Contracts
A Rhode Island buyer who wants to protect themselves against the property being sold to someone else after their offer is accepted but before closing should ensure the contract is:
ARecorded as a deed immediately
BSupported by a sufficient earnest money deposit and, if desired, a recorded memorandum of contract or lis pendens✓ Correct
CNotarized before delivery
DApproved by the Rhode Island Superior Court
Explanation
A buyer can protect their equitable interest in the property by having a sufficient earnest money deposit and, in some cases, by recording a memorandum of contract or lis pendens in the land evidence records to provide constructive notice.
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