2015 New Hampshire Revised Statutes
Title XXXI - TRADE AND COMMERCE
Chapter 356-A - LAND SALES FULL DISCLOSURE ACT
Section 356-A:4 - Prohibition on Dispositions of Interests in Subdivisions.
356-A:4 Prohibition on Dispositions of Interests in Subdivisions. Unless the subdivided lands or the transaction is exempted by RSA 356-A:3:
I. No subdivider may offer or dispose of any lot, parcel, unit or interest in subdivided lands located in this state, nor offer or dispose in this state of any lot, parcel, unit or interest in subdivided lands located without this state prior to the time the subdivided lands are registered in accordance with this chapter;
II. No subdivider, except as provided in RSA 356-A:6, IV, may dispose of any lot, parcel, unit or interest in subdivided lands unless he delivers to the purchaser a current public offering statement by the time of such disposition and such disposition is expressly and without qualification or condition subject to cancellation by the purchaser within 5 days from the contract date of the disposition, or delivery of the current public offering statement, whichever is later. If the purchaser elects to cancel, he may do so by notice thereof hand-delivered or deposited in the United States mail, return receipt requested, within the 5 day period, to the declarant or to any agent of the subdivider; provided, however, that if the purchaser elects to mail the notice of cancellation, he must also provide the subdivider with telephonic notice of cancellation within the 5 day period. Such cancellation shall be without penalty, and any deposit made by the purchaser shall be refunded in its entirety no later than 10 days from the receipt of such written notice of cancellation. "Contract date'' shall not refer to the closing or settlement date, but shall refer to the creation of a binding obligation for consideration;
III. No person, other than the owner, subdivider, or regular employee thereof, shall act in this state as an agent of said owner or subdivider for the sale or disposition of subdivisions subject to the provisions of this chapter unless he is licensed pursuant to RSA 331-A.
IV. No person shall, in connection with the offer or disposition of any lot, parcel, unit or interest in subdivided lands located in this state or in connection with the offer or disposition in this state of any lot, parcel, unit or interest in subdivided lands without this state, conduct or participate in any type of lottery or contest or offer prizes or gifts for the purpose of inducing or encouraging any person to visit a subdivision, attend any meeting at which a subdivision will be discussed, or purchase a lot, parcel, unit or interest in subdivided lands; provided, however, that this paragraph shall not prohibit the reimbursement of a prospective purchaser for reasonable travel expenses or the offering, in a manner not dependent upon or connected with chance, of tangible personal property which will be delivered to the offeree not later than the time of the offeree's visit to a subdivision or attendance at a meeting at which a subdivision will be discussed.
Source. 1970, 55:1. 1977, 469:6. 1979, 289:3, eff. Oct. 1, 1979.
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