Contract for Deed (Land Contract) - New Hampshire

CONTRACT FOR DEED (LAND CONTRACT / BOND FOR DEED)

State of New Hampshire

1. PARTIES AND RECITALS

1.1 Parties. This Contract for Deed (the "Contract") is effective [__/__/____] (the "Effective Date") between:

Seller (Vendor): [________________________________], address [________________________________] ("Seller"); and

Buyer (Vendee): [________________________________], address [________________________________] ("Buyer").

1.2 Recitals. Seller owns the Property described below and agrees to sell, and Buyer agrees to buy, on installment terms. Seller retains legal title as security until the Purchase Price is paid in full, then conveys title by the deed described in Section 9.

2. PROPERTY AND LEGAL DESCRIPTION

2.1 Property Address: [________________________________], [CITY/TOWN], New Hampshire [ZIP], in [____________] County.

2.2 Legal Description: [____________________________________________________________]

2.3 Map/Lot No.: [________________________________]

2.4 Included Items: All improvements, fixtures, appurtenances, and: [________________________________].

3. PURCHASE PRICE, DOWN PAYMENT, AND INSTALLMENT TERMS

3.1 Purchase Price. $[____________] (the "Purchase Price").

3.2 Down Payment. $[____________] on or before the Effective Date, receipt [☐ acknowledged / ☐ to be paid].

3.3 Financed Balance. $[____________] (the "Principal Balance") at [____]% per annum, [☐ simple / ☐ amortized].

3.4 Installments.

3.5 Place of Payment. To Seller at the Section 1.1 address or as Seller directs.

3.6 Late Charge. A payment not received within [____] days incurs $[____________] or [____]%, to the extent permitted by New Hampshire law.

3.7 Application of Payments. First to late charges, then accrued interest, then principal.

4. PREPAYMENT

4.1 Buyer may prepay all or part of the Principal Balance at any time without penalty, unless stated here: [________________________________].

4.2 Partial prepayments apply to principal and do not postpone later installments unless Seller agrees in writing.

5. POSSESSION

5.1 Buyer is entitled to possession on [__/__/____] and retains it so long as not in default.

5.2 Buyer holds an equitable interest; legal title passes only on full performance under Section 9.

6. TAXES, INSURANCE, AND MAINTENANCE

6.1 Taxes and Assessments. From [__/__/____], Buyer shall pay before delinquency all taxes, assessments, and charges, and furnish proof on request.

6.2 Insurance. Buyer shall maintain fire/extended-coverage insurance of not less than $[____________], naming Seller as additional insured/loss payee, and deliver evidence.

6.3 Maintenance and Waste. Buyer shall keep the Property in good repair, comply with all laws, and commit no waste. No material structural alterations without Seller's written consent.

6.4 Seller's Right to Cure. Seller may advance unpaid taxes/insurance; advances are added to the Principal Balance at the contract rate.

7. DEFAULT AND REMEDIES (NEW HAMPSHIRE)

7.1 Events of Default. (a) failure to pay any installment, tax, or insurance premium when due; (b) breach of any other covenant; (c) waste or abandonment; or (d) Buyer's insolvency or bankruptcy.

7.2 Notice and Right to Cure. Before exercising any remedy, Seller shall give Buyer written Notice of Default specifying the default and cure required, by certified mail to Buyer's last known address. Buyer shall have [____] days (recommended not less than 30 days) to cure a monetary default and [____] days for a non-monetary default.

7.3 Seller's Remedies. If not cured, Seller may, subject to New Hampshire law and equity:

(a) Forfeiture / Termination. Declare the Contract terminated and retain payments as liquidated damages — only to the extent the retained amount does not exceed Seller's actual damages measured by the fair market value of the Property at default relative to the contract price; any excess is subject to restitution to Buyer;

(b) Acceleration and Suit. Accelerate the unpaid balance and sue for it;

(c) Foreclosure / Judicial Sale. Treat this Contract as a security instrument and enforce Seller's lien by judicial sale, with surplus paid to Buyer; and/or

(d) Specific Performance or any other remedy at law or equity.

