(a) Every contract for the purchase and sale of residential real estate (1-4 family)-built prior to 1978 located in the state shall provide that potential purchasers be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct a risk assessment or inspection for the presence of lead exposure hazards before becoming obligated under the contract to purchase.
Terms Used In Rhode Island General Laws 5-20.8-11
- Agent: means any individual or entity acting on behalf of a seller or buyer to effect the transfer of real estate. See Rhode Island General Laws 5-20.8-1
- Closing: means the time at which real estate is transferred from seller to buyer and consideration is delivered to the seller or to a settlement agent with the intention of imminent delivery upon the recording of pertinent documents and other ministerial acts associated with settlement. See Rhode Island General Laws 5-20.8-1
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Real estate: means vacant land or real property and improvements consisting of a house or building containing one to four (4) dwelling units. See Rhode Island General Laws 5-20.8-1
- Seller: means any individual or entity seeking to transfer title to real estate to a buyer for consideration. See Rhode Island General Laws 5-20.8-1
- Transfer: means the sale or conveyance, exchange of, or option to purchase any real estate. See Rhode Island General Laws 5-20.8-1
(b) Failure to include the provision required in subsection (a) in the purchase and sale agreement for residential real estate does not create any defect in title; provided, that each violation of this section by the seller or his or her agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(c) Failure to provide inspection results and/or educational materials pursuant to department regulations required by § 23-24.6-16(a) does not create any defect in title; provided, that each violation of this section by the seller or his or her agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(d) Failure to include the purchase and sale agreement provision required in subsection (a); failure to provide inspection results pursuant to § 23-24.6-16(a); or inspection results that show a lead exposure hazard as defined at § 23-24.6-4(12) entitles the purchaser to void the purchase and sale agreement by providing notice, in writing, to the seller prior to the transfer of the title at closing.
(P.L. 1994, ch. 389, § 2.)