In New Hampshire, the Consumer Protection and Antitrust Bureau requires certain types of properties to be either registered or exempted. An application has to be submitted to request an exemption or appropriately register the property, or it is illegal for that property to be sold.
There are four general types of properties that fall under these regulations.
1. Condominiums
First of all, any condominium of more than 10 units must be registered. A condo will have an individual owner, but it will also have common grounds, facilities, amenities and the requirement that owners pay certain fees in order to live in that community.
2. Cooperatives
Any cooperative that has 10 or more residential units also has to be registered. Under a co-op structure, owners purchase shares, but a certain entity, such as a trust, will generally own the property itself.
3. Timeshares
Regardless of the number of units, a timeshare must be registered. With a timeshare setup, people share ownership, so there is not an individual unit with a specific owner. Instead, they have a right to use that property at certain times. This is often used with vacation properties.
4. Conversions
Finally, some residential rental properties are converted into condos or other types of ownership properties. As with the above, if there are 10 or more units, then they must be registered with the bureau. Conversion is usually to either a condominium or a cooperative.
In all these cases, there can be strict penalties for failing to properly register with the Bureau, so condo associations and property owners need to know exactly what obligations they have and what legal steps to take.