(a) Every contract for the purchase and sale of residential real estate (1-4 family)-built prior to 1978 located in the state shall provide that potential purchasers be permitted a ten-day (10) period, unless the parties mutually agree upon a different period of time, to conduct a risk assessment or inspection for the presence of lead exposure hazards before becoming obligated under the contract to purchase.
(b) Failure to include the provision required in subsection (a) in the purchase and sale agreement for residential real estate does not create any defect in title; provided, that each violation of this section by the seller or his or her agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(c) Failure to provide inspection results and/or educational materials pursuant to department regulations required by § 23-24.6-16(a) does not create any defect in title; provided, that each violation of this section by the seller or his or her agent is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five hundred dollars ($500).
(d) Failure to include the purchase and sale agreement provision required in subsection (a); failure to provide inspection results pursuant to § 23-24.6-16(a); or inspection results that show a lead exposure hazard as defined at § 23-24.6-4(12) entitles the purchaser to void the purchase and sale agreement by providing notice, in writing, to the seller prior to the transfer of the title at closing.
History of Section.
P.L. 1994, ch. 389, § 2.