What Happens After Your Offer Is Accepted in Rhode Island?

Ever wondered what really happens after your offer is accepted on a home in Rhode Island?

For many buyers, that “Congratulations!” moment is followed by an even bigger question — what’s next? While getting an offer accepted is a huge milestone, it’s really just the beginning of the closing process. From inspections and appraisals to title work and final walkthroughs, there’s still a lot to do before you can call that house your home.

If you’re buying a home in Rhode Island, whether in Warwick, Cranston, East Greenwich, Coventry, North Kingstown, or Providence, understanding these next steps will help you navigate the process with confidence — especially when guided by Nick Slocum or one of The Slocum Home Team’s top agents.

Step 1: The Purchase & Sales Agreement (P&S)

Once your offer is accepted, both parties sign a Purchase & Sales Agreement (P&S) — a legally binding contract that outlines the details of the sale, such as:

• Purchase price and deposit amounts

• Closing date and contingencies

• Any repairs, credits, or inclusions agreed upon

In Rhode Island, the P&S typically replaces the initial offer after both sides have agreed to terms. It’s essential to review this document carefully with your Rhode Island REALTOR® to ensure all contingencies (like financing, inspections, or appraisal) are clearly outlined.

Your agent — like those with the Slocum Home Team — will help you interpret each section of the contract so you understand your rights and obligations.

Step 2: Home Inspections — Protecting Your Investment

After signing the P&S, you’ll move into the inspection period, which in Rhode Island is generally 10 business days unless otherwise stated in the agreement.

This is your opportunity to bring in licensed inspectors to evaluate the property for:

• Structural integrity

• Electrical and plumbing systems

• Roof and foundation condition

• Potential environmental issues (like radon or lead paint)

If issues arise, your agent can help you negotiate repairs or credits before moving forward. According to the Rhode Island Statewide MLS, buyers in 2024 requested repairs or concessions in nearly 40% of transactions, underscoring how vital this stage can be.

Step 3: The Appraisal — Confirming Market Value

If you’re financing the purchase, your lender will order an appraisal to ensure the property’s value supports the agreed-upon purchase price.

Appraisers in Rhode Island consider factors such as:

• Recent comparable sales (or “comps”)

• Property condition

• Neighborhood trends and amenities

If the home appraises at or above the offer price, you’re good to move forward. If it comes in low, your REALTOR® will help you explore your options, such as renegotiating the purchase price or contributing additional funds.

With today’s competitive Rhode Island real estate market, a well-prepared agent can make the difference between keeping your deal together and losing the home you love.

Step 4: The Mortgage Process — Securing Your Financing

While inspections and appraisals are happening, your lender finalizes your loan. You’ll submit updated documents like pay stubs, W-2s, and bank statements for underwriting approval.

According to the National Association of REALTORS® 2024 Profile of Home Buyers and Sellers, roughly 91% of first-time buyers nationwide financed their purchase, with an average down payment of 9% — the highest since 1997.

If you’re not already pre-approved, your Slocum agent can connect you with trusted local Rhode Island mortgage partners who understand the nuances of lending in Central and Southern Rhode Island.

Step 5: Title Search and Attorney Review

Rhode Island is an attorney state, meaning a licensed real estate attorney must handle the closing. During this stage, your attorney:

• Conducts a title search to confirm legal ownership

• Identifies liens, unpaid taxes, or encumbrances

• Prepares the final closing documents and settlement statement

Your agent and attorney will communicate closely to ensure there are no last-minute surprises. Once the title is clear, your lender issues the clear to close — the official green light to proceed to closing.

Step 6: The Final Walkthrough

Typically held within 24 hours of closing, the final walkthrough lets you confirm that the property’s condition hasn’t changed since the inspection and that any agreed-upon repairs are complete.

Your REALTOR® will walk through the home with you, verifying that:

• All systems are operational (heat, A/C, water, etc.)

• Appliances included in the sale are present

• The home is clean and move-in ready

This is the last opportunity to raise concerns before signing the closing documents.

Step 7: Closing Day — Getting the Keys!

Closing day is when ownership officially transfers. You’ll meet with your attorney (and possibly your lender and REALTOR®) to sign all the required documents.

You’ll need:

• A valid photo ID

• Certified funds or a wire transfer for your down payment and closing costs

• Proof of homeowners insurance

Once everything is signed and funds are transferred, the deed is recorded with the City or Town Clerk’s Office, and the home is officially yours!

And yes — this is when your agent hands you the keys and celebrates with you! 🎉

Step 8: After Closing — Welcome Home to Rhode Island

Congratulations! You’re now a Rhode Island homeowner. But your relationship with your agent shouldn’t end here. The Slocum Home Team stays in touch with clients long after the closing table — offering referrals for trusted contractors, maintenance tips, and real estate market updates for your community.

As lifelong Rhode Islanders, Nick Slocum and his team understand that buying a home is more than a transaction — it’s about building roots in places like Warwick, Cranston, and North Kingstown, and making informed decisions that will serve your family for years to come.

Common Questions After Offer Acceptance

1. Can I back out after my offer is accepted?
Yes — in most cases, if your contingencies (inspection, financing, or appraisal) aren’t met, you can withdraw without losing your deposit. Always consult your REALTOR® and attorney before taking this step.

2. How long does it take to close on a home in Rhode Island?
Typically between 30–45 days, though cash deals may close faster.

3. What are typical closing costs in Rhode Island?
Closing costs generally range between 2%–5% of the purchase price, including attorney fees, lender fees, and recording costs.

4. Do I need to attend the closing in person?
Most closings are in person, but virtual or hybrid closings are becoming more common. Your attorney will guide you through available options.

Partner With the Experts Who Know Rhode Island Best

Whether you’re buying your first home or your fifth, the time after your offer is accepted can be both exciting and overwhelming. Having the right Rhode Island real estate agent by your side — someone who knows local regulations, market conditions, and negotiation strategies — makes all the difference.

When you work with Nick Slocum or one of The Slocum Home Team’s top agents, you’re choosing a team that’s been helping Rhode Islanders find and close on homes since 1949.

If you’re ready to buy a home in Warwick, East Greenwich, Cranston, Coventry, North Kingstown, or anywhere in Rhode Island, we’re here to help you move confidently through every step — from offer acceptance to move-in day.

Ready to make your next move?

Contact the Slocum Home Team powered by eXp Realty today to start your home-buying journey with Rhode Island’s most trusted experts.