2015 New Hampshire Revised Statutes
Title XXXI - TRADE AND COMMERCE
Chapter 356-A - LAND SALES FULL DISCLOSURE ACT
Section 356-A:1 - Definitions.
356-A:1 Definitions. As used in this chapter the following words shall have the following meanings unless the context clearly requires otherwise:
I. "Dispose'' or "disposition'' refers to any sale, contract, assignment, or any other voluntary transfer of a legal or equitable interest in a lot, parcel, unit or interest in subdivided lands, except as security for a debt;
II. "Offer'' means any inducement, solicitation, or attempt to encourage any person or persons to acquire any legal or equitable interest in a lot, parcel, unit or interest in subdivided lands, except as security for a debt;
III. "Person'' means a natural person, corporation, partnership, association, trust, or other entity capable of holding title to real property, or any combination thereof;
IV. "Purchaser'' means any person or persons who acquire by means of a voluntary transfer a legal or equitable interest in a lot, parcel, unit or interest in subdivided lands, except as security for a debt;
V. "Subdivider'' means a person who is an owner of subdivided land or one who offers it for disposition. Any successor of the person referred to in this paragraph who comes to stand in the same relation to the subdivided lands as his predecessor did shall also come within this definition; provided, however, the term "subdivider'' shall not include any homeowners association which is not controlled by a subdivider;
VI. "Subdivision'' and "subdivided lands'' mean any land in this or another state which is, or has been, or is proposed to be, divided for the purpose of disposition into lots, parcels, units or interests and also include any land whether contiguous or not if said lots, parcels, units or interests are offered as a part of a common promotional plan of advertising and sale; provided, however, that the terms "subdivision'' and "subdivided lands'' shall not include condominiums;
VII. "Broker'' means a real estate broker duly licensed in this state pursuant to RSA 331-A;
IX. "Agent'' means any person who represents, or acts for or on behalf of, a subdivider in selling or leasing, or offering to sell or lease, any lot, parcel, unit or interest in a subdivision, but shall not include an attorney-at-law whose representation of another person consists solely of rendering legal services;
X. "Blanket encumbrance'' means a trust, deed, mortgage, judgment, or any other lien or encumbrance, including but not limited to an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot, parcel, unit or interest offered within a subdivision, except that such term shall not include any lien or other encumbrance arising as the result:
(a) Of the imposition of any tax assessment by any public authority;
(b) Of easements; or
(c) Of conditions, covenants, and restrictions which affect the subdivisions;
XI. "Publicly held corporation'' means a corporation
(a) Having more than 50 stockholders of record; or
(b) Which is actively traded on one of the major stock exchanges;
XII. "Subsidiary corporation'' means any corporation, the stock of which is more than 50 percent owned by another corporation or corporations;
XIII. "Closely held corporation'' means any corporation which is not a publicly held corporation as defined in paragraph XI nor a subsidiary corporation as defined in paragraph XII;
XIV. "Hearing'' means a hearing open to the public;
XV. "Interest'' includes, without limitation, any fee simple interest, leasehold interest for a term of more than 5 years, life estate and time sharing interest;
XVI. "Time sharing interest'' means the exclusive right to occupy one or more lots, parcels, or units, including campground sites, for less than 60 days each year for a period of more than 5 years from the date of execution of an instrument for the disposition of such right, regardless of whether such right is accompanied by a fee simple interest or a leasehold, or neither of them, in said lots, parcels or units. Time sharing interest shall include "interval ownership interest,'' "vacation license,'' or any other similar term;
XVII. "Days'' means calendar days, unless modified by the word "business'', in which case said term shall include all days except Saturdays, Sundays and legal holidays in the state of New Hampshire.
Source. 1970, 55:1; 1977, 469:1-4; 1979, 171:1; 1985, 173:1; 300:29, IV. 1992, 278:4, eff. July 17, 1992.
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