In My Neighborhood in 02840>Question Details

Bean Town Bu…, Home Buyer in 02840

How does the paperwork for the home buying process work in RI?

Asked by Bean Town Buyer, 02840 Tue Jul 20, 2010

In Massachusetts, the buyer typically submits an offer that is subject to a number of contingincies, including home inspection. A P&S is signed only after a satisfactory inspection is completed. Is RI different?

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Hi Beantown, While the mortgage contingency and the home inspection contingency are standard in the RI State Purchase and Sales Agreement, a short sale contingency addendum and sale of buyer's property addendum are examples of other contingency addendums you may see attached to a RI purchase and sales agreement.
0 votes Thank Flag Link Wed May 16, 2012
Hi Beantown....in RI the inspection period begins from the time the Purchase and Sale is fully executed by both parties. The buyer has 10 days from the date of the contract to complete the inspections and then 7 days to reply to the Seller with any requests for repairs and/or credits. Hope this helps!
0 votes Thank Flag Link Thu May 10, 2012
In RI, (or at least in Newport where I do most of my work), offers are normally submitted via a full Purchase and Sales Agreement. That said, listing agents must present all offers received provided they are in writing and accompanied by an earnest money deposit. While a full P&S is more involved than the one-page offer customary in Massachusetts, it does insure that all parties are on the same page before anyone spends time and money on inspections, mortgage apps, appraisals, etc. As Lori explained, RI's P&S form dictates that inspections take place within 10 days of the execution of the P&S, and the parties have 7 days after that to work out a plan for addressing deficiencies discovered during the inspections. Hope that helps!
0 votes Thank Flag Link Tue Aug 31, 2010
In RI the P&S is signed with a satisfactory home inspection contingency. The buyer has 10 days after the contract is signed by all parties to have their home inspection performed. Once performed, they have 7 days to address any deficient conditions that they would like repaired/replaced by the seller in writing. I wish it was the same as Mass. seems the smart route to go. Hopefully, we will follow soon-but not as of yet.
0 votes Thank Flag Link Tue Jul 27, 2010
0 votes Thank Flag Link Tue Jul 20, 2010
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