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; SL 1994, ch 337, §1.