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 bill also specifies that the Rhode Island real estate commission shall 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 various components of the property, such as 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 statement advising the buyer to conduct inspections or investigations to protect their best interest.

This bill establishes separate disclosure requirements for the sale of vacant land and for the sale of real property and improvements consisting of a house or building containing one to four dwelling units. The bill requires sellers to provide buyers with a completed real estate disclosure form that includes information about the condition and history of various components of the property, such as the roof, fireplaces, chimney, woodburning stove, structural conditions, insulation, termites or other pests, radon, electrical service, heating system, air conditioning, plumbing, sewage system, private water supply, domestic hot water, property tax, easements and encroachments, deed, zoning, restrictions, building permits, minimum housing violations, flood plain, wetlands, multi-family or other rental property, pools and equipment, lead paint, fire hazards, hazardous waste, farms, mold, ventilation system modifications, and moisture penetration and damage. The bill also allows the Rhode Island Real Estate Commission to amend the disclosure requirements as needed.

Statutes affected:
353: 5-20.8-2