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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311  
Subject: house buying process in RI? Date: 10/12/2006 8:22 AM
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My brother and I are getting ready to put my father's house on the market. As I live in MA and have only bought and sold property up here, I'm wondering if someone can explain the house buying/selling process in RI. For instance, in MA, it starts with an Offer To Purchase which is where the buyer makes the offer including price and contingencies. There is a small amount of earnest money put down, and all the inspections and such take place here. This is the most likely place for the sale to fall through, so it's not really considered to be mostly a done deal until the Purchase & Sale is signed. This is the document that spells out all the conditions, and fleshes out the information on the Offer. From here, it's a matter of getting the paperwork done and the mortgage for the buyer. Then there is the closing where the money changes hands, and the new deed is registered.

I know that other parts of the country do something called escrow which is different than what is done here in MA.

As I will be the seller in this case, I'd like to know what I'm in for. I'd also like to have a real estate attorney to represent us, so if anyone has any recommendations, that would be appreciated.

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