Rhode Island Residential Purchase and Sale Agreement

This Residential Purchase and Sale Agreement (the "Agreement") is made on [[Agreement Date]] by and between:

Seller(s): [[Seller Full Legal Name(s)]] ("Seller")

Buyer(s): [[Buyer Full Legal Name(s)]] ("Buyer")

Broker(s): [[Listing Broker / Firm]] and [[Buyer's Broker / Firm]] (if applicable)

1. Property. Seller agrees to sell and convey, and Buyer agrees to purchase, the real property located at:

[[Full Legal Property Address]]
[[City]], Rhode Island [[ZIP Code]]

(the "Property"), together with all buildings, improvements, fixtures, and appurtenances thereon, and all of Seller's right, title, and interest in and to any easements, rights-of-way, and hereditaments benefiting the Property.

Legal Description: [[Insert full metes and bounds or plat reference legal description from deed or survey, e.g., "Lot 12, Block 7, Plat 123, City of [[City]], County of [[County]], State of Rhode Island, as shown on the plat recorded in the land evidence records of said City in Book [[Book]], Page [[Page]]"]].

2. Purchase Price. The total purchase price is $[[Purchase Price]] (the "Purchase Price"), payable as follows:

• Earnest Money Deposit: $[[Earnest Money Deposit Amount]] to be held by [[Escrow Agent / Title Company Name]] ("Escrow Agent").

• Additional deposit due upon removal of inspection contingency (if applicable): $[[Additional Deposit Amount]].

• Balance due at closing in immediately available funds, subject to prorations and adjustments.

3. Earnest Money. The initial earnest money deposit shall be delivered to Escrow Agent within [[Earnest Money Deposit Deadline, e.g., 3 business days]] after the Effective Date of this Agreement. The earnest money shall be applied to the Purchase Price at closing. If this Agreement is terminated in accordance with its terms prior to closing, the earnest money shall be disbursed as provided in the termination or default provisions.

4. Financing Contingency. This Agreement is contingent upon Buyer obtaining a firm written commitment for a [[Loan Type, e.g., conventional / FHA / VA / other]] loan in the amount of approximately $[[Loan Amount]] on terms acceptable to Buyer within [[Financing Contingency Period, e.g., 30]] days after the Effective Date (the "Financing Contingency Period"). Buyer shall apply for financing promptly and use reasonable efforts to obtain commitment. If Buyer is unable to obtain financing despite good faith efforts, Buyer may terminate this Agreement by written notice to Seller prior to the end of the Financing Contingency Period, in which case the earnest money shall be returned to Buyer.

5. Appraisal Contingency. This Agreement is contingent upon the Property appraising at or above the Purchase Price. If the appraisal is lower, Buyer may (a) renegotiate the price, (b) pay the difference in cash, or (c) terminate this Agreement within [[Appraisal Contingency Period, e.g., 5 business days]] after receipt of the appraisal report. If terminated timely, earnest money is returned to Buyer.

6. Inspection / Due Diligence Contingency. Buyer shall have the right to have the Property inspected by qualified inspectors of Buyer's choice during a due diligence period of [[Inspection Period, e.g., 10 business days]] after the Effective Date (the "Inspection Period"). Inspections may include, without limitation: structural, mechanical, electrical, plumbing, roof, pest, radon, mold, environmental, septic/well (if applicable), and any other inspections Buyer deems appropriate.

Within the Inspection Period, Buyer may:

1. Accept the Property in its present condition.

2. Terminate this Agreement by written notice and receive return of earnest money.

3. Deliver a written request for repairs or credits. Seller shall respond within [[Seller Response Period, e.g., 3 business days]]. If no agreement is reached, either party may terminate and earnest money is returned to Buyer.

Buyer waives the inspection contingency if no timely notice is given.

7. Title and Survey. Seller shall convey marketable title by warranty deed (or special warranty deed if customary in the area), free and clear of all liens, encumbrances, and defects except for current real estate taxes not yet due and payable, easements and restrictions of record that do not materially impair use, and any other matters approved by Buyer in writing. Buyer shall have [[Title Examination Period, e.g., 15]] days after receipt of title commitment to object to title defects. Seller shall have [[Seller Cure Period]] to cure objections. If uncured, Buyer may terminate and receive return of earnest money.

Buyer may obtain a current survey or ALTA survey at Buyer's expense.

8. Sale of Buyer's Home Contingency (if applicable). This Agreement is contingent upon Buyer entering into a binding contract for the sale of Buyer's current home at [[Buyer's Current Home Address]] and closing that sale on or before [[Buyer's Home Sale Closing Deadline]]. If this contingency is not satisfied or waived by the deadline, either party may terminate and earnest money returned to Buyer.

