N.H. Rev. Stat. § 356-B:52

Current through Chapter 381 of the 2024 Legislative Session

Section 356-B:52 - Public Offering Statement

I. A public offering statement shall be in a form prescribed by the attorney general and shall include the following:

(a) The name and principal address of the declarant and the condominium;

(b) A general description of the nature of the condominium and of the plan of its development, including the total number of units, and interests in such units, in the offering; the total number of units, and interests in such units, planned to be sold and rented by the declarant; the total number of units, and interests in such units, that may be included in the condominium by reason of future expansion or merger of the project by the declarant; and the maximum period of time the declarant will control the unit owners' association of the condominium;

(c) Copies of the declaration and bylaws;

(d) Copies of any management contract or other contracts, including leases, affecting the use, maintenance, or administration of, or access to, all or any part of the condominium with a projected budget for at least the first year of the condominium's operation (including projected common expense assessments for each unit), a statement of whether any provisions have been made in the budget for capital expenditures or major maintenance reserves, and the relationship, if any, between the declarant and the managing agent or firm;

(e) A general description of any improvements or amenities which may be constructed, including a statement whether or not assurances are given as to their construction or completion, the status of construction, zoning requirements, and an itemization of all governmental approvals obtained by the declarant affecting the condominium;

(f) A list of any encumbrances, easements, liens and matters of title affecting the condominium, and a statement that a copy of the legal documents pertaining to the same will be available on request;

(g) A list of any express warranties provided by the declarant on the units and the common area, other than the warranty prescribed by RSA 356-B:41, II, and a statement that documents evidencing such warranties will be provided to the purchaser at the time of sale;

(h) A statement of the cancellation rights set forth in RSA 356-B:50, II; and

(i) Additional information required by rules adopted by the attorney general, pursuant to RSA 541-A, to assure full and fair disclosure to prospective purchasers.

II. The public offering statement shall not be used for any promotional purposes until it is approved by the attorney general. The attorney general may, in his discretion, authorize the use of such statement prior to its approval of the registration of the condominium under such conditions as he deems appropriate. No person may advertise or represent that the attorney general approves or recommends the condominium or disposition thereof. No portion of the public offering statement may be underscored, italicized, or printed in larger or heavier or different type than the remainder of the statement unless the attorney general requires it, and no statement may be used unless in its entirety.

III. The attorney general may require the declarant at any time to alter or amend the proposed public offering statement in order to assure full and fair disclosure to prospective purchasers. A public offering statement is not current unless all amendments are incorporated.

IV. Any declarant permitted to make an abbreviated registration pursuant to RSA 356-B:51, II, and any declarant of a condominium which has been registered under the federal Interstate Land Sales Full Disclosure Act, is not required to prepare a public offering statement to be used in connection with the offer or disposition of any unit of the condominium.

RSA 356-B:52

1977, 468:1. 1985, 300:7, I(b); 300:18.