This bill amends the General Laws to require sellers of real estate to provide a written disclosure to the buyer and any agents involved in the transaction, stating all deficient conditions of which the seller has knowledge. The buyer must receive a copy of the written disclosure and sign a receipt before the offer can be communicated. The bill also specifies that the agent is not liable for the accuracy or thoroughness of the seller's representations in the disclosure.

Additionally, the bill requires the Rhode Island real estate commission to approve a form of written disclosure for vacant land and a form of written disclosure for the sale of real property and improvements consisting of a house or building containing one to four dwelling units. The disclosure forms must include specific information related to sewage systems, water systems, property tax, easements and encroachments, deeds, zoning, restrictions, building permits, flood plains, wetlands, hazardous waste, and farms. The forms must also include a notice that the buyer should not solely rely on the seller's representations in the disclosure and should conduct their own inspections or investigations.

Statutes affected:
5117: 5-20.8-2