The New Hampshire purchase agreement is a legal document drafted between the seller and the buyer for the purpose of providing all the details related to the sale and purchase of a certain item.
This document includes information about the seller and the buyer, details about the property, the purchase price, financing details, contingencies, and other information related to the sale and purchase of a certain item.
New Hampshire Purchase and Sale Agreement Form
You should use the purchase agreement to transfer any item with a purchase price over $500 or for complex transactions where there are many contingencies connected to the sale and purchase.
The New Hampshire purchase agreement is also known as:
Other Names for New Hampshire Purchase and Sale Agreement Form
New Hampshire purchase and sale agreement
New Hampshire sale and purchase agreement
New Hampshire sale and purchase contract
New Hampshire purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in New Hampshire.
Purchase Agreement New Hampshire Laws & Requirements
New Hampshire is one of the “buyer beware” or “caveat emptor” states. This means that the seller is not obliged to disclose any property defects to the buyer.
However, regardless of this rule, the seller must disclose information about:
The seller must disclose the following:
The water supply system at the property
Private sewage disposal system, if any
The presence of toxic materials
Purchase Agreement Required Disclosures in New Hampshire
Here, you can find the list of disclosures that must be included in every New Hampshire real estate purchase agreement template:
Lead-Based Paint Disclosure: Every seller is obligated by 42 U.S. Code § 4852d to inform the buyer about the lead-based paint hazard on the property. This is mandatory for all properties built before 1978 and for properties where there is a known lead-based paint hazard.
Seller’s Property Disclosure Statement: The seller must give the buyer the form providing all the information about the property’s sewage disposal system, water supply system, and insulation contained within the structure (§ 477:4-d)
Common Types of Purchase Agreements in New Hampshire
This section provides all the types of purchase agreements used in New Hampshire:
Variety of Purchase Agreement
Residential real estate purchase agreement. You can use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Used for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. You can use it for the purchase and sale of a car, motorcycle, truck, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in New Hampshire.
Stock purchase agreement. This type of purchase agreement form is used for selling the stocks of companies.
Purchase Agreement in New Hampshire FAQ
Yes, the New Hampshire purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, the New Hampshire sales agreement needs to state the purchase price. This is because the purchase price is the main obligation of the buyer, and the document will lose effectiveness if the purchase price is not included.
No, purchase and sales agreements in New Hampshire don’t need to be notarized. Considering that the document doesn’t transfer any legal rights between the parties, they can sign the document without the notary public's acknowledgment.
A seller can back out of a purchase agreement in New Hampshire without consequences only when the buyer has failed to meet the contingencies set out in the purchase agreement.