New Hampshire Purchase or Sale of Real Property - Land or Lot - Questionnaire

State:
Multi-State
Control #:
US-Q1036
Format:
Word; 
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Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a lot or land sale matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

It is not required that you retain an attorney to purchase the property. However, it is a safer to have an attorney who will be representing your interests.

75 per $100, or fractional part thereof, of the price or consideration. This rate is assessed on both the buyer and seller for a combined tax rate of $1.50 per $100. Where the price or consideration is $4,000 or less, there is a minimum tax of $20 assessed on both the buyer and seller.

Sign the deed in the presence of a notary public or other authorized official. For a valid transfer, record the deed at the recording office in the county where the property is located. Contact the same office to confirm accepted forms of payment.

New Hampshire is known as a low-tax state. But while the state has no personal income tax and no sales tax, it has the fourth-highest property tax rates of any U.S. state, with an average effective rate of 2.05%. Consequently, the median annual property tax payment here is $5,768.

Lucky for you, New Hampshire is one of five that does not charge sales tax on home sales.

The statute imposing the tax is found at RSA 78-B and NH Code of Administrative Rules, Rev 800. The tax is imposed on both the buyer and the seller at the rate of $. 75 per $100 of the price or consideration for the sale, granting, or transfer.

Here's how to find that number:Take the purchase price of the property and multiply by 1.5%. $300,000 x .015 = $4,500 transfer tax total.Divide the total transfer tax by two. In NH, transfer tax is split in half by buyer and seller. $4,500 / 2 = $2,250.

Here's how to find that number:Take the purchase price of the property and multiply by 1.5%. $300,000 x .015 = $4,500 transfer tax total.Divide the total transfer tax by two. In NH, transfer tax is split in half by buyer and seller. $4,500 / 2 = $2,250.

The transfer tax is calculated as a percentage of the sale price or the appraised value of the property. The percentage will vary depending on what the city, county, or state charges. For the most part, the rate is calculated per $100, $500, or $1,000. If the transfer tax is $1.00 per $500, the rate would be 0.2%.

More info

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New Hampshire Purchase or Sale of Real Property - Land or Lot - Questionnaire