The Rhode Island Home-Selling Process: Your Step-by-Step Checklist

When offers come in, your agent will summarize each one side by side — price, financing type, deposit amount, contingencies, closing date, and any seller concessions requested. Don't focus only on the top line price; a slightly lower offer with stronger financing or fewer contingencies can be more likely to close.

Cost: $0

Most Rhode Island offers are written on the Rhode Island Association of Realtors Purchase and Sale Agreement. It already includes the seller disclosure cross-reference, condo resale provisions, attorney-led closing language, and trust account deposit terms, so make sure you understand each section your agent walks you through before signing.

Cost: $0

After the August 2024 NAR settlement, listing brokers cannot post offers of buyer-broker compensation in the MLS. If a buyer wants you to help pay their agent, that has to be negotiated directly — usually as a seller concession in the purchase and sale agreement. Your agent will explain the options and the cost impact on your net.

Cost: varies

You can accept an offer as written, reject it, or send a counter-offer changing price, closing date, or terms. Counters are usually written on a short addendum that becomes part of the contract once both sides sign. Nothing is binding until both buyer and seller have signed the same version.

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The buyer's deposit must be held in a separate, clearly labeled broker trust account at a federally insured Rhode Island bank under § 5-20.5-19. Commingling client funds with the brokerage's operating money is a license violation, so confirm with your agent which brokerage is holding the deposit and that you received written confirmation it was deposited on time.

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Rhode Island is an attorney-state — the deed, mortgage payoff, and recording must be handled by a Rhode Island-licensed attorney. Even though the buyer's attorney typically runs the closing, sellers usually retain their own attorney to review the deed, the closing statement, and the payoff numbers. Ask your agent for two or three referrals and confirm the flat fee in writing.

Cost: $500-1,200 typical for seller-side representation

Make sure the buyer's agent or attorney has the fully signed § 5-20.8 seller disclosure, federal and Rhode Island lead-paint disclosures, and any condo or HOA documents required under the Rhode Island Condominium Act at § 34-36.1. Get written confirmation of delivery — usually email is fine — so there's no dispute later.

Cost: $0

If you're selling a condominium, RI Gen Laws § 34-36.1-4.09 requires you to request a resale certificate and document package from the unit owners' association — declaration, bylaws, rules, current budget, latest financial statement, pending litigation statement, and statement of assessments. Order it early because associations often take a couple of weeks and charge a fee.

Cost: $100-400 typical (set by your association)

Contact your current mortgage lender and request a written payoff statement good through your projected closing date. The number will include interest, any reconveyance fee, and prepayment items. Your closing attorney will use this to fund the payoff from the closing proceeds.

Cost: $0-50 typical lender fee

FIRPTA is a federal tax law at 26 U.S.C. § 1445 that requires the buyer to withhold 15% of the gross sale price when the seller is a foreign person (non-U.S. citizen, non-U.S. resident, or foreign entity). If you're a U.S. citizen or U.S. resident, you'll typically sign a non-foreign affidavit so withholding is not required. Confirm your status with your closing attorney early so there are no surprises.

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Plan to be away from the home during the buyer's general home inspection, plus any radon, pest, sewer scope, or specialty inspections they choose. Inspectors like to talk with the buyer without sellers present. Your agent will coordinate scheduling and lockbox access.

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If your property has or ever had an underground oil storage tank, find any DEM closure reports, tank removal certificates, and soil test records. Rhode Island sellers must disclose tank history on the § 5-20.8 form, and buyers will usually request these documents during inspection to confirm there's no environmental contamination risk.

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After the inspection, buyers often send a written request to repair items, give a closing credit, or reduce the price. You can agree, counter, refuse, or offer a mix of repairs and credits. Buyers generally have the right to cancel inside the inspection window, so try to respond inside the deadline written into the contract.

Cost: varies

If you agreed to fix specific items, hire licensed contractors for anything involving plumbing, electrical, or structural work and keep paid invoices and permits. The buyer's side will usually re-inspect before closing, so finish the work at least a few days early to leave time for any follow-up items.

