these must also be disclosed.

Transparency is key in any real estate transaction, but especially so in the sale of a condominium due to the complexities involved with part ownership of common areas and shared responsibilities. Understanding and complying with RSA 356-B:58 not only helps sellers avoid legal pitfalls but also builds trust with potential buyers.

For anyone considering selling their condominium, it’s advisable to consult with a real estate professional familiar with New Hampshire law to ensure all disclosures are complete and accurate.

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