§ 5-80-3 Contract terms. – (a) Every contract required by § 5-80-2 must contain the entire agreementof the parties and must include the following terms:
(1) The name, business address, and the telephone number ofthe foreclosure purchaser;
(2) The address of the residence in foreclosure;
(3) The total consideration to be given by the foreclosurepurchaser in connection with or incident to the sale;
(4) A complete description of the terms of payment or otherconsideration including, but not limited to, any services of any nature thatthe foreclosure purchaser represents he or she will perform for the foreclosedhomeowner before or after the sale;
(5) The time at which possession is to be transferred to theforeclosure purchaser;
(6) A complete description of the terms of any relatedagreement designed to allow the foreclosed homeowner to remain in the home,such as a rental agreement, repurchase agreement, contract for deed, or leasewith option to buy;
(7) A notice of cancellation as provided in § 5-80-5(b);and
(8) The following notice in at least fourteen (14) pointboldface type, if the contract is printed or in capital letters if the contractis typed, and completed with the name of the foreclosure purchaser, immediatelyabove the statement required by § 5-80-5(a):
"NOTICE REQUIRED BY RHODE ISLAND LAW
Until your right to cancel this contract has ended,. . . . . . . . . . (Name)or anyone working for. . . . . . . . . . . (Name)CANNOT ask you to sign or have you sign any deed or any other document."
The contract required by this section survives delivery ofany instrument of conveyance of the residence in foreclosure, and has no effecton persons other than the parties to the contract.
§ 5-80-3 Contract terms. – (a) Every contract required by § 5-80-2 must contain the entire agreementof the parties and must include the following terms:
(1) The name, business address, and the telephone number ofthe foreclosure purchaser;
(2) The address of the residence in foreclosure;
(3) The total consideration to be given by the foreclosurepurchaser in connection with or incident to the sale;
(4) A complete description of the terms of payment or otherconsideration including, but not limited to, any services of any nature thatthe foreclosure purchaser represents he or she will perform for the foreclosedhomeowner before or after the sale;
(5) The time at which possession is to be transferred to theforeclosure purchaser;
(6) A complete description of the terms of any relatedagreement designed to allow the foreclosed homeowner to remain in the home,such as a rental agreement, repurchase agreement, contract for deed, or leasewith option to buy;
(7) A notice of cancellation as provided in § 5-80-5(b);and
(8) The following notice in at least fourteen (14) pointboldface type, if the contract is printed or in capital letters if the contractis typed, and completed with the name of the foreclosure purchaser, immediatelyabove the statement required by § 5-80-5(a):
"NOTICE REQUIRED BY RHODE ISLAND LAW
Until your right to cancel this contract has ended,. . . . . . . . . . (Name)or anyone working for. . . . . . . . . . . (Name)CANNOT ask you to sign or have you sign any deed or any other document."
The contract required by this section survives delivery ofany instrument of conveyance of the residence in foreclosure, and has no effecton persons other than the parties to the contract.
§ 5-80-3 Contract terms. – (a) Every contract required by § 5-80-2 must contain the entire agreementof the parties and must include the following terms:
(1) The name, business address, and the telephone number ofthe foreclosure purchaser;
(2) The address of the residence in foreclosure;
(3) The total consideration to be given by the foreclosurepurchaser in connection with or incident to the sale;
(4) A complete description of the terms of payment or otherconsideration including, but not limited to, any services of any nature thatthe foreclosure purchaser represents he or she will perform for the foreclosedhomeowner before or after the sale;
(5) The time at which possession is to be transferred to theforeclosure purchaser;
(6) A complete description of the terms of any relatedagreement designed to allow the foreclosed homeowner to remain in the home,such as a rental agreement, repurchase agreement, contract for deed, or leasewith option to buy;
(7) A notice of cancellation as provided in § 5-80-5(b);and
(8) The following notice in at least fourteen (14) pointboldface type, if the contract is printed or in capital letters if the contractis typed, and completed with the name of the foreclosure purchaser, immediatelyabove the statement required by § 5-80-5(a):
"NOTICE REQUIRED BY RHODE ISLAND LAW
Until your right to cancel this contract has ended,. . . . . . . . . . (Name)or anyone working for. . . . . . . . . . . (Name)CANNOT ask you to sign or have you sign any deed or any other document."
The contract required by this section survives delivery ofany instrument of conveyance of the residence in foreclosure, and has no effecton persons other than the parties to the contract.
