2009 Rhode Island Code
Title 5 - Businesses and Professions
CHAPTER 5-20.8 - Real Estate Sales Disclosures
§ 5-20.8-4 - Buyer's rights.

SECTION 5-20.8-4

   § 5-20.8-4  Buyer's rights. – (a) If prior to the execution of an agreement to transfer, but after the seller has agreed to the buyer's offer, the buyer discovers that a materially deficient condition exists which has not been disclosed to the buyer, then the seller's response to the buyer's offer is deemed to be a counter offer which the buyer may either accept or reject.

   (b) If prior to closing but after execution of an agreement to transfer, the buyer discovers that a materially deficient condition exists which has not been disclosed to the buyer, then the buyer may either elect to:

   (1) Terminate the agreement to transfer in which case the buyer shall receive all deposits paid by the buyer to the seller or his or her agent pursuant to the agreement; or

   (2) Allow the seller the opportunity to cure such deficient condition, in which case the buyer must provide the seller with a report of inspection performed by a recognized and reputable inspector or inspection company, within seven (7) calendar days after the buyer has obtained a copy of the inspection report, and the seller shall be given seven (7) calendar days after receipt of the report to notify the buyer, in writing, that the seller agrees, at the seller's own expense, to correct the defective condition. If the seller does not so agree, the buyer may terminate the agreement to transfer and the buyer shall receive all deposits paid by the buyer to the seller or his or her agent pursuant to the agreement.

   (c) Where the inspection set forth in subsection (b) of this section is performed in accordance with a provision in the agreement to transfer, and there is a delay in the receipt of the inspection report due solely to the inspector's inability to complete the inspection, the inspection completion date set forth in the agreement shall be extended for a reasonable time not to exceed seven (7) calendar days. The inspector shall provide the buyer with an explanation of the delay, which shall be made available to the seller.