The bill amends the General Laws in Rhode Island concerning real estate sales disclosures, requiring sellers to provide a written disclosure of all known deficient conditions to the buyer and each agent before signing any transfer agreement. It mandates that the Rhode Island Real Estate Commission must approve a form of written disclosure for both vacant land and real property with one to four dwelling units, changing the previous language from "may" to "shall" approve such forms. The bill specifies that agents are not responsible for the accuracy of the seller's representations or for conditions the seller does not disclose.

The bill introduces detailed insertions about what must be included in the disclosure forms, such as information on sewage systems, water systems, property taxes, easements, encroachments, zoning, and other relevant property details for vacant land, and additional requirements for real property with improvements. It encourages buyers to conduct their own inspections and clarifies that sellers are not obligated to perform inspections themselves. The bill also requires sellers to disclose a wide range of property conditions, including the presence of cesspools and lead paint hazards for properties built before 1978. The Rhode Island Real Estate Commission is given the authority to amend disclosure requirements as needed, and all real estate transfer agreements must acknowledge the provision of a completed disclosure form. The act is effective immediately upon passage.

Statutes affected:
353: 5-20.8-2