7.4 Buyer Equity / Restitution. Where Buyer has substantial equity, New Hampshire equity may bar strict forfeiture and require Seller to return value exceeding Seller's actual damages.

7.5 No Waiver. Acceptance of a late or partial payment is not a waiver of any default or remedy.

8. RECORDING

8.1 Recording of Contract. This Contract (or a memorandum of it) should be recorded in the Registry of Deeds for the county where the Property is located, pursuant to RSA 477:3-a. Until recorded, the conveyance/contract is not effective against bona fide purchasers for value.

8.2 Responsibility. [☐ Buyer / ☐ Seller] shall record this Contract or a memorandum within [____] days and pay recording fees and any real estate transfer tax due (RSA ch. 78-B).

8.3 Execution and Acknowledgment. This Contract shall be signed by the granting party and acknowledged before a justice, notary public, or commissioner as required by RSA 477:3, and shall show the Buyer's mailing address, to be eligible for recording.

9. TITLE AND CONVEYANCE OF DEED

9.1 Title Held by Seller. Seller retains legal title until the Purchase Price and all sums are paid in full.

9.2 Form of Deed. Upon full performance, Seller shall convey by a [☐ Warranty Deed / ☐ Quitclaim Deed / ☐ Fiduciary Deed], free of liens except those created or permitted by Buyer and those of record on the Effective Date.

9.3 Escrow of Deed (Optional). [☐ The parties place an executed deed with [____________] (the "Escrow Agent"), delivered on full payment and released to Seller only on a properly noticed, uncured default.]

9.4 Title Evidence. Seller shall, on request, furnish [☐ a title commitment / ☐ an owner's title policy / ☐ an abstract] showing marketable title subject to the Exhibit B exceptions.

9.5 Existing Liens. The Property [☐ is / ☐ is not] encumbered by a mortgage. If encumbered, holder: [________________________________]; balance ≈ $[____________]. Seller covenants to keep any senior lien current and deliver clear title at payoff.

10. RISK OF LOSS

10.1 Buyer bears the risk of loss from and after the date of possession.

10.2 Insurance/condemnation proceeds shall be applied, at [☐ Buyer's / ☐ Seller's] election consistent with the parties' interests, to restoration or to the Principal Balance.

11. ASSIGNMENT

11.1 Buyer shall not assign or convey any interest without Seller's prior written consent (not unreasonably withheld). [☐ Consent not required.]

11.2 Seller may assign the right to receive payments; any assignee takes subject to Buyer's rights.

12. DUE-ON-SALE / GARN-ST. GERMAIN NOTICE

12.1 A senior mortgage may contain a due-on-sale clause. Under the federal Garn-St. Germain Act, 12 U.S.C. § 1701j-3, a lender generally may accelerate upon transfer by installment land contract, subject to certain exemptions. The parties acknowledge this risk.

13. DISCLOSURES

13.1 Radon, Arsenic, Lead, PFAS, and Flood Notice (RSA 477:4-a). If the Property includes a building, before execution Seller or Seller's agent shall provide Buyer the exact statutory notification under RSA 477:4-a, and Buyer shall acknowledge receipt by signing a copy. ☐ RSA 477:4-a notification provided and acknowledged.

13.2 Water Supply / Sewage Disposal Disclosure (RSA 477:4-c). If the Property includes a building, Seller shall disclose the water supply and sewage disposal information required by RSA 477:4-c before execution, stating in writing any required information that is unknown. Buyer shall acknowledge receipt by signing a copy. ☐ Provided and acknowledged.

13.2A One-to-Four-Family Dwelling Disclosure (RSA 477:4-d). If the Property is used or proposed to be used as a one-to-four-family dwelling, Seller shall disclose in writing, prior to or during preparation of Buyer's offer, the required information about any private water supply, private sewage disposal system, insulation, federally designated flood hazard zone, and residential heating-oil underground storage tank. Seller shall state in writing when required water, sewage, or insulation information is unavailable; Buyer shall acknowledge receipt by signing a copy. ☐ Provided and acknowledged.

