Section Jus 1407.03 - Non-binding Reservation Agreements(a) In addition to those requirements imposed by RSA 356-B:3, XXI, RSA 356-B:49, II, and any other applicable statutory provision, the following shall apply to use of non-binding reservation agreements:(1) Written notice to the bureau of the declarant's intention to obtain non-binding reservation agreements shall be accompanied by a copy of the proposed form of the non-binding reservation agreement; and (2) Every non-binding reservation agreement shall be labeled as such in capital letters at the top of the agreement and include the following disclosures to the prospective purchaser: a. That the agreement is in no way binding on the prospective purchaser and can be cancelled without penalty at the sole discretion of the prospective purchaser by written notice, hand-delivered or sent by United States mail, return receipt requested, to the declarant or to any agent of the declarant at any time prior to the execution by all parties of the contract for the sale or lease of any interest in a condominium unit; b. That the condominium is not yet registered by the consumer protection and antitrust bureau of the attorney general's office, department of justice, and until such registration is ordered, no binding contract for sale or lease of any interest in a unit may be created; c. Any deposit made under the agreement shall be held in escrow and shall be returned by the declarant no later than 10 days following receipt of cancellation of the agreement; and d. The name and address of the escrow agent, who shall be a person or entity unrelated to the declarant or any principal thereof, and hold all escrowed funds pursuant to RSA 356-B:57 within the state of New Hampshire. (b) The bureau shall not, as a matter of course, approve or disapprove the use or form of a non-binding reservation agreement. However, upon determination that any statutory requirement or rule has not been satisfied with respect to a non-binding reservation agreement, the bureau shall require the declarant to amend the agreement to conform to the appropriate statutory requirement or rule. (c) Upon cancellation of a non-binding reservation agreement, any deposit made in connection with the agreement shall be returned with interest, unless a written agreement provides that interest shall not be returned.(d) Unless the declarant's right to cancel the agreement or to increase the price is expressly retained in the written non-binding reservation agreement, no declarant shall cancel a non-binding reservation agreement, nor shall the purchase price be increased. (e) No declarant shall state a price in a non-binding reservation agreement with intent to sell the unit at a price other than the stated price.N.H. Admin. Code § Jus 1407.03
(See Revision Note at chapter heading for Jus 1400) #9783-A, eff 9-11-10
Amended by Volume XXXIX Number 46, Filed November 14, 2019, Proposed by # 12910, Effective 10/24/2019, Expires 10/24/2029.