AN ACT RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES DISCLOSURES

Summary

The bill changes the real estate sales disclosure law so sellers must hand a written list of any known deficiencies to the buyer and the buyer’s agents before any purchase agreement is signed. The Rhode Island Real Estate Commission must approve standard forms for vacant land and for homes with up to four units, and the buyer must sign a receipt acknowledging the disclosure. The measure is intended to give buyers clearer information without forcing sellers to conduct inspections.

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