New Hampshire Revised Statutes 356-A:4 – Prohibition on Dispositions of Interests in Subdivisions
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Unless the subdivided lands or the transaction is exempted by N.H. Rev. Stat. § 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 N.H. Rev. Stat. § 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.
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;
Terms Used In New Hampshire Revised Statutes 356-A:4
- 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. See New Hampshire Revised Statutes 356-A:1 - Contract: A legal written agreement that becomes binding when signed.
- 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. See New Hampshire Revised Statutes 356-A:1
- Dependent: A person dependent for support upon another.
- 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. See New Hampshire Revised Statutes 356-A:1
- 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. See New Hampshire Revised Statutes 356-A:1 - 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. See New Hampshire Revised Statutes 356-A:1 - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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. See New Hampshire Revised Statutes 356-A:1 - Person: means a natural person, corporation, partnership, association, trust, or other entity capable of holding title to real property, or any combination thereof;
IV. See New Hampshire Revised Statutes 356-A:1 - Personal property: All property that is not real property.
- 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. See New Hampshire Revised Statutes 356-A:1 - Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Subdivider: means a person who is an owner of subdivided land or one who offers it for disposition. See New Hampshire Revised Statutes 356-A:1
- 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. See New Hampshire Revised Statutes 356-A:1
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. No subdivider, except as provided in N.H. Rev. Stat. § 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.