The bill amends Section 5-20.8-2 of the General Laws in Chapter 5-20.8, "Real Estate Sales Disclosures," to strengthen the disclosure obligations of real estate sellers. It introduces new legal language requiring sellers to provide a written disclosure to buyers and their agents before any agreement to transfer real estate is signed. This disclosure must outline all known deficient conditions and be signed by the buyer to confirm receipt; if the buyer declines to sign, the seller or agent must document this refusal. Furthermore, the bill clarifies that agents are not liable for the accuracy of the seller's representations in the disclosure. It also specifies the information that must be included in the disclosure forms, such as details about sewage systems, water supply, property taxes, and potential issues like cesspools and zoning ordinances.

Additionally, the bill mandates the inclusion of "blower door diagnostic air leakage testing" results in the disclosure form, emphasizing the importance of assessing energy efficiency through air leakage testing and home energy audits prior to purchasing residential real estate. Sellers are required to inform buyers about available energy efficiency audits and programs from the Rhode Island Office of Energy Resources. While maintaining existing disclosure requirements for various property conditions, the bill grants the Rhode Island Real Estate Commission the authority to amend these requirements as needed. Overall, the amendments aim to enhance transparency in real estate transactions and promote informed decision-making, particularly regarding energy efficiency and environmental factors. The bill will take effect upon passage.

Statutes affected:
5560: 5-20.8-2