Newmarket NH Condominium Buying Guide
If you are buying a Newmarket NH condo (condominium) as a primary residence or for investment, you should be aware of the legal, financing and lifestyle ramifications of this alternative type of “home ownership”. To assist you in evaluating Newmarket New Hampshire real estate and all types of homeownership visit Newmarket NH real estate.
What Is A Condominium?
A ”condominium” is a form of land ownership which typically consists of 2 or more units. The interiors of the units are individually owned (the paint in). Unit owners share joint ownership of common areas (grounds, hallways, pools, clubhouse, etc.). Areas that service a specific unit, while still held in common, may also be designated as the “exclusive right to use” of a specific unit. This typically will include balconies, patios, and assigned parking spaces. The master deed is a document that places the land into condominium status and details the ownership structure.
The cost to maintain these common areas and services are shared by the unit owners in the association. They pay a monthly fee which is typically determined based on an approved annual budget voted on by the condominium association.
New Hampshire Condominium Law
The primary statutes are the federal Land Sales Full Disclosure Act, the New Hampshire Land Sales Full Disclosure Act and New Hampshire RSA 356-C.
Any condominium of more than 10 units must register with, or formally be exempted by, the New Hampshire Attorney General. The registration (or exemption from the registration) must happen before the developer sells or offers for sale any units. This law also requires that the developer present all material facts about the property to potential buyers (a fact is “material” if it would influence the average person’s decision to buy the property).
Some projects must present a public offering statement to each buyer before or at the time of purchase. In addition, under the law buyers usually may cancel their purchase within five days after signing the purchase contract or five days after receiving the public offering statement whichever is later.
What Buyers Should Know
If you are thinking of buying a condominium unit, be sure to review:
- Financing Options – Government financing options such as FHA, VA and USDA require that condominium projects maintain proper approvals otherwise buyers will not be able to finance with government insured loans.
- Condominium Documents — Master Deed, Condominium Trust, By-laws, etc.
- Rules & Regulations -
- Financial Statements — annual and current budget
- Monthly Association Fees – coverage, services.
- Annual Meeting Minutes and Trustee Minutes (when available)
- Special Assessments – capital improvements in excess of budget
- Management and maintenance structure.
It is always recommended that you have the documents reviewed by your attorney. Your Buyer’s Agent should also be certain your offer to purchase is subject to the review of all condo documents.
Condominium Styles
- Garden (flat) — Contains one-level of finished living space.
- Townhouse — Contains two or more levels of finished living space.
- Detached — Free-standing building (no other unit is located in that same building).
- Duplex — Two attached units, sometimes referred to as “condex”. There may be several duplexes/condexes within a particular complex.
- Low Rise Building – A building with primarily garden-style units and no more than 4 levels in the entire building.
Importance of Working with a REALTOR in Your Condo Purchase
Newmarket offers a variety of condominiums for home ownership and investment. To assist you in evaluating your options you should consider hiring a Buyer’s agent to represent your interests. NH real estate law requires agents to provide proper disclosure, statements of representation (by the Seller) and to offer client level services to consumers. This fiduciary relationship established with a Buyer agency contract will provide you with the representation you may want.
Virtual Homes real estate agents can provide additional details and educate you on everything that you need to know regarding your condo purchase, including information on co-ops and informal complexes such as converted multi-family buildings. Visit Newmarket homes for sale for a map based search site to find condos by town, neighborhood and location.
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Newmarket NH condos for sale resource for buying a condominium. Great tools for evaluating options.
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