§ 5-20.8-4 - Buyer's rights. - Rhode Island Statutes

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 sellerhas agreed to the buyer's offer, the buyer discovers that a materiallydeficient condition exists which has not been disclosed to the buyer, then theseller's response to the buyer's offer is deemed to be a counter offer whichthe buyer may either accept or reject.

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

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

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

   (c) Where the inspection set forth in subsection (b) of thissection is performed in accordance with a provision in the agreement totransfer, and there is a delay in the receipt of the inspection report duesolely to the inspector's inability to complete the inspection, the inspectioncompletion date set forth in the agreement shall be extended for a reasonabletime not to exceed seven (7) calendar days. The inspector shall provide thebuyer with an explanation of the delay, which shall be made available to theseller.