(a)  In the case of a sale of a unit where delivery of a public offering statement is required pursuant to § 34-36.1-4.02(c), a seller shall, before conveying a unit, record or furnish to the purchaser releases of all liens affecting that unit and its common element interest which the purchaser does not expressly agree to take subject to or assume. This subsection does not apply to any real estate which a declarant has the right to withdraw.

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Terms Used In Rhode Island General Laws 34-36.1-4.11

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  Before conveying real estate to the association the declarant shall have that real estate released from:

(1)  All liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units, and

(2)  All other liens on that real estate unless the public offering statement describes certain real estate which may be conveyed subject to liens in specified amounts.

History of Section.
P.L. 1982, ch. 329, § 2.