A New Hampshire purchase and sales agreement is signed by both parties. The seller has not yet delivered the completed Residential Property Disclosure Form to the buyer. The buyer's agent reminds the seller's agent of this requirement. Under RSA 477:4-d, what must occur before the transaction can properly proceed?
Correct Answer
D) The seller must complete and deliver the Residential Property Disclosure Form, and the buyer must acknowledge receipt before signing the purchase agreement.
RSA 477:4-d requires that the seller complete the Residential Property Disclosure Form and that the buyer acknowledge receipt before signing the purchase agreement. In this scenario, the agreement has already been signed without the buyer receiving the form, which is a violation of the statutory sequence. The form must be provided and acknowledged prior to the buyer signing the purchase agreement — not after, and not at closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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