Rhode Island Laws
Requirement to Record: Must be recorded to establish notice to third parties, however, recording is not legally required.[1]
Expiration: Under Rhode Island law, constructive notice does not expire.
Maximum Term: State law does not limit the term of a lease with an option to purchase.
No Duration: If no duration is set for the option to purchase, it will expire when the lease expires.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (3)
1. Code Violations – If the property has received a housing or building code violation, this must be disclosed to new tenants.[3]
2. Landlord/Manager Disclosure – Landlords must furnish the names and contact information of anyone authorized to manage the premises.[4]
3. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, then its landlord must disclose the possibility of the presence of lead-based paint on the walls or ceiling.
Seller’s Disclosures (1)
1. Real Estate Sales Disclosure Form – 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.[5]