(a) Every contract for the purchase and sale of real estate located in the state, and which is served by a private water supply (well), shall provide that potential purchasers shall be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct the testing pursuant to department regulations required by § 23-1-5.3 before becoming obligated under the contract to purchase. The test results may be provided by the seller pursuant to the standards in the regulations.
Terms Used In Rhode Island General Laws 5-20.8-12
- Buyer: means any individual or entity seeking to obtain title to real estate from a seller for consideration. 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 real estate does not create any defect in title.
(c) Failure to provide the results of any previous testing of a private water supply (well) servicing the property does not create any defect in title.
(d) Failure to include the purchase and sale agreement provision required in subsection (a); failure to provide previous testing results of a private water supply (well) servicing the property; or testing results that show a contaminant level or levels in excess of those established by department regulation pursuant to § 23-1-5.3 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 the closing.
(e) The prospective buyer shall pay for the collection and analysis of the water samples and a qualified opinion relating to the portability of the water, unless otherwise agreed in writing.
(P.L. 2002, ch. 161, § 3; P.L. 2002, ch. 162, § 3.)