The Dates That Will Make or Break Your Rhode Island Home Purchase

Offer accepted? Great. But this isn’t the victory lap—it’s the beginning of a long list of deadlines that, if missed, can cost you leverage, money, or even the house.

Now the clock starts ticking. And if you don’t understand what is on that clock, when it starts, and what happens if you miss a deadline, you can lose leverage—or worse—your deposit.

This isn’t meant to scare you. It’s meant to give you clarity so you can make smart decisions and move through the transaction with confidence instead of panic-refreshing your email at midnight. As always, I'll be with you every step of the way but I've found that my clients who take the time to get prepared--and that's understanding things like dates and deadlines--are able to go through this process with more clarity and less stress.

I want to break down the major contract deadlines in Rhode Island for you.

When the Clock Actually Starts (Spoiler: Not When You Think)

In Rhode Island, “Day 1” does not mean the date you signed the offer.

Day 1 begins the day after the final party signs the contract.
This matters because every contingency period—inspection, mortgage, deposit deadlines—uses that calculation.

The contract states: The day after the Date of this Agreement is the first day.

This means if the seller signs on a Wednesday, Day 1 is Thursday.
If the seller signs late on a Friday night? Day 1 is Saturday.

The takeaway: Never assume the clock starts when you signed. Confirm with me before planning anything around deadlines.

Escrow Deposits (Bring Your Checkbook… Literally)

Rhode Island buyers often structure deposits in one or two parts:

• Initial deposit within 24–48 hours of the fully executed contract

• Additional deposit (often due after inspections or at a later negotiated date)

Both are time-sensitive, and the deadline is tied to the execution date, not when you submitted the offer.

The contract says: Initial deposit shall be paid and delivered to the Escrow Agent… within ____ hours of the Date of this Agreement.

Why buyers get tripped up:

• Many people don’t have physical checks anymore

• Banks close early

• If the deadline falls on a weekend, we still need a plan

• Wire transfers aren’t instant and need confirmation (fraud risk is real)

• Proof of delivery is required 

What to do before making an offer:

• Confirm how you’ll deliver funds (personal check, bank check, wire)

• Know your bank’s turnaround time

• If you need a cashier’s check and it’s a Saturday, we have a problem

• Discuss deposit structure with me before offering aggressive terms (hi!)

This isn’t just logistics—it’s strategy. A strong deposit builds seller confidence. A late deposit erodes trust or creates default risk.

Closing Date (It’s a Goal, Not a Guarantee)

Everyone loves to circle a closing date on the calendar like it’s your moving-in birthday. Reality is messier.

Your closing date is the agreed-upon target, and we aim for it, but delays happen for reasons ranging from underwriting hiccups to a town clerk's office being short-staffed or the seller's moving truck breaking down in Cranston.

If you:

• must vacate an apartment by a certain day,

• are booking movers across state lines,

• scheduled a POD delivery,

• or gave your landlord notice…

You need backup plans, not assumptions.

We may not know until the day before—or sometimes the morning of—whether the closing is truly happening. The deed has to record, not just sign.

Have a secondary plan for:

• temporary storage

• short-term housing

• flexible movers

• keys and possession timing

Talk through this with me long before we reach closing week.

Mortgage Contingency (If You’re Financing, This Protects You… If You Manage It Correctly)

Cash buyers waive this by default.

If you're getting financing, the mortgage contingency is your protection. It says:

• You apply for the loan promptly

• A lender must issue a written commitment by a specific date

• If the loan is denied by that date (and you notified the seller properly), you can withdraw and keep your deposit

The contract states:

“This Agreement is subject to Buyer obtaining a written commitment… on or before [Mortgage Contingency Deadline].”

And: “If Buyer… has not received a written commitment by the… Deadline, Buyer shall request… to extend the time… If Seller does not extend… Buyer shall have the right to the Deposits.”

Here’s where people get blindsided:

• Shopping for rates across multiple lenders slows paperwork and may impact your ability to meet the deadline(s)

• Underwriting always requires more documentation than you think

• Appraisal delays can push past the contingency date

• Sellers do not have to grant extensions

If we need more time, we must formally request an extension BEFORE the deadline expires.

If the date passes without a denial or extension, you're effectively waiving the contingency. That means if financing falls apart later, your deposit can be at risk.

Before offering:

• Tell me if you're rate-shopping

• Ask your lender how fast they can appraise and underwrite

• Make sure timelines in the offer match reality, not optimism

Inspection Period (10 Days, Not Including Weekends or Federal Holidays)

Rhode Island’s standard inspection period is 10 days, excluding weekends and federal holidays—which shortens quickly in competitive offer situations.

This period covers:

• scheduling andy and all inspections

• receiving/reviewing reports

• requesting repairs or credits

• negotiating terms

• making a final decision to move forward or walk away

Once the window closes, you lose the right to renegotiate based on inspection findings.

Huge mistake buyers make:
Waiting until they're under contract to start Googling inspectors and reading Yelp reviews.

If you want to interview multiple inspectors, that needs to happen before we even write an offer.

If you trust my vetted list, great—I've narrowed it down to the top few in the state. If not, start researching now.

In a bidding war, tightening this window may be part of the strategy. We do not shorten it unless you're confident you can actually meet it.

Additional Review Periods

Depending on property type, more clocks are running.

Condos

You get a review period for:

• resale certificate

• budget and reserves

• rules, regulations, insurance coverage

If you're not comfortable with the condo docs, you may have a window to withdraw.

Multi-Family Properties

You'll need time to review:

• tenant leases

• rent rolls

• security deposits

• certificates of conformance / lead compliance

• municipal rental registry obligations

Investors often overlook this and then panic after closing when they inherit lease terms they didn't bother to read.

How I Help You Navigate This Without Losing Your Mind

Real estate contracts are full of moving parts, deadlines, and legal commitments that can impact your financing, your timeline, and your deposit. My job is to make sure you understand what you’re signing, track the deadlines that matter, and stay ahead of issues before they become problems.

That looks like:

• walking you through the contract in plain language

• managing a shared timeline with reminders for key deadlines

• coordinating with lenders, attorneys, inspectors, and the seller

• documenting every change or agreement in writing

• making sure dates we write are realistic based on your situation

The goal is simple: you stay informed, protected, and confident from offer to closing.

Final Thoughts

The contract isn’t just a formality—it’s a roadmap with legally binding deadlines that protect your money and your leverage. If you don’t track those dates, you’re flying blind.

And deals rarely fall apart because of one dramatic issue. More often, it’s because:

• a deadline was missed

• communication lagged

• assumptions replaced clarity

• timelines weren’t realistic for the lender or the buyer

A smooth closing doesn’t happen by chance. It happens when we plan ahead, communicate early, and manage the details with intention.

This process works best when we build a strategy from the start—not when we’re troubleshooting under pressure. My role is to lead you through each step so you’re informed, prepared, and protected from day one.