2023 -- S 0382 | |
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LC001607 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2023 | |
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A N A C T | |
RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES | |
DISCLOSURES | |
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Introduced By: Senators F. Lombardi, Ciccone, Tikoian, Lawson, Britto, and Zurier | |
Date Introduced: February 16, 2023 | |
Referred To: Senate Judiciary | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 5-20.8-5 of the General Laws in Chapter 5-20.8 entitled "Real Estate |
2 | Sales Disclosures" is hereby amended to read as follows: |
3 | 5-20.8-5. Real estate disclosure form acknowledgement — Inclusion in real estate |
4 | sales agreements — Penalty for violation. |
5 | (a) Every agreement for the purchase and sale of residential real estate located in the state |
6 | shall contain an acknowledgement that a completed real estate disclosure form has been provided |
7 | to the buyer by the seller. |
8 | (b) A seller's failure Failure to provide the seller disclosure form to the buyer shall entitle |
9 | the buyer to void the purchase and sales agreement by providing notice, in writing, to the seller |
10 | prior to the transfer of the title at a closing does not void the agreement nor create any defect in |
11 | title. |
12 | (c) Each violation of this statute by the seller or his or her agent is subject to a maximum |
13 | civil penalty in the amount of one hundred dollars ($100) one thousand dollars ($1,000) per |
14 | occurrence. |
15 | SECTION 2. This act shall take effect upon passage. |
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LC001607 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES | |
DISCLOSURES | |
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1 | This act would allow a homebuyer to void a purchase and sales agreement prior to the |
2 | transfer if the seller fails to provide a written sales disclosure. The act would also increase the |
3 | maximum civil penalty for violating this law from one hundred dollars ($100) to one thousand |
4 | dollars ($1,000). |
5 | This act would take effect upon passage. |
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