13.2B Condominium Information Notice (RSA 477:4-f). If the Property is a condominium unit, before or during preparation of Buyer's offer Seller shall give Buyer written notice of the right to obtain the association declaration, bylaws, rules, fee statement, and special-assessment information listed in RSA 477:4-f. Buyer shall sign a copy acknowledging receipt. ☐ Applicable; notice attached and acknowledged ☐ Not applicable.

13.2C Methamphetamine-Production Notice (RSA 477:4-g). If Seller knows methamphetamine production occurred on the Property and remediation has not been determined complete under RSA 477:4-g, Seller shall make that section's written disclosure and statement before signing. ☐ Applicable; disclosure attached ☐ Not applicable.

13.2D Utility-Tariff Charge Notice (RSA 477:4-h). If Seller knows metered utility service carries unamortized or ongoing energy-efficiency or renewable-energy tariff charges that Buyer may have to pay, Seller shall give the written disclosure and available charge information required by RSA 477:4-h before signing, and state unavailable required information in writing. Buyer shall sign a copy acknowledging receipt. ☐ Applicable; disclosure attached and acknowledged ☐ Not applicable.

13.3 Lead-Based Paint (Covered Target Housing). Before Buyer is obligated under this Contract, Seller must complete the current federal process for covered target housing: provide the EPA lead-hazard pamphlet; disclose known lead-based paint and known lead-based-paint hazards; provide every available lead-hazard evaluation report; attach the large-type Lead Warning Statement and Buyer-signed acknowledgments to this Contract; and allow Buyer a 10-day risk-assessment or inspection opportunity unless the parties mutually agree to a different period. ☐ Federal coverage and any exemption reviewed ☐ Current warning/disclosure attachment completed ☐ Pamphlet and available reports delivered ☐ Inspection period completed, waived, or changed by mutual agreement.

13.4 Property Condition. Seller shall disclose known material defects. Otherwise conveyed [☐ AS-IS / ☐ with warranties: ____________].

13.5 Other Disclosures. [________________________________]

14. CONSUMER-PROTECTION GUIDANCE

• New Hampshire has no dedicated installment-land-contract statute; forfeiture is tempered by the fair-market-value damages measure and by equity, so a buyer with substantial equity is not necessarily stripped of all value on default.
• Record the contract or a memorandum (RSA 477:3-a) to protect the buyer against bona fide purchasers; ensure proper acknowledgment under RSA 477:3.
• Provide the applicable RSA 477:4-a radon/arsenic/lead/PFAS/flood notice and RSA 477:4-c water/sewage disclosure before execution, and the RSA 477:4-d one-to-four-family dwelling disclosure before or during offer preparation.
• Check the conditional RSA 477:4-f, 477:4-g, and 477:4-h notices in Section 13 before signing and attach signed copies when applicable.
• Provide clear amortization/payoff statements; credit all payments.
• Account for the NH real estate transfer tax (RSA ch. 78-B) on the transaction.

15. GENERAL PROVISIONS

15.1 Governing Law. Laws of the State of New Hampshire.

15.2 Entire Agreement. Entire agreement; amendable only in a signed writing.

15.3 Time of the Essence. Time is of the essence.

15.4 Notices. In writing, personally or by certified mail to the Section 1.1 addresses.

15.5 Severability. Invalid provisions do not affect the remainder.

15.6 Binding Effect. Binds heirs, successors, and permitted assigns.

15.7 Counterparts. May be executed in counterparts, including electronic signatures.

16. SIGNATURES AND ACKNOWLEDGMENT

SELLER:

Signature: _______________________________ Date: [__/__/____]

Printed Name: [________________________________]

BUYER:

Signature: _______________________________ Date: [__/__/____]

Printed Name: [________________________________]

Buyer's mailing address (required by RSA 477:3): [________________________________]

NOTARY ACKNOWLEDGMENT

STATE OF NEW HAMPSHIRE )
COUNTY OF [____________] )

The foregoing instrument was acknowledged before me on [__/__/____] by [________________________________].

