Property Disclosure Statement Form - Rhode Island

The Property Disclosure Statement Form in Rhode Island is used to disclose any known defects or issues with a property being sold. It provides important information to potential buyers about the condition of the property.

The property disclosure statement form in Rhode Island is usually filed by the seller of the property.

FAQ

Q: What is a Property Disclosure Statement?
A: A Property Disclosure Statement is a form used in Rhode Island to provide information about the condition of a property being sold.

Q: Why is a Property Disclosure Statement important?
A: A Property Disclosure Statement is important because it allows the seller to disclose any known defects or issues with the property, which can help the buyer make an informed decision.

Q: What kind of information is included in a Property Disclosure Statement?
A: A Property Disclosure Statement typically includes information about the property's physical condition, any known defects, past repairs or renovations, and any environmental issues like lead-based paint or asbestos.

Q: Is a Property Disclosure Statement required in Rhode Island?
A: Yes, a Property Disclosure Statement is required in Rhode Island for residential real estate transactions.

Q: Who is responsible for filling out the Property Disclosure Statement?
A: The seller of the property is responsible for filling out the Property Disclosure Statement.

Q: Can the buyer request additional inspections or disclosures?
A: Yes, the buyer can request additional inspections or disclosures beyond what is provided in the Property Disclosure Statement.

Q: What happens if a seller fails to provide a Property Disclosure Statement?
A: If a seller fails to provide a Property Disclosure Statement as required by law, the buyer may have legal recourse.

Q: Can a Property Disclosure Statement be used as a warranty?
A: No, a Property Disclosure Statement is not a warranty and does not guarantee the condition of the property.