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| 5 | 5 | | 2023 -- S 0382 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001607 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S TATE OF RHODE IS LAND |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES |
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| 16 | 16 | | DISCLOSURES |
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| 17 | 17 | | Introduced By: Senators F. Lombardi, Ciccone, Tikoian, Lawson, Britto, and Zurier |
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| 18 | 18 | | Date Introduced: February 16, 2023 |
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| 19 | 19 | | Referred To: Senate Judiciary |
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| 20 | 20 | | |
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| 21 | 21 | | |
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| 22 | 22 | | It is enacted by the General Assembly as follows: |
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| 23 | 23 | | SECTION 1. Section 5-20.8-5 of the General Laws in Chapter 5-20.8 entitled "Real Estate 1 |
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| 24 | 24 | | Sales Disclosures" is hereby amended to read as follows: 2 |
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| 25 | 25 | | 5-20.8-5. Real estate disclosure form acknowledgement — Inclusion in real estate 3 |
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| 26 | 26 | | sales agreements — Penalty for violation. 4 |
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| 27 | 27 | | (a) Every agreement for the purchase and sale of residential real estate located in the state 5 |
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| 28 | 28 | | shall contain an acknowledgement that a completed real estate disclosure form has been provided 6 |
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| 29 | 29 | | to the buyer by the seller. 7 |
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| 30 | 30 | | (b) A seller's failure Failure to provide the seller disclosure form to the buyer shall entitle 8 |
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| 31 | 31 | | the buyer to void the purchase and sales agreement by providing notice, in writing, to the seller 9 |
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| 32 | 32 | | prior to the transfer of the title at a closing does not void the agreement nor create any defect in 10 |
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| 33 | 33 | | title. 11 |
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| 34 | 34 | | (c) Each violation of this statute by the seller or his or her agent is subject to a maximum 12 |
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| 35 | 35 | | civil penalty in the amount of one hundred dollars ($100) one thousand dollars ($1,000) per 13 |
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| 36 | 36 | | occurrence. 14 |
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| 37 | 37 | | SECTION 2. This act shall take effect upon passage. 15 |
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| 38 | 38 | | ======== |
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| 39 | 39 | | LC001607 |
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| 40 | 40 | | ======== |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC001607 - Page 2 of 2 |
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| 44 | 44 | | EXPLANATION |
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| 45 | 45 | | BY THE LEGISLATIVE COUNCIL |
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| 46 | 46 | | OF |
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| 47 | 47 | | A N A C T |
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| 48 | 48 | | RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE SALES |
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| 49 | 49 | | DISCLOSURES |
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| 50 | 50 | | *** |
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| 51 | 51 | | This act would allow a homebuyer to void a purchase and sales agreement prior to the 1 |
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| 52 | 52 | | transfer if the seller fails to provide a written sales disclosure. The act would also increase the 2 |
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| 53 | 53 | | maximum civil penalty for violating this law from one hundred dollars ($100) to one thousand 3 |
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| 54 | 54 | | dollars ($1,000). 4 |
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| 55 | 55 | | This act would take effect upon passage. 5 |
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| 56 | 56 | | ======== |
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| 57 | 57 | | LC001607 |
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| 58 | 58 | | ======== |
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| 59 | 59 | | |
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