_______________________________
Justice of the Peace / Notary Public
My commission expires: [__/__/____]

EXHIBIT A — LEGAL DESCRIPTION

[____________________________________________________________]

EXHIBIT B — PERMITTED EXCEPTIONS

1. Real estate taxes and assessments not yet due and payable.
2. [________________________________]

FEDERAL LEAD WARNING AND DISCLOSURE ATTACHMENT

Property: [________________________________________________]

LEAD WARNING STATEMENT

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

Seller disclosure: ☐ Seller knows of lead-based paint or lead-based-paint hazards: [DESCRIBE BASIS, LOCATION, AND CONDITION: ________________________________] ☐ Seller has no knowledge of lead-based paint or lead-based-paint hazards.

Records and reports provided to Buyer: [LIST EACH AVAILABLE LEAD-HAZARD RECORD OR REPORT PROVIDED: ________________________________] ☐ Seller has no such records or reports available.

Buyer acknowledgment: By signing below, Buyer acknowledges receipt of Seller's disclosure and the records or reports listed above, and receipt of the federally approved lead-hazard information pamphlet. Buyer also states that Buyer has read the Lead Warning Statement and understands its contents.

Inspection opportunity: Buyer ☐ received a 10-day opportunity to conduct a lead risk assessment or inspection before becoming obligated under this Contract; ☐ received a different period mutually agreed in writing: [____] days; or ☐ waives that opportunity.

Seller's agent certification, if an agent is involved: I informed Seller of Seller's obligations under 42 U.S.C. § 4852d and am aware of my duty to ensure compliance with the federal lead-disclosure requirements.

Agent name (repeat for each involved agent): [________________________________] Agent signature: [________________________________] Date: [__/__/____]

By signing, Seller, any involved agent, and Buyer certify the accuracy of their statements to the best of their knowledge.

Seller signature (repeat for each seller): [________________________________] Date: [__/__/____]

Buyer signature (repeat for each purchaser): [________________________________] Date: [__/__/____]

Seller and any involved agent must retain a copy of the completed attachment for at least three years from completion of the sale under 40 C.F.R. § 745.113(c)(1).

Sources and References

• N.H. Rev. Stat. Ann. § 477:3 (Execution): https://www.gencourt.state.nh.us/rsa/html/XLVIII/477/477-3.htm
• N.H. Rev. Stat. Ann. § 477:3-a (Recording): https://www.gencourt.state.nh.us/rsa/html/XLVIII/477/477-3-a.htm
• N.H. Rev. Stat. Ann. § 477:4-a (Radon, Arsenic, Lead, PFAS, Flood Notification): https://gc.nh.gov/rsa/html/XLVIII/477/477-mrg.htm
• N.H. Rev. Stat. Ann. § 477:4-c (Water Supply; Sewage Disposal): https://www.gencourt.state.nh.us/rsa/html/XLVIII/477/477-4-c.htm
• N.H. Rev. Stat. Ann. § 477:4-d (One-to-Four-Family Dwelling Disclosure): https://gc.nh.gov/rsa/html/XLVIII/477/477-mrg.htm
• N.H. Rev. Stat. Ann. §§ 477:4-f, 477:4-g, and 477:4-h (conditional notices): https://gc.nh.gov/rsa/html/XLVIII/477/477-mrg.htm
• Garn-St. Germain Act, 12 U.S.C. § 1701j-3: https://www.law.cornell.edu/uscode/text/12/1701j-3
• Lead-Based Paint Disclosure (42 U.S.C. § 4852d; 24 CFR Part 35): https://www.epa.gov/lead/real-estate-disclosure