New Hampshire Code of Administrative Rules
Jus - Attorney General, Department of Justice
Chapter Jus 1300 - LAND SALES FULL DISCLOSURE RULES
Part Jus 1308 - MARKETING
Section Jus 1308.03 - Non-binding Reservation Agreements
Current through Register No. 12, March 21, 2024
(a) "Non-binding reservation agreement" means an agreement between the subdivider and a prospective purchaser which is in no way binding on the prospective purchaser and which can be canceled without penalty at the sole discretion of the prospective purchaser by written notice, hand delivered or sent by United States mail, return receipt requested, to the subdivider or to any agent of the subdivider at any time prior to the execution by all parties of a contract for the sale or lease of any lot, parcel, unit, or interest in a subdivision.
(b) The bureau shall permit the use of non-binding reservation agreements under the following conditions:
(c) For the purposes of (b)(4)b.3., above, the escrow agent shall be a person or entity unrelated to the declarant or any principal thereof and shall hold all escrowed funds within the state of New Hampshire.
(d) The bureau shall not, as a matter of course, approve or disapprove the use or form of a non-binding reservation agreement. However, in addition to the exercise of any other statutory or common law authority, the bureau upon determination that any statutory requirement or rule has not been satisfied with respect to a non-binding reservation agreement, shall require the subdivider to amend the agreement to conform with the statutory requirement or rule.
(e) Upon cancellation of a non-binding reservation agreement, any deposit made in connection with the agreement shall be returned with interest, unless the written agreement provides that the interest shall not be returned.
(f) Unless the subdivider's right to cancel the agreement or to increase the price is expressly retained in the written reservation agreement, no subdivider shall cancel a non-binding reservation agreement, nor shall the purchase price be increased.
(g) No subdivider shall state a price in a non-binding reservation agreement with intent to sell the lot, parcel, unit, or interest at a price other than the stated price.
(See Revision Note at chapter heading for Jus 1300) #9782-A, eff 9-11-10