Section Jus 1406.04 - Additional Disclosure Requirements for Time Sharing and Conversion Condominiums(a) When a declarant is engaged in the offer and disposition of time sharing interests in condominium units, the following information shall also be included in the public offering statement: (1) A paragraph setting forth: a. The names and addresses of any exchange programs with which the time sharing condominium is affiliated;b. The term of the present contract between the declarant and each exchange program; c. The annual fee for services; andd. A statement that each exchange program is an independent entity which is not required to register with the department of justice or to remain affiliated with the declarant beyond the contract term; (2) A paragraph stating that the declarant makes no representations as to the feasibility of future resale of time sharing interests purchased and giving notice whether or not the declarant will assist purchasers in the resale of time sharing interests; (3) In reference to the projected budget: a. A statement describing any reserve fund established to maintain the real property and to replace, repair, or refurbish the personal property in each unit; orb. If no such fund has been established, a statement to that effect; and (4) If the time sharing interest offered is not a fee simple interest:a. A paragraph detailing the nature of the ownership structure of the condominium; b. The nature and extent of any blanket encumbrances on the property; and c. The steps taken, such as execution of agreements, to protect purchasers in the event of any foreclosure on the property, receivership proceeding, or bankruptcy proceedings against the declarant. (b) When a declarant is engaged in the offer or disposition of any interest in a unit in a conversion condominium, the following information shall also be included in the public offering statement, as required by RSA 356-B:56, I(a) through (d): (1) 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 for that fee;(2) 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;(3) 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; (4) A statement of the declarant as to the present condition of all structural components in the condominium, as well as a statement regarding the present condition of the major utility installations; and (5) 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. N.H. Admin. Code § Jus 1406.04
(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.