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This form is a Seller's Disclosure Statement for use in a residential sales transaction in Rhode Island. This disclosure statement concerns the condition of property and is completed by the Seller.
Real Estate Disclosure Statement Form Form popularity
Rhode Island Disclosure Other Form Names
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Interesting Questions
A Rhode Island real estate disclosure form is a legal document that sellers are required to complete, providing information about the condition and history of the property they are selling.
The real estate disclosure form is important because it helps buyers make informed decisions about purchasing a property by providing them with essential information regarding its condition and any known issues.
The form typically discloses information about known defects, repairs or renovations done on the property, past or present infestations, previous insurance claims, and any environmental hazards.
The seller of the property is responsible for completing the real estate disclosure form.
The real estate disclosure form should be completed by the seller before listing the property for sale, so potential buyers have access to the information while considering purchasing the property.
Sellers are required to disclose any known issues or defects with the property that may affect its value or desirability. They are not required to disclose issues they are genuinely unaware of.
If a seller fails to disclose important information on the real estate disclosure form, the buyer may have legal grounds to take legal action against the seller for damages or cancel the sale.
Yes, buyers should still have the property inspected by a professional home inspector, even if the seller has completed a real estate disclosure form. The inspection can uncover additional issues that may not have been disclosed.
Certain types of property sales, such as foreclosure sales, estate sales, or sales between family members, may be exempt from the real estate disclosure requirements. However, it is advisable to consult with a real estate professional or attorney to determine if an exemption applies.
Yes, the real estate disclosure form is a legally binding document. Sellers must provide accurate and complete information to the best of their knowledge.
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