Requires information on the public's rights and privileges of the shore to be included in disclosure forms for the sale of vacant land or real property.
Impact
The passage of S2185 will have a direct impact on real estate transactions in Rhode Island, particularly those involving shoreline properties. By mandating the inclusion of shoreline access rights in disclosure forms, sellers will be legally obligated to inform buyers about any public rights of way associated with the property. This change is likely to promote responsible real estate practices and enhance the buyer's understanding of their potential rights and limitations regarding property usage near shorelines. It also empowers buyers with crucial information that can influence their purchasing decisions.
Summary
S2185 is a legislative bill introduced in the Rhode Island General Assembly that seeks to amend existing laws related to real estate sales disclosures. Specifically, the bill requires that information regarding the public's rights and privileges concerning shoreline access be included in the disclosure forms for the sale of vacant land or real property. This move aims to enhance transparency for potential buyers by ensuring that they are informed about public rights to access shorelines adjacent to properties being sold. Such inclusions are significant as they are expected to increase awareness of local laws and rights related to shoreline properties, which can have implications for both property usage and value.
Sentiment
The sentiment surrounding S2185 appears to be generally positive, particularly among advocates for consumer rights and real estate transparency. Supporters argue that this bill is a step forward in protecting the interests of buyers and ensuring that they are fully aware of their rights concerning shoreline access. However, there may be some concerns from sellers or real estate agents regarding the potential liability this creates, as they must ensure compliance with the new disclosure requirements. Overall, this sentiment indicates a recognition of the importance of clear communication in property transactions.
Contention
One notable point of contention surrounding S2185 may involve the potential for increased accountability for sellers and the real estate industry. While proponents argue that the bill enhances public transparency and protects buyer rights, opponents might raise concerns regarding the administrative burden this adds to real estate transactions. This includes the expectation for sellers to gather and communicate detailed information about public access rights, which could complicate sales processes or lead to disputes over disclosure completeness. Balancing consumer protection with the practicalities of real estate transactions will be crucial as the bill moves forward.
Requires a person selling real property to provide disclosures as it relates to flooding on the property which occurred either through natural events or mechanical failures.
Requires written acknowledgment from any buyer of oceanfront or shoreline property that they have been informed of the public's rights and privileges of the shore.
Modifies the real estate sales disclosure form to include the disclosure of “blower door diagnostic air leakage testing” and advises that air leakage testing is recommended prior to purchasing a residential unit.
Modifies the real estate sales disclosure form to include the disclosure of “blower door diagnostic air leakage testing” and advises that air leakage testing is recommended prior to purchasing a residential unit.