Bill > SB26

This bill clarifies the definition of "deposits" in land sales and condominium transactions, specifying that deposits are limited to earnest money and do not include additional funds for upgrades or change orders. The bill allows the Department of Justice's Consumer Protection and Antitrust Bureau to authorize the preclosing use of a portion of a deposit for specific purposes such as customizations, upgrades, change orders, or a combination of these items. Currently, deposits for land sales and condominium purchases must be held in escrow until settlement or closing, with protections against creditor attachment. The new provisions provide flexibility for buyers to use a portion of their deposit for improvements or modifications before the final closing, subject to approval and terms set by the consumer protection bureau. The changes apply to both the Land Sales Full Disclosure Act and the Condominium Act, and will take effect 60 days after the bill's passage. This legislation aims to provide more clarity and potentially more convenience for buyers in real estate transactions by allowing limited use of deposit funds for property-related expenses.

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https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=1070&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=SB26