Rhode Island Residential Purchase and Sale Agreement

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A Rhode Island residential purchase and sale agreement is a document implemented by an individual when seeking to purchase a single-family or multi-unit residence. The document consists of various conditions which, if the document is to be legally binding, both the buyer and seller must agree upon within a particular timeframe. While the terms of the contract will vary depending on the type of property being sold, the agreement will always describe the parties involved in the transaction, the property itself, the closing date, and the consideration offered to the seller in exchange for their home (usually a monetary payment).

According to § 5-20.8-2, before the seller agrees to transfer ownership of a property, they must complete a property condition report and provide it to the buyer and any agents with whom the buyer is associated. Note that the disclosure will only provide information regarding material defects known to the seller.

Table of Contents

Realtor Version

Rhode Island Association of Realtors:

Required Disclosures

Lead-Based Paint Disclosure – Federal law requires owners of any property built before 1978 to inform prospective buyers on whether or not a property contains lead-based paint.

Real Estate Sales Disclosure Form (§ 5-20.8-2) – Used to provide buyers with a detailed description of the material condition of a particular property. All sellers must complete this document and offer it to the buyer before agreeing to sell their property.

Commercial Property

Commercial Purchase AgreementUse this document to purchase or sell commercial property.

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