9. HOA / Condominium Documents (if applicable). If the Property is subject to a homeowners association or condominium, Seller shall deliver to Buyer within [[HOA Document Delivery Period, e.g., 5 business days]] after the Effective Date: current declaration, bylaws, rules, budget, financial statements, and minutes. Buyer shall have [[HOA Review Period]] to review and either accept or terminate this Agreement. Any special assessments approved prior to closing are Seller's responsibility unless otherwise agreed.

10. Closing and Possession. Closing shall take place on or before [[Closing Date]] at the offices of the Escrow Agent or such other location as the parties agree. Possession shall be delivered at closing unless otherwise agreed in writing. At closing, Seller shall deliver the deed, keys, codes, remote controls, and all other items conveying with the Property. Prorations of taxes, HOA fees, rents, and utilities shall be made as of the closing date.

11. Default and Remedies. If Buyer defaults, Seller may retain the earnest money as liquidated damages (not a penalty) and pursue additional remedies available at law or equity. If Seller defaults, Buyer may (a) terminate and recover the earnest money plus actual damages, or (b) seek specific performance. The prevailing party in any action to enforce this Agreement shall be entitled to reasonable attorneys' fees and costs.

12. Attorney Review. The parties acknowledge that it is customary in Rhode Island for each party to have this Agreement reviewed by an attorney licensed in Rhode Island. Either party may have an attorney review and propose modifications within [[Attorney Review Period, e.g., 3 business days]] after the Effective Date. If modifications are not agreed, either party may terminate and earnest money returned.

13. Disclosures. Seller has provided or will provide prior to or with this Agreement the Rhode Island Property Disclosure Statement required by R.I. Gen. Laws § 5-20.8-1 et seq. and, if the dwelling was built before 1978, the federal lead-based paint disclosure and pamphlet. Buyer acknowledges receipt or will acknowledge receipt of all required disclosures.

14. Additional Provisions.

• Risk of loss: Until closing, risk of loss remains with Seller. If the Property is materially damaged before closing, Buyer may terminate or renegotiate.

• Assignment: Buyer may not assign this Agreement without Seller's prior written consent.

• Entire Agreement: This Agreement, including all addenda and exhibits, constitutes the entire agreement and supersedes prior negotiations. Amendments must be in writing signed by both parties.

• Governing Law: This Agreement is governed by the laws of the State of Rhode Island. Venue for any action lies in the county where the Property is located. Rhode Island follows the statute of frauds (R.I. Gen. Laws § 9-1-4); this Agreement must be in writing to be enforceable.

• Time is of the essence.

• Severability.

• Counterparts and electronic signatures permitted.

15. Exhibits and Addenda. The following are attached and incorporated:

• Exhibit A: Legal Description (if not in body)

• Exhibit B: Property Disclosure Statement

• Exhibit C: Lead-Based Paint Disclosure (if pre-1978)

• Addendum 1: [[Financing Addendum or other]]

• [[Other addenda listed]]

Effective Date: This Agreement is effective on the date the last party signs below., -

Signatures

SELLER

[[Seller Full Legal Name(s)]]

Signature: _______________________________ Date: [[Date]]

Signature: _______________________________ Date: [[Date]]

BUYER

[[Buyer Full Legal Name(s)]]

Signature: _______________________________ Date: [[Date]]

Signature: _______________________________ Date: [[Date]]

BROKER ACKNOWLEDGMENT (if applicable)

Listing Broker: [[Broker/Firm Name]] Date: [[Date]]

Buyer's Broker: [[Broker/Firm Name]] Date: [[Date]], -

Disclaimer and Sources

> Template, not professional legal advice. This Rhode Island Residential Purchase and Sale Agreement template incorporates standard provisions and contingencies customary in Rhode Island transactions as of June 2026. Real estate contracts are subject to the statute of frauds and must be in writing. Parties are strongly encouraged to have this Agreement reviewed by a Rhode Island-licensed attorney. Use of this form does not create an attorney-client relationship. Local customs, title company requirements, and specific transaction details may require additional or different language. Verify all deadlines, disclosures, and forms against current Rhode Island law and the Rhode Island Association of REALTORS® standard forms where applicable.

Primary Sources and References (as of June 2026):

• R.I. Gen. Laws § 9-1-4 (Statute of Frauds, real estate contracts must be in writing)

• R.I. Gen. Laws §§ 5-20.8-1 et seq. (Real Estate Sales Disclosure Act)

• Rhode Island Residential Landlord and Tenant Act (where relevant to post-closing possession)

• 42 U.S.C. § 4852d (Lead-Based Paint Disclosure)

• Rhode Island Association of REALTORS® standard purchase and sale forms (reference for customary language)

• Rhode Island Real Estate Commission regulations, -

*This is a sample template. The legal description must be accurate. All contingencies should include clear deadlines. Consult a qualified Rhode Island real estate attorney and closing professional before signing.*