Is there a time limit that a seller has to sign a Purchase and Sales agreement?
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Is there a time limit that a seller has to sign a Purchase and Sales agreement?
Does Rhode Island provide a stipulated time in which a seller must sign a
Purchase and Sales agreement for the purchase of a condominium?
Asked on April 29, 2019 under Real Estate Law, Rhode Island
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
No, there is no time limit unless the buyer specifies one. To avoid not being able to move forward because they don't know if the seller will accept the offer--that is, sign the contract--the buyer should send the seller something in writing giving them 24 more hours to sign (or whatever longer time period they are comfortable with) and stating that the offer will be considered withdraw after that. The buyer has the right to limit how long the offer and contract are "on the table."
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