Contracts
A NH seller's disclosure form is most accurately described as:
AA warranty that the property has no defects
BA disclosure of the seller's knowledge of the property's condition at the time of the disclosure✓ Correct
CA legal guarantee of the property's structural integrity
DA substitute for a professional home inspection
Explanation
The NH Seller's Disclosure is a disclosure of what the seller knows about the property's condition at the time of disclosure—not a warranty or guarantee. It covers items like the roof, HVAC, plumbing, and known defects.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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