There is a lot more that goes into selling your Rhode Island home than just putting it up for sale. Residents who are unfamiliar with residential real estate might not be aware of all the necessary disclosures and rules they have to comply with during the sale.
What are necessary disclosures?
No one wants to buy a house and then be surprised with a crucial detail a year after purchase. To prevent homeowners from feeling scammed, there are several things that sellers must disclose about their homes for the sale to be valid.
The laws around what’s required to disclose can vary from state to state, though there are some commonalities among them. They’ll generally require that you list any major, known problems with the home’s structure or functionality. These include but are not limited to:
• Heating/AC system
• Roof Condition
Depending on the state you live in, you may or may not be required to fix these problems before the house can be sold. Some states will also require you to give information about the area surrounding your home or if you believe your house is haunted.
What are the rules for Rhode Island disclosures
Rhode Island requires sellers to disclose information about the roof, including the age and layer of shingles. In addition, the seller is required to give the following:
• Maintenance history of fireplaces
• Details about insulation if known
• Radon test results
• Information about sewage and wastewater system
You’ll also be asked to give information about the property surrounding the home. This will include information about any convicted felons in the area.
Why do I need to disclose this information?
Disclosure laws exist as a way to protect home buyers when shopping for their future homes. If you believe necessary disclosures were not followed by the sellers, you might have a lawsuit on your hands.