(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.
Terms Used In Rhode Island General Laws 5-20.8-5
- 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
- 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
- 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
- Statute: A law passed by a legislature.
(b) Failure to provide the seller disclosure form to the buyer does not void the agreement nor create any defect in title. Each violation of this statute by the seller or his or her agent is subject to a civil penalty in the amount of one hundred dollars ($100) per occurrence.
(P.L. 1992, ch. 425, § 1.)