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.