(a) This article applies to all units subject to this chapter except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. (b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of: (1) A gratuitous disposition of a unit; (2) A disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition to a person in the business of selling real estate who intends to offer those units to purchasers or; (6) A disposition that may be cancelled at any time and for any reason by the purchaser without penalty. History of Section.P.L. 1982, ch. 329, § 2.
Rhode Island Legal Code