1. (a) Pursuant to RSA 356-B:49, III, the bureau shall exempt a condominium from the registration and annual reporting requirements of RSA 356-B:50, I, and RSA 356-B:51-55 if the following conditions are met:

   1. (1) The total number of units in the condominium shall not exceed 25, including any units to be added by reason of expansion or merger;
   2. (2) The condominium shall not be a time sharing or conversion condominium;
   3. (3) The declarant shall be the owner of record of the condominium property at the time the application for exemption is filed;
   4. (4) The declarant shall be the person or entity offering and disposing of interests in the units either personally or through agents;
   5. (5) The declarant shall have obtained financing commitments satisfying the standards set forth in Jus 1405.10;

   6. (6) Prior to a prospective purchaser entering into a purchase and sale agreement, the declarant shall:

      1. a. Disclose in writing to each prospective purchaser all improvements which are promised and which are proposed or contemplated but not promised; and
      2. b. Post a bond in favor of the unit owners’ association, and the bureau, to ensure completion of all promised improvements, other than units;

   7. (7) Construction of all improvements shall be complete within 2 years from the date the application for exemption is filed with the bureau, including:

      1. a. Units;
      2. b. Amenities;
      3. c. Utilities;
      4. d. Access; and
      5. e. Any other improvements listed in the application.
   8. (8) Deposits made by unit purchasers shall not be applied to construction by any person, but shall be held in escrow until settlement or closing;
   9. (9) A lawyer licensed to practice law in New Hampshire shall certify that the condominium instruments and other legal documents comply with the provisions of RSA 356-B and these rules;
   10. (10) The declarant shall not have been convicted of any crime within the past 10 years which, if it had been committed in this state, would constitute a felony;

   11. (11) The declarant shall not have been the subject of:

       1. a. A cease and desist order;
       2. b. Revocation;
       3. c. Injunction; or
       4. d. Similar enforcement order relating to illegal condominium or land sales activity in this state or elsewhere;

   12. (12) The declarant shall not have as a principal any person or entity:

       1. a. Who has been subject to such enforcement order or criminal conviction; or
       2. b. Who has been a principal in an entity that has been subject to such enforcement order or criminal conviction; and

   13. (13) The purchase and sale agreement shall:

       1. a. Contain a notice specifying the cancellation rights provided by RSA 356-B:50, II;
       2. b. Identify the person or institution holding deposits in escrow by name and address; and
       3. c. Provide for delivery of a warranty deed to the purchaser within 180 days from the date the agreement is signed.

Source. (See Revision Note at chapter heading for Jus 1400) #9783-A, eff 9-11-10, EXPIRED: 9-11-18 New. #12657, INTERIM, eff 11-1-18, EXPIRED: 4-30-19 New. #12910, eff 10-24-19