This bill amends existing laws related to land sales by providing a clear definition of "deposits" in the context of earnest money. Specifically, it introduces new language in RSA 356-A:1 and RSA 356-B:3, defining "Deposits" as the earnest money associated with purchase and sales agreements for the transfer of legal or equitable interests in subdivided lands. The bill clarifies that deposits are strictly limited to earnest money and do not encompass any additional funds related to change orders, upgrades, or selections made by the buyer.

The new definitions will enhance transparency in land sales transactions by ensuring that all parties understand what constitutes a deposit. The bill will take effect 60 days after its passage, allowing time for stakeholders to adjust to the new legal framework. Overall, this legislation aims to protect both buyers and sellers by clearly delineating the financial obligations involved in land sales.

Statutes affected:
Introduced: 126-A:76
As Amended by the House: 126-A:76
Version adopted by both bodies: 126-A:76
CHAPTERED FINAL VERSION: 126-A:76