A contract to purchase and sell a home in Rhode Island is a document entered into by an individual or apartment building. The document consists of different conditions which, in order for the document to be legally binding, must be agreed by both the buyer and the seller within a specified period of time. While the terms of the contract vary depending on the type of property sold, the agreement always describes the parties involved in the transaction, the property itself, the deadline and the consideration offered to the seller in exchange for their home (usually a monetary policy payment). Before consenting to the acquisition of a property, the seller must complete a property description and make it available to the buyer and all representatives with whom the buyer is related before agreeing to transfer ownership of a property. Keep in mind that disclosure only contains information about the seller`s known defects. Lead-Based Paint Disclosure – Federal law requires owners of property built before 1978 to inform potential buyers whether or not a property contains lead-containing paint. Real Estate Sales Disclosure Form (No. 5-20.8-2) – Used to provide buyers with a detailed description of the physical condition of a particular property. All sellers must complete this document and offer it to the buyer before consenting to the sale of their property.