RSA 356-B:50 · Limitations on Dispositions of Units

356-B:50 Limitations on Dispositions of Units. – Unless exempt by RSA 356-B:49:

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I.

No declarant may offer or dispose of any interest in a condominium unit located in this state, nor offer or dispose in this state of any interest in a condominium unit located without this state prior to the time the condominium including such unit is registered in accordance with this chapter;

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II.

No declarant, except as provided in RSA 356-B:52, IV, may dispose of any interest in a condominium unit 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 after 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 declarant; provided, however, that if the purchaser elects to mail the notice of cancellation, he must also provide the declarant 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 after 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.

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III.

No person, other than the declarant or regular employee thereof, shall act in this state as an agent of said declarant for the sale or disposition of any interest in a condominium unit subject to the provisions of this chapter unless he is licensed pursuant to RSA 331-A.

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IV.

No person shall, in connection with the offer or disposition of any interest in a condominium unit located in this state or in connection with the offer or disposition in this state of any interest in a condominium unit located 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 condominium, attend any meeting at which a condominium will be discussed, or acquire any interest in a condominium unit; 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 condominium or attendance at a meeting at which a condominium will be discussed.

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V.

No unit owner, or owner of a time sharing interest as defined in RSA 356-B:3, XXVIII, shall convey his or her interest in a condominium unit to the condominium unit owners' association without the acceptance of the deed by the condominium board of directors or its managing agent prior to the recordation thereof in the county registry of deeds. Source. 1977, 468:1. 1979, 289:4, eff. Oct. 1, 1979. 2018, 301:2, eff. Aug. 24, 2018.

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