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 the seller is not required to conduct inspections but must disclose any known issues, and it outlines various specific information that must be included in the disclosure forms, such as details about sewage systems, water supply, property taxes, easements, zoning, and potential environmental hazards.

Notably, the bill introduces new language requiring the inclusion of information regarding blower door diagnostic air leakage testing and home energy audits in the disclosure forms. This addition aims to inform potential buyers about the energy efficiency of the property and the availability of energy efficiency audits and programs as identified by the Rhode Island office of energy resources. These measures are intended to help reduce utility bills, decrease energy consumption, improve financial security, reduce carbon emissions, and enhance comfort, safety, and health for building occupants and owners. The bill also allows the Rhode Island real estate commission to amend disclosure requirements as necessary to address health, safety, or legal needs, ensuring that the disclosure process remains relevant and comprehensive. The act will take effect upon passage.

Statutes affected:
536: 5-20.8-2