The Rhode Island property disclosure statement is used by homeowners when selling their property to provide information to buyers regarding its current condition. Although thorough, there may be conditions that the seller is unaware of that will affect the property. Therefore, the buyer should conduct their own inspections and estimate the cost of repair before submitting an official offer.
This document must be provided to prospective buyers before any transfer of property can take place. The statement may also include notices and disclosures that detail the existence of radon gases, lead contamination, and mold on the premises
Laws – § 5-20.8-2
Purchase Agreement – If the buyer is satisfied with the disclosure statement and wishes to move forward with purchasing the property, they may use this purchase agreement to submit a formal bid on the property.