Residential Real Estate Sales Disclosure Statement
43-4-37 to 43-4-44
§ 43-4-37. Definition of terms for required disclosures in certain real estate transfers.
Terms used in §§ 43-4-38 to 43-4-44, inclusive, mean:
(1) "Buyer," a person negotiating
or attempting to become an owner of residential real property by means
of a transfer which is subject to §§ 43-4-38 to
43-4-44, inclusive;
(2) "Disclosure statement," the property condition disclosure statement
as provided in § 43-4-44;
(3) "Residential real property,"
all residential real property consisting of not more than four family dwelling
units, all of which are contained in one structure;
(4) "Seller," an owner of residential real property;
(5) "Transfer," a sale, exchange, installment sale contract, lease with an option to purchase, other option
to purchase or a ground lease coupled with improvements.
Source: SL 1993, ch 325, § 1; 1994, ch 337, § 1.
§ 43-4-38. Buyer furnished completed disclosure statement prior to written offer -
Amendment.
The seller of residential real property shall furnish to a buyer a completed
copy of the disclosure statement before the buyer makes a written offer.
If after delivering the disclosure statement to the buyer or the buyer's
agent and prior to the date of closing for the property or the date of
possession of the property, whichever comes first, the seller becomes aware
of any change of material fact which would affect the disclosure statement,
the seller shall furnish a written amendment disclosing the change of material
fact.
Source: SL 1993, ch 325, § 2; 1994, ch 337, § 2; 1995, ch 247.
§ 43-4-39. Terminating written offer made prior to disclosure statement.
If the disclosure statement or a material amendment to the disclosure
statement is delivered to the buyer after the buyer has made a written
offer, the buyer may terminate the offer by delivering a written notice
of termination to the seller or the seller's agent within three days after
the disclosure statement or amendment is delivered in person or within
six days after the disclosure statement or amendment is delivered by deposit
in the mail.
Source: SL 1993, ch 325, § 3.
§ 43-4-40. Liability for defect disclosed in statement.
Except as provided in §43-4-42, a seller is not liable for a defect
or other condition in the residential real property being transferred if
the seller truthfully completes the disclosure statement.
Source: SL 1993, ch 325, § 4; 1994, ch 337, § 3.
§ 43-4-41. Good faith disclosure required.
The seller shall perform each act and make each disclosure in good faith.
Source: SL 1993, ch 325, § 5.
§ 43-4-42. Liability for failure to comply with disclosure statement requirements.
A transfer that is subject to §§ 43-4-37 to 43-4-44, inclusive,
is not invalidated solely because a person fails to comply with §§43-4-37
to 43-4-44, inclusive. However, a person who intentionally or who negligently
violates §§43-4-37 to 43-4-44, inclusive, is liable to the buyer
for the amount of the actual damages and repairs suffered by the buyer
as a result of the violation or failure. A court may also award the buyer
costs and attorney fees. Nothing in this section shall preclude or restrict
any other rights or remedies of the buyer.
Source: SL 1993, ch 325, § 6.
§ 43-4-43. Application of disclosure statement requirements.
Sections 43-4-37 to 43-4-44, inclusive, do not apply to the following
transfers:
(1) Transfers pursuant to court order, including transfers ordered
by probate court in the administration of an estate, transfers between
spouses resulting from a judgment of dissolution of marriage or legal separation,
transfer pursuant to a writ of execution, transfers by a trustee in bankruptcy,
transfers by eminent domain, transfers by government agencies, and transfers
resulting from a decree for specific performance;
(2) Transfers to a mortgagee by a mortgagor in default, transfers by
any foreclosure sale after default in an obligation secured by a mortgage,
transfers by a mortgagee or a beneficiary under a deed of trust who has
acquired the real property by foreclosure or by a deed in lieu of foreclosure
or transfers by a collateral assignment of beneficial interest;
(3) Transfers by a fiduciary in the course of the administration of
a decedent's estate, guardianship, conservatorship, or trust;
(4) Transfers from one co-owner to one or more other co-owners;
(5) Transfers made to a spouse, a child, a parent, a sibling, a grandchild,
or a grandparent;
(6) Transfers of newly constructed residential real property which
has never been occupied.
§ 43-4-44. Property condition disclosure statement.
The following form shall be used for the property condition disclosure
statement:
Source: SL 1993, ch 325, § 8; 1994, ch 337, § 4.