(a)  Any recorded contract, deed or other instrument entered into which creates a preemptive right, right to repurchase, or a right of first refusal to purchase real estate, other than housing restrictions as set forth in § 34-39.1-3, and conservation restrictions and preservation restrictions as set forth in § 34-39-3 and § 34-39-4, which by its own terms, does not provide for a specific expiration date, shall expire ten (10) years after the date of execution, or ten (10) years after recording, if no date of execution is contained in the instrument. If these rights are created under a lease, then the rights shall expire on the termination or expiration of the lease.

contract signature

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Terms Used In Rhode Island General Laws 34-4-26

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  Any rights created prior to the passage of this act may be extended for a period of ten (10) years by refiling a Notice of Intention to extend said rights in the Land Evidence Records prior to July 1, 1991.

History of Section.
P.L. 1989, ch. 374, § 1; P.L. 2006, ch. 368, § 1; P.L. 2006, ch. 464, § 1.