Contracts
What is 'merger' in Rhode Island real estate law?
AThe combining of two adjacent properties
BThe legal doctrine that upon closing, the purchase contract is merged into the deed and the deed becomes the controlling document✓ Correct
CThe consolidation of two brokerage firms
DThe conversion of a condominium to apartments
Explanation
The merger doctrine provides that upon closing, the purchase contract merges into the deed. The deed becomes the operative document, and terms of the contract that are not carried into the deed are extinguished, except for collateral agreements that survive closing.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA 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.
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