The bill amends Section 5-20.8-5 of the General Laws in Chapter 5-20.8, titled "Real Estate Sales Disclosures," to require that every agreement for the purchase and sale of residential real estate in the state includes an acknowledgment that a completed real estate disclosure form has been provided to the buyer by the seller. The amendment introduces a new provision that allows a buyer to void the purchase and sales agreement if the seller fails to provide the disclosure form prior to the transfer of title at closing. This is a change from the previous law, where the failure to provide the disclosure form did not void the agreement nor create any defect in title.

Additionally, the bill increases the maximum civil penalty for a seller's or their agent's violation of this statute from one hundred dollars ($100) to one thousand dollars ($1,000) per occurrence. The act is set to take effect immediately upon passage, reinforcing the importance of transparency and accountability in real estate transactions and providing buyers with a recourse should the seller not comply with the disclosure requirements.

Statutes affected:
382: 5-20.8-5