Contracts
Under Rhode Island's Seller Disclosure Law (RIGL 5-20.8), when must the seller's disclosure form be provided to the buyer?
AAt closing
BBefore the buyer makes an offer✓ Correct
CAfter the offer is accepted but before inspection
DOnly if the buyer requests it
Explanation
Under RIGL 5-20.8, the seller's property disclosure form should be provided to prospective buyers before they make an offer to purchase, allowing buyers to make an informed decision.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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