Whether it’s your first home or an investment property, buying a condominium in NH is a smart financial move. Still, it’s essential to understand the unique legal framework that governs condos before making your purchase. Condominium law in NH has specific nuances that protect both buyers and the community, and knowing these details will help you make an informed decision.
Our team can help you understand NH condominium law before you purchase a property.
Understanding the Condominium Declaration and Bylaws
In NH, every condominium development is governed by a Declaration of Condominium and a set of bylaws. The Declaration outlines the legal description of the property, the boundaries of individual units, and common areas. Bylaws establish the rules governing the condominium association, including its operational procedures and decision-making processes. Before buying, request and carefully review these documents to understand your rights, responsibilities, and restrictions.
Ownership Structure
When you purchase a condo in NH, you own your individual unit outright but share ownership of common areas—such as hallways, recreational facilities, and landscaping—with other unit owners. The condominium association manages these shared spaces and collects fees to cover maintenance, insurance, and reserve funds for future repairs. It’s essential to understand the fee structure and the association’s management of the property.
Condominium Association and Rules
NH law requires a condominium association to be established for all condo developments. The association is typically run by a board of directors, which is elected by the unit owners. This board enforces community rules, maintains common areas, and handles finances. Knowing how the association functions, including voting rights and meeting procedures, will help you navigate your role as a condo owner.
NH Condominium Act Protections
The New Hampshire Condominium Act (RSA 356-B) provides legal protections and guidelines for both developers and owners. It ensures transparency in the sale process, requires disclosure of important documents, and governs how disputes are resolved. Familiarizing yourself with this act or consulting a real estate attorney can safeguard your interests.
Potential Pitfalls
Watch for hidden fees, upcoming special assessments, or disputes within the association that could affect your investment. Additionally, be aware that lenders may have stricter requirements for condo mortgages, so it is advisable to confirm financing options early.
Understand NH Condominium Law with Feniger, Uliasz & Stacey
Before making any significant purchase, it’s wise to consult a lawyer to ensure you understand all the details of the agreement. When purchasing a condo, issues of shared ownership are involved, making the legalities a bit more complicated. Our attorneys at Feniger, Uliasz & Stacey can help you understand the ins and outs of NH condominium law to ensure you know all the details before buying your condo.