The bill amends the General Laws in Chapter 5-20.8, which deals with real estate sales disclosures in Rhode Island. It introduces a new definition for "Shoreline property" and clarifies terms such as "Agent," "Buyer," "Seller," and others to ensure clear understanding in real estate transactions. The bill mandates that sellers must provide a written disclosure of all known deficient conditions of the property to the buyer and any agents before signing an agreement to transfer real estate. The Rhode Island real estate commission is responsible for approving a disclosure form that includes information on various property aspects, such as sewage and water systems, property tax, easements, zoning, and potential hazardous conditions. The bill specifies that sellers are not obliged to conduct inspections but must disclose known issues, while it advises buyers to conduct their own inspections.

The bill also introduces new legal language requiring the disclosure form to include information about the public's rights and privileges concerning shoreline property access. Sellers must inform buyers of any known public rights of way on the property and provide documentation of such rights or conditions of public access. Additionally, sellers are required to provide copies of any permits issued by the Coastal Management Resources Council that they possess. The bill aims to ensure that buyers are fully informed about the property they intend to purchase, including any public access rights to the shoreline, and would take effect upon passage.