Cost: varies

If an inspector finds a previously unknown condition — say, an active leak, code violation, or environmental issue — Rhode Island's duty under § 5-20.8 means you should update your written disclosure to reflect what you now know. Your agent and attorney can help you decide what needs to be added so the file is accurate for closing.

Cost: $0

The appraiser is hired by the buyer's lender to confirm the home is worth at least the loan amount. Tidy the inside and outside, give the appraiser the list of upgrades and recent improvements, and make sure all rooms — including basements and attics — are accessible.

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If the appraisal comes in below the contract price, the buyer can ask you to reduce the price, agree to split the gap, bring more cash to closing, or walk away under their financing contingency. Your agent will help you decide based on market conditions and how much room the buyer's loan has.

Cost: varies

The buyer's attorney will run a title search and may find old liens, mechanic's claims, easements, or boundary questions that need to be cleared before closing. Forward any letters from the title examiner to your closing attorney quickly so they can be resolved without delaying the closing date.

Cost: $0-300 to clear minor title items

Don't cancel your homeowners insurance, stop paying the mortgage, or let the property taxes lapse before closing. Lenders verify insurance through closing and any missed mortgage payment can show up on the payoff and complicate funding. If anything changes — a leak, a power outage, a storm — call your agent right away.

Cost: ongoing monthly costs

The buyer's attorney will prepare a closing statement (often a Closing Disclosure or settlement statement) showing the sale price, payoffs, prorations, the Rhode Island conveyance tax, agent commissions, and your net proceeds. Compare each line to what you expected and flag anything that looks wrong as soon as possible.

Cost: $0

Under RI Gen Laws § 44-25, sellers customarily pay the real estate conveyance tax at the rate of $2.30 per $500 of value, which is $4.60 per $1,000 of sale price. On a $500,000 sale that's about $2,300. The tax is paid at the time the deed is recorded, and you should see it as a seller charge on the closing statement.

Cost: $4.60 per $1,000 of sale price

Sellers in Rhode Island often pre-sign the deed and supporting affidavits in front of a notary a day or two before closing because they aren't required to physically attend the closing itself. Your attorney will prepare the deed, smoke/CO certificate, FIRPTA non-foreign affidavit if applicable, and any condo-related documents.

Cost: Included in attorney fee

The buyer usually walks through the home in the 24-48 hours before closing to confirm that agreed repairs are done, included fixtures are still there, and the home is in the same general condition as when they offered. Have the home empty (or close to it), clean, and any agreed personal property left in place.

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Be fully moved out by the time and date specified in the contract — typically the morning of closing. Call electric, gas, water/sewer, trash, and internet providers to schedule final readings for the day of closing, and leave keys, garage remotes, mailbox keys, and appliance manuals in the home for the buyer.

Cost: varies for movers

Rhode Island requires a Rhode Island-licensed attorney to handle the legal transfer of title, including executing and recording the deed. Title companies can issue title insurance, but the actual closing has to be run by an attorney. Your attorney coordinates with the buyer's attorney to confirm funds are in and then sends the deed for recording at the city or town clerk's office.

Cost: Recording fees typically $80-150

Closing funds will be used to pay off your existing mortgage in full based on the payoff statement from your lender. Your attorney will wire the payoff and then track the lender's release of the mortgage from the land records. Keep a copy of the payoff confirmation in case there's any later question about the discharge.

Cost: Included in the payoff amount

After the deed is recorded and all closing items are paid — mortgage payoff, conveyance tax, agent commissions, attorney fees, and prorations — your attorney will wire or hand you a check for the remaining net proceeds. Confirm wire instructions verbally over a known phone number; wire fraud is common in real estate closings.

Cost: $0-35 typical wire fee

Once your attorney confirms the deed has been recorded and funds are released, possession passes to the buyer per the contract. Drop off keys, garage remotes, alarm codes, and mailbox keys at the agreed location — usually with the buyer's agent or at the home itself if the contract calls for that.

Cost: $0

Hold on to a copy of the deed, the closing statement, the final payoff, and any major improvement receipts for at least seven years. You'll need these for your federal and Rhode Island income tax filings to calculate cost basis and any capital gain on the sale, and to answer questions if the IRS or state ever follows up.

Cost: $0