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RI Real Estate Law - Purchase and Sales Agreements - Single Family

RI Real Estate Law - Purchase and Sales Agreements - Single Family

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Published by Deborah325Dunn
Island lawyer / attorney who specializes in real estate law, residential real estate closings and title
Island lawyer / attorney who specializes in real estate law, residential real estate closings and title

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Published by: Deborah325Dunn on Feb 21, 2012
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08/22/2014

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RI Real Estate Law - Purchase And Sales Agreements - SingleFamily
 In Rhode Island most buy and sell agreements (purchase and sales agreements) for single-familyhomes are on a form prepared by the Rhode Island Association of Realtors. The Purchase and SalesAgreement is a very important legal document that typically sets forth the sales price, time, date andplace of the residential real estate closing, contingencies based on financing, as well as many otherprovisions.You may attempt to negotiate modifications to this agreement and are not obligated to sign thestandard form. Prior to signing the Purchase and Sales Agreement, the buyer should contact a RhodeIsland lawyer / attorney who specializes in real estate law, residential real estate closings and titlelaw.This agreement was drafted with the intent to be fair to both buyers and sellers of residential realestate; however, the buyer should not sign this agreement without paying careful attention to all of theprovisions including the following provisions:1.The agreement provides for a certain number of days within which buyer must apply for his/hermortgage. Pursuant to the terms of the standard Rhode Island Purchase and Sales Agreement, if thebuyer fails to apply for the mortgage, his deposit will be forfeited. Please make certain that you allowenough days for this application to be made.2.The agreement provides that if the buyer applies for a mortgage greater than the amount set forth inthe Purchase and Sales Agreement, buyer will have no right to obtain a return of his deposit if hismortgage application is denied. Buyer should be certain that the amount filled in for his proposedmortgage is in fact the highest amount that he intends to apply for.3.The agreement provides that the buyer must accept the property with any easements or restrictionsof record that impact the property. The buyer should read the Rhode Island Real Estate SalesDisclosure Form prior to signing the Purchase and Sales Agreement. Rhode Island Law requires thatthe seller of residential real estate in RI notify the buyer of any restrictions or easements. Buyershould check the disclosure form and if the seller indicates that there are restrictions or easements,buyer should read them prior to signing the Purchase and Sales Agreement. If the buyer does notunderstand the legal implications of the restriction or easement, then they should contact their realestate attorney.4.Buyer's right to a return of their deposit in the event they are not satisfied with house inspections,such as physical/mechanical, pest infestation and septic system, depends on the inspector finding asubstantial / materially deficient condition which has not been disclosed to the buyer prior to theexecution of the Purchase and Sales Agreement. This means that the buyer should carefully read theReal Estate Disclosure supplied by the seller prior to signing the Purchase and Sales Agreement tomake certain that seller has not disclosed existing deficient conditions on the property in this form. Ifdeficient conditions have been disclosed, the Purchase and Sales Agreement should be amended toindicate that buyer may terminate the agreement based upon these deficient conditions

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