The bill amends Section 5-20.8-2 of the General Laws in Chapter 5-20.8, titled "Real Estate Sales Disclosures," to modify the disclosure requirements for sellers of real estate in Rhode Island. It mandates that sellers provide a written disclosure to buyers and their agents detailing all known deficient conditions of the property before any agreement to transfer real estate is signed. The bill specifies that the Rhode Island real estate commission will approve standardized disclosure forms for both vacant land and properties with one to four dwelling units, ensuring that critical information about the property's condition, including sewage systems, water supply, zoning, and potential environmental hazards, is clearly communicated to buyers.

Additionally, the bill introduces new requirements for the disclosure form, including the necessity for sellers to inform buyers about blower door diagnostic air leakage testing and the results of home energy audits. It advises that air leakage testing and home energy audits are advisable for residential real estate prior to purchase in order to assess the energy efficiency of the property. Sellers are also required to provide information related to the availability of energy efficiency audits and programs as identified by the Rhode Island office of energy resources, which aim to reduce utility bills, decrease energy consumption, improve financial security, reduce carbon emissions, and enhance comfort, safety, and health for building occupants and owners. Overall, these changes are designed to enhance transparency in real estate transactions and protect the interests of buyers.

Statutes affected:
5560: 5-20.8-2