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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Rhode Island, a property disclosure statement is a mandatory document that sellers of residential real property must provide to prospective buyers. This document is governed by Rhode Island General Laws § 5-20.8-2, which requires sellers to disclose any material facts that could affect the value of the property or the decision to purchase it. The disclosure statement should include information about the physical condition of the property, including the presence of hazardous materials, issues with the structure, electrical, plumbing, heating, and other systems, as well as any other known defects or problems. If the seller is aware of significant issues, they must be detailed in the statement. Conversely, if the seller is unaware of any problems, this should also be stated. The purpose of this disclosure is to inform the buyer of the condition of the property before the sale is completed, thereby reducing the risk of later disputes about the property's condition.

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Real property

property disclosure statement

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Real property

property disclosure statement

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