When people buy or sell a home in New Hampshire, there are many legal documents that are part of the transaction. Often the documents are forms which are very typical or standard, but raise questions and concerns for inexperienced Buyers and Sellers.
One of the common forms is the Purchase and Sale Agreement prepared by the NH Association of REALTORS. It is a standardized Purchase and Sale Agreement that is used regularly for buying and selling residential property in New Hampshire. The form assumes a certain structure that the local real estate industry has adopted, and it has blanks that are usually filled out by the Realtors involved in the transaction.
However, it is important to fill in the blanks with specific details that protect a party’s particular interests. Each party’s interests are unique to their circumstances. Both parties must know and understand that some of the standard sections may not be in a party’s best interest. Similarly, a standard section may not accurately reflect the agreement between the Buyer and the Seller.
The details make the deal. Are you buying/selling a single family home or is it a single family home with an in-law apartment? If it matters to you, put it in your agreement. If you don’t want to sell/ buy a house unless you buy/sell another home, put it in the agreement and be sure that the agreement is clear as to what happens if you don’t accomplish the condition. Does the Buyer get deposit back? Can the Seller keep the deposit? What about the expenses of a lost deal?
While the standard Purchase and Sale Agreement prepared by the NH Association of REALTORS is a form that is typical in transactions among homeowners, it is important to recognize that standard forms need to be reviewed and filled in carefully with details specific to the deal. Each party must read each section and confirm that the entire agreement is what you want/need in your agreement.
The lawyers at Welts, White and Fontaine have experience in residential and commercial real estate transactions in Nashua and the surrounding towns in Hillsborough County, and in Windham and the other towns of Rockingham County. Please call us for more information at (603) 883-0797 or contact us through the form at the very bottom of the page.
Author: 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.