Buying a Home in Rhode Island? 7 Legal Steps Your Real Estate Attorney Should Handle
Buying a home is exciting, but the legal and financial details can quickly become overwhelming. A Rhode Island real estate attorney can help you understand the documents, protect your interests, and coordinate the many steps between an accepted offer and receiving your keys.
At Tomassi Law, LLC, we help Rhode Island buyers with contract review, title searches, title insurance, closing coordination, and real estate closings. With more than 20 years of legal experience, Attorney Jared Tomassi also brings experience as a Rhode Island real estate broker, investor, and title insurance producer.
Use this checklist to understand the seven legal steps your real estate attorney should handle.
1. Review Your Purchase And Sale Agreement
The Purchase and Sale Agreement, often called the P&S, is one of the most important documents in your home purchase. Once signed, it generally creates a legally binding agreement between you and the seller.
Before you sign, your attorney should review the agreement and explain:
- The purchase price
- Deposit and earnest money requirements
- The proposed closing date
- Inspection and financing contingencies
- Appraisal requirements
- Repairs or seller credits
- Items included with the property
- Responsibility for certain costs
- Conditions that must be satisfied before closing
A real estate agent may help prepare or negotiate the offer, but your attorney can explain the legal effect of the contract and identify terms that may need clarification.
Do not wait until the day of closing to ask questions about your P&S. The earlier you involve a real estate lawyer in RI, the more time you have to address concerns and negotiate appropriate protections.
Learn more about Tomassi Law’s buyer representation services.
2. Coordinate Inspections And Contract Contingencies
A home inspection can reveal issues that are not obvious during a showing. Depending on your agreement, you may have a limited period to complete inspections and decide how to proceed.
Common inspections may include:
- General home inspection
- Radon testing
- Lead paint testing
- Pest or termite inspection
- Septic or well inspection
- Mold or environmental testing
- Structural or engineering review
Your attorney does not replace a qualified inspector. Instead, your attorney helps you understand how the inspection results may affect your rights under the P&S.
If problems are discovered, possible options may include:
- Asking the seller to complete repairs
- Requesting a credit at closing
- Negotiating a price adjustment
- Accepting the property as-is
- Exercising a contingency, if allowed by the agreement
Every contract is different. Your attorney can review the specific language in your agreement and help you make an informed decision before a deadline expires.
3. Work With Your Lender And Satisfy Financing Requirements
If you are financing your purchase, your lender will have requirements to complete before closing. These may include income verification, bank statements, tax documents, insurance information, and explanations for certain deposits or debts.
Your lender will also typically arrange for:
- A property appraisal
- Underwriting review
- Final loan approval
- Loan documents
- A Closing Disclosure
Your attorney and lender perform different roles, but they must work together. Your attorney can help coordinate timing and review closing figures for consistency with the agreement and the transaction.
You should also avoid making major financial changes before closing. Opening new credit accounts, changing jobs, moving money without documentation, or making large purchases may affect your loan approval.
If you are using a Rhode Island assistance program, additional requirements may apply. RIHousing offers homebuyer programs that may include down payment or closing cost assistance, and first-time buyers using certain RIHousing loans may need to complete homebuyer education before closing. Visit RIHousing’s homebuyer resources to learn more about available programs and requirements.
4. Complete The Title Search
A title search is a critical part of the home-buying process. It examines the public records for the property to confirm ownership and identify issues that could affect your rights as the new owner.
Your title attorney may look for:
- Existing mortgages
- Unpaid taxes
- Municipal liens
- Judgment liens
- Easements
- Restrictions and covenants
- Boundary or ownership concerns
- Probate-related issues
- Recording errors
- Other encumbrances
The purpose is to determine whether the seller can transfer clear, marketable, and insurable title to you.
If a title issue appears, the seller may need to provide a lien release, correct a document, resolve an unpaid balance, or take another step before closing. These problems can take time to fix, so a thorough title examination should begin well before your scheduled closing date.
Tomassi Law provides title search and examination services as part of our buyer representation and closing work. We communicate with the necessary parties and help you understand what the title records mean for your purchase.
5. Review Title Insurance And Property Information
Title insurance protects against certain covered title problems that may not be discovered during the initial search. Your attorney or title professional can explain the available coverage and help you understand the title commitment before closing.
The title commitment may identify:
- Matters that must be resolved before closing
- Exceptions to title coverage
- Easements or restrictions affecting the property
- Requirements for issuing the final policy
- Items that may remain attached to the property
You should take the opportunity to ask questions about anything you do not understand. A title document can contain unfamiliar legal terms, but you should not feel pressured to sign without an explanation.
Your attorney may also coordinate other property-related information, such as:
- Municipal tax information
- Water and sewer bills
- Rent or occupancy details, when applicable
- Seller payoff information
- Adjustments and prorations
These details help ensure that the final closing figures accurately reflect the transaction.
6. Prepare For The Closing
In the days before closing, your attorney should help confirm that the transaction is ready to proceed. This includes coordinating with you, the seller, real estate agents, and lender.
Before closing, you should:
- Review your Closing Disclosure
- Confirm your final loan terms
- Obtain homeowners insurance
- Complete all lender conditions
- Schedule a final walkthrough
- Confirm the exact amount needed to close
- Verify safe wire instructions directly with your attorney
- Bring valid identification to the closing
Your final walkthrough is an opportunity to confirm that the property is in the expected condition and that agreed-upon repairs have been completed. It is not a substitute for the original inspection, but it can help identify last-minute concerns.
Wire fraud is a serious risk in real estate transactions. Do not rely solely on emailed wiring instructions. Always call your attorney using a trusted phone number to verify payment details before sending funds.
7. Attend The Real Estate Closing
The closing is the final legal step in your purchase. Your attorney will help explain the documents you are signing and coordinate the transfer of funds and ownership.
Depending on your transaction, you may sign:
- Mortgage documents
- Promissory note
- Closing Disclosure
- Deed-related documents
- Title insurance documents
- Affidavits and certifications
- Property transfer documents
- Other lender or municipal forms
At closing, the seller signs the deed transferring the property to you. You provide the remaining funds required for the purchase, and the lender delivers loan proceeds if you are financing the transaction.
After the documents are properly signed and funds are disbursed, the deed and mortgage are recorded in the appropriate city or town. Recording officially documents the transfer of ownership and your lender’s security interest in the property.
Once the closing is complete, you can receive the keys and take possession according to the terms of your agreement.
Choose Experienced Guidance For Your Rhode Island Closing
A home purchase involves more than finding a property and obtaining a mortgage. The contract, title, financing, municipal information, closing documents, and recording process all need careful attention.
If you are searching for real estate attorneys in Rhode Island, real estate lawyers in RI, or a real estate attorney in Providence, RI, Tomassi Law, LLC can help. We represent buyers throughout Rhode Island and provide clear, responsive, and affordable guidance through the title and closing process.
Attorney Jared Tomassi’s experience as both a real estate attorney and licensed real estate broker gives our firm a practical understanding of the issues that can affect your transaction. We work to make your closing organized, understandable, and as smooth as possible.
Contact Tomassi Law to schedule a consultation.
Call 401-941-5291 or visit our office at 51 Jefferson Boulevard, 2nd Floor, Warwick, RI 02888.
This article provides general information and is not legal advice. Each real estate transaction is different. Consult a Rhode Island attorney about your specific situation before signing a contract or making a legal decision.