2024 -- S 2206

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LC004203

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2024

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A N   A C T

RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES

DISCLOSURES

     Introduced By: Senators F. Lombardi, LaMountain, Tikoian, Britto, Ciccone, and Felag

     Date Introduced: January 24, 2024

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 5-20.8-5 of the General Laws in Chapter 5-20.8 entitled "Real Estate

Sales Disclosures" is hereby amended to read as follows:

     5-20.8-5. Real estate disclosure form acknowledgement — Inclusion in real estate

sales agreements — Penalty for violation.

     (a) Every agreement for the purchase and sale of residential real estate located in the state

shall contain an acknowledgement that a completed real estate disclosure form has been provided

to the buyer by the seller.

     (b) Failure A seller's failure to provide the seller disclosure form to the buyer does not void

the agreement nor create any defect in title shall entitle the buyer to void the purchase and sales

agreement by providing notice, in writing, to the seller prior to the transfer of the title at a closing.

     (c) Each violation of this statute by the seller or his or her agent is subject to a maximum

civil penalty in the amount of one thousand dollars ($1,000) per occurrence.

     SECTION 2. This act shall take effect upon passage.

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LC004203

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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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     This act would allow a homebuyer to void a purchase and sales agreement prior to the

transfer if the seller fails to provide a written sales disclosure.

     This act would take effect upon passage.

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LC004203

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