A Rhode Island seller accepted a purchase offer on Monday morning. Later that same day, the seller's agent delivered the Rhode Island Seller's Disclosure form to the buyer. Under R.I. Gen. Laws § 5-20.8, which statement best describes the status of this transaction?
Correct Answer
B) The disclosure was untimely because it must be delivered before the seller accepts an offer
Under R.I. Gen. Laws § 5-20.8 (Rhode Island Seller's Disclosure Act), the seller is required to deliver the written disclosure form to the prospective buyer BEFORE an offer is accepted. Delivering the form after acceptance — even on the same day — violates the statutory timing requirement. This is a critical Rhode Island-specific rule: the disclosure must precede acceptance, giving the buyer the opportunity to review known defects before being bound by the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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