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. 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 different types of properties, including vacant land and residential buildings with one to four dwelling units. Additionally, it emphasizes that buyers should not solely rely on the seller's representations and are encouraged to conduct their own inspections.

The bill introduces new requirements for the disclosure form, specifically the inclusion of information regarding blower door diagnostic air leakage testing and 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. Furthermore, real estate buyers shall be provided with information related to the availability of energy efficiency audits and energy efficiency programs as identified by the Rhode Island office of energy resources, aimed at reducing utility bills, energy consumption, improving financial security, reducing carbon emissions, and increasing comfort, safety, and health for building occupants and owners.

The bill also stipulates that any agreement to transfer real estate must acknowledge that a completed disclosure form has been provided to the buyer. The Rhode Island real estate commission is granted the authority to amend disclosure requirements as necessary to address health, safety, or legal needs. The act will take effect upon passage.

Statutes affected:
536: 5-20.8-2