RSA 356-B:56 · Conversion Condominium; Special Provisions

356-B:56 Conversion Condominium; Special Provisions. –

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I.

Any declarant of a conversion condominium shall include in his public offering statement, in addition to the requirements of RSA 356-B:52, the following:

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(a)

A specific statement of the amount of any initial or special condominium fee due from the purchaser on or before settlement or closing of the purchase contract and the basis of such fee;

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(b)

Information on the actual expenditures made on all repairs, maintenance, operation or upkeep of the subject building or buildings within the last 3 years or for the period of the declarant's ownership, whichever, is less, set forth tabularly with the proposed budget of the condominium, and cumulatively broken down on a per unit basis in proportion to the relative voting strengths allocated to the units by the bylaws. If information shall be set forth for the maximum time during said period such building or buildings have been occupied;

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(c)

A description of any provisions made in the budget for reserves for capital expenditures and an explanation of the basis for such reserves, or, if no provision is made for such reserves, a statement to that effect;

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(d)

A statement of the declarant as to the present condition of all structural components and major utility installations in the condominium, which statement shall include the approximate dates of construction, installation, and major repairs, if known, and the expected useful life of each such item, together with the estimated cost (in current dollars) of replacing each of the same.

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II.

[Repealed.]

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III.

The declarant of a conversion condominium shall, in addition to the requirements of RSA 356-B:51, include with the application for registration a copy of the notices described in RSA 356-C:3, I or II, and a certified statement that the notices comply with the provisions of RSA 356-C:3, I or II, and have been or will be mailed to each of the tenants in the condominium for which registration is sought, in compliance with RSA 356-C:3, I or II. Source. 1977, 468:1. 1983, 398:3, 4, eff. June 22, 1983.

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