§ 5-20.8-1. Definitions.
When used in this chapter, unless the context indicates otherwise:
(1) "Agent� means any individual or entity acting on behalf of a seller or buyer to effect
the transfer of real estate. It includes listing agent, selling agent, buyer's agent,
and their respective brokers.
(2) "Agreement to transfer� means a purchase and sale agreement, installment-sales contract,
option to purchase agreement, or other agreement intended to effect the transfer of
real estate from a seller to a buyer.
(3) "Buyer� means any individual or entity seeking to obtain title to real estate from
a seller for consideration.
(4) "Closing� means the time at which real estate is transferred from seller to buyer
and consideration is delivered to the seller or to a settlement agent with the intention
of imminent delivery upon the recording of pertinent documents and other ministerial
acts associated with settlement.
(5) "Deficient conditions� means any land restrictions, defect, malfunction, breakage,
or unsound condition existing on, in, across, or under the real estate of which the
seller has knowledge.
(6) "Lead exposure hazard� means a condition that presents a clear and significant health
risk to occupants of the dwelling, dwelling unit, or premises, particularly where
there are children under the age of six (6) years.
(7) "Real estate� means vacant land or real property and improvements consisting of a
house or building containing one to four (4) dwelling units.
(8) "Seller� means any individual or entity seeking to transfer title to real estate to
a buyer for consideration.
(9) "Shoreline propertyâ€� means any real estate that abuts the shore as governed by § 46-23-26.
(10) "Transfer� means the sale or conveyance, exchange of, or option to purchase any real
estate.