Download Rhode Island Purchase Agreement Form [PDF]

Learn how to draft the Rhode Island purchase agreement using our professional and customizable purchase agreement template.

Last update: 21 Dec 2023

Download Rhode Island Purchase Agreement Form [PDF]

The Rhode Island purchase agreement is a legal document that provides the terms and conditions under which the seller will transfer ownership of a certain item to the buyer. The main parties to the purchase agreement are the buyer and seller.

Even though the purchase agreement doesn’t directly transfer any legal rights between the parties, it is used to outline all the details connected to the sale and purchase of a certain item. This prevents any potential misunderstandings and disputes between the parties.

Rhode Island Purchase and Sale Agreement Form

The purchase agreement usually includes information about the buyer and seller, a property description, the purchase price, details about the financing, and other terms and conditions.

The Rhode Island purchase agreement is also known as:

Other Names for Rhode Island Purchase and Sale Agreement Form

  • Rhode Island purchase and sale agreement

  • Rhode Island sale and purchase agreement

  • Rhode Island sale and purchase contract

  • Rhode Island purchase and sales contract

However, it all refers to one document that provides the terms and conditions for the property transfer in Rhode Island.

Purchase Agreement Rhode Island Laws & Requirements

In Rhode Island, there are no specific requirements regarding the form of the purchase agreement template. However, for the real estate purchase agreement, the parties must include several disclosures when drafting the document.

Purchase Agreement Required Disclosures in Rhode Island

Here, you can find the list of disclosures you must include in your Rhode Island real estate purchase agreement:

Mandatory Disclosures

  • Lead-Based Paint Disclosure: According to 42 U.S. Code § 4852d, the seller is obligated to notify the buyer about the presence of the lead-based paint hazard at the property. This is mandatory for every property built before 1978 or for properties with a known lead-based paint hazard.

  • Real Estate Sales Disclosure Form: When selling real estate, the seller must fill out the provided form and supply it to the buyer. This form contains information about the property’s condition and informs the potential buyer about all the damages that the property might have. (§ 5-20.8-2)

Common Types of Purchase Agreements in Rhode Island

This section provides all the types of purchase agreements used in Rhode Island:

Types of Purchase Agreements

  • Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.

  • Commercial real estate purchase agreement. Used for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.

  • Vehicle purchase agreement. Also known as the motor vehicle bill of sale. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles.

  • Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.

  • Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Rhode Island.

Purchase Agreement in Rhode Island FAQ

  • Yes, the Rhode Island purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.

  • Yes, a Rhode Island sales agreement needs to state the purchase price. The purchase price is an essential element of every purchase agreement since it provides the main obligation for the buyer. Without it, the purchase agreement won’t have any legal effect.

  • No, purchase and sales agreements in Rhode Island don’t need to be notarized, considering that the document doesn’t directly transfer any legal rights between the seller and the buyer.

  • Yes, a seller can back out of the Rhode Island purchase agreement after compensating the buyer. However, there is one situation where the seller can back out without compensating the buyer. This is a situation where the buyer fails to meet the contingencies set out in the purchase agreement.

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