What are the laws governing the sale of a rental property?
In New Hampshire, the landlord and tenant laws regarding the sale of a rental property are outlined in Chapter 540-A of the New Hampshire Revised Statutes. A landlord must provide the tenant with written notice of sale of the property at least 30 days prior to the sale date. Additionally, the tenant must also be given the opportunity to purchase the property at a fair market value that is proportional to the tenant’s length of tenancy. The tenant must be given a reasonable amount of time to consider the offer and decide whether they would like to purchase the property. The landlord must provide a written statement of the sale price, terms of payment, and the date of closing and title transfer to the tenant. The tenant may also require a professional property appraisal and have it reviewed by a real estate professional. Landlords must also provide the tenant with written notice of the tenant’s rights to remain in the property through the closing date and the tenant’s right to a pro-rated rent refund if the tenant moves out before the closing date. The tenant also has the right to a pro-rated rent refund if the tenant moves out after the closing date, but before the start of the new tenancy. Finally, the landlord and the tenant should be in agreement with the terms of the sale in writing. This document should include the agreed upon purchase price and terms of payment. The document should also specify the date of the closing and title transfer. By having a written agreement in place, both the landlord and the tenant can be assured that their rights are being protected.
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