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Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 5767
Experience:  20 years professional experience
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My parents own a large home in New Hampshire. They have been

Customer Question

My parents own a large home in New Hampshire. They have been running a small health club in an attached part of this home. They are elderly and have been trying to sell this property for 5, maybe 10 years now. They have run into difficulty because they property is considered commercial due to the small business and have not been able to find a buyer with the required 20-30% down and assets required for a commercial loan. My boyfriend and I have recently pre-qualified to purchase a home and I would like to help my parents by buying their property. My question is this: how do we get around the "commercial" part of this property.... Can my parents close the business and then would it become residential?? The remainder of the property consists of a 3 bedroom house, a 2 bedroom apartment and a large barn which was once a restaurant/bar but has not been a business in 20+ years. My parents use it as storage and to have occasional yard sales.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Maverick replied 8 months ago.

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Answer will follow in the pane below as per above parameters….

1. What county and city is the property located in?

2. How do you know that a qualified buyer must apply for a commercial loan on this property?

3. Do yu have the 20-30 percent down?

Customer: replied 8 months ago.
The county is Coos
I've only been told by my sister that my parents told her their property was commercial since they run a health club on it.
I do not have 20-30% down and I would not be able to qualify for a commercial loan. My credit isn't good enough nor my assets nor do I have the type of money to pay a 15 year loan.
Expert:  Maverick replied 8 months ago.

See the laws that apply on this link. In short, you will have to apply to the county zoning board to re-zone the lot to be residential use only based on an affidavit or other testimony that the business will be closed. Once that happens, then the commercial requirements would go away assuming that the lot was at some point zoned for commercial use in the first place. You should be able to verify that by checking with the county commissioner's office.

Customer: replied 8 months ago.
My mom went to the city hall and they told her that her property was listed as "residential" ... does that mean the home could be sold as a residential property even tho a small business is run there?

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