This bill amends the General Laws in Chapter 5-20.8, titled "Real Estate Sales Disclosures," by updating definitions and disclosure requirements for real estate transactions in Rhode Island. It introduces a new definition for "Shoreline property" and revises existing definitions for terms such as "Agent," "Buyer," "Seller," and others to enhance clarity. The bill mandates sellers to provide a written disclosure of all known deficient conditions 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 form of written disclosure, which must include information on various property aspects, such as sewage systems, water systems, property tax, easements, encroachments, zoning, and potential hazardous conditions like lead exposure or asbestos. Importantly, the disclosure is not a warranty, and buyers are advised to conduct their own inspections.

Significant insertions include a new requirement for sellers to disclose information about public shoreline access rights in the forms for the sale of vacant land or real property. Sellers must inform buyers of any known public rights of way, provide documentation of such rights, and include any permits issued by the Coastal Management Resources Council. The bill emphasizes that the public has the right to access shoreline property up to ten feet landward of the "recognizable high tide line," with certain restrictions. The aim of the bill is to ensure buyers are fully informed about the property they intend to purchase, including any public access rights to the shoreline. The bill would take effect upon passage.