New Purchase and Sale Disclosure Requirements
Effective January 1, 2016, home buyers must be provided with an Arsenic Disclosure in their Purchase and Sale Agreements. This disclosure will take its place in the New Hampshire Realtors Association standard Purchase and Sale contract alongside radon and lead paint disclosures.
The Arsenic Disclosure will read as follows:
“Arsenic: Arsenic is a common groundwater contaminant in New Hampshire that occurs at unhealthy levels in well water in many areas of the state. Tests are available to determine whether arsenic is present at unsafe levels, and equipment is available to remove it from water. The buyer is encouraged to consult the New Hampshire department of environmental services private well testing recommendations (www.des.nh.gov) to ensure a safe water supply if the subject property is served by a private well.”
Minor changes to the Radon Disclosure also went into effect January 1, 2016. If you are buying or selling a home in New Hampshire and have questions about a Purchase and Sale Agreement, read more here.
Increase in Homestead Exemption
The so-called “homestead exemption” statutorily protects (a portion of) the value of a homeowner’s house from creditors. This is especially important in bankruptcy proceedings. New Hampshire HB 147, effective January 1, 2016, increases the homestead exemption from $100,000 to $120,000 for an individual and twice that amount for a married couple.
For other recent changes affecting New Hampshire Real Estate Law, please see this blog post. If you have questions about any real estate law matters, call us for more information at (603) 883-0797 or contact us through the form at the very bottom of this page.
Thomas J. Leonard
This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.