ri conveyance of property and lead disclosure

(xii) Radon – (Test, Company) “Radon has been determined to exist in the State of Rhode Island. (xi) Termites or other Pests – (Treatment Company) (x) Insulation – (Wall, Ceiling, Floor, UFFI) (viii) Woodburning Stove – (Installation Date, Permit Received, Defects) (vii) Chimney – (Maintenance History, Defects)

(vi) Fireplaces – (Number, Working and Maintenance, Defects) (iv) Sump Pump – (Operational, Location, and Defects) (iii) Basement – (Seepage, Leaks, Cracks, etc. (i) Seller Occupancy – (Length of Occupancy) (2) The disclosure form shall include the following information: Buyer is advised however not to rely solely upon the representation of seller made in this disclosure, but to conduct any inspections or investigations which buyer deems to be necessary to protect his or her best interest.” Nothing contained in this section shall be construed to impose an affirmative duty on the seller to conduct inspections as to the condition of this real estate.

Buyer should estimate the cost of repair or replacement of deficient conditions prior to submitting an offer on this real estate. This is not a warranty by seller that no other defective conditions exist, which there may or may not be. The following provisions shall appear conspicuously at the top of any written disclosure form: “Prior to the signing of an agreement to transfer real estate (vacant land or real property and improvements consisting of a house or building containing one to four (4) dwelling units), seller is providing buyer with this written disclosure of all deficient conditions of which seller has knowledge. (b) The Rhode Island real estate commission may approve a form of written disclosure as required under this chapter or the seller may use a disclosure form substantially conforming to the requirements of this section. The agent is not liable for the accuracy or thoroughness of representations made by seller in the written disclosure or for deficient conditions not disclosed to the agent by the seller. If buyer refuses to sign a receipt pursuant to this section, the seller or agent shall immediately sign and date a written account of the refusal. Agent shall not communicate the offer of buyer until buyer has received a copy of the written disclosure and signed a written receipt of same. The written disclosure shall comply with the requirements set forth in subsection (b) and shall state all deficient conditions of which the seller has actual knowledge. (a) As soon as practicable, but in any event, no later than prior to signing any agreement to transfer real estate, the seller of the real estate shall deliver a written disclosure to buyer and to each agent with whom seller knows he or she or buyer has dealt in connection with the real estate. (8) “Transfer” means the sale or conveyance, exchange of, or option to purchase any real estate. (7) “Seller” means any individual or entity seeking to transfer title to real estate to a buyer for consideration. (6) “Real Estate” means vacant land or real property and improvements consisting of a house or building containing one to four (4) dwelling units.

(5) “Deficient Conditions” means any land restrictions, defect, malfunction, breakage, or unsound condition existing on, in, across or under the real estate of which the seller has knowledge. (4) “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. (3) “Buyer” means any individual or entity seeking to obtain title to real estate from a seller for consideration. (2) “Agreement to Transfer” means a purchase and sale agreement, installment sales contract, option to purchase agreement or other agreement intended to effect the transfer of real estate from a seller to a buyer. It includes listing agent, selling agent, buyer’s agent, and their respective brokers. (1) “Agent” means any individual or entity acting on behalf of a seller or buyer to effect the transfer of real estate. – When used in this chapter, unless the context indicates otherwise: § 5-20.8-6 Disclosure of psychologically impacted property. § 5-20.8-5 Real estate disclosure form acknowledgement – Inclusion in real estate sales agreements – Penalty for violation.

Ri conveyance of property and lead disclosure