New Hampshire Code of Administrative Rules
Jus - Attorney General, Department of Justice
Chapter Jus 1300 - LAND SALES FULL DISCLOSURE RULES
Part Jus 1307 - PUBLIC OFFERING STATEMENT
Section Jus 1307.04 - Additional Disclosure Requirements for Time Sharing and Conversion Subdivisions
Universal Citation: NH Admin Rules Jus 1307.04
Current through Register No. 12, March 21, 2024
(a) When a subdivider is engaged in the offer and disposition of time sharing interests in a subdivision, the following information shall also be included in the public offering statement:
(1) A paragraph setting forth:
a. The name and address of any exchange
program(s) with which the time sharing subdivision is affiliated;
b. The term of the present contract between
the subdivider and the exchange program;
c. The annual fee for services; and
d. A statement that the exchange program is
an independent entity which is not required to register with the department of
justice or to remain affiliated with the subdivider beyond the contract
term;
(2) A paragraph
stating that the subdivider makes no representations as to the feasibility of
future resale of time sharing interests purchased, and giving notice whether or
not the subdivider will assist purchasers in the resale of time sharing
interests;
(3) A projected budget
including:
a. A statement describing any
reserve fund established to maintain the real property and to replace, repair
or refurbish the personal property in each lot, parcel, unit, or interest;
or
b. 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 paragraph detailing:
a. The nature of the ownership structure of
the subdivision;
b. The nature and
extent of any blanket encumbrances on the property; and
c. The steps taken, such as execution of
non-disturbance agreements, to protect purchasers in the event of any
foreclosure on the property, receivership proceeding, or bankruptcy proceeding
against the subdivider.
(See Revision Note at chapter heading for Jus 1300) #9782-A, eff 9-11-10
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