Warwick

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Attorneys usually conduct closings, but banks and title companies may also conduct them. Conveyance is by warranty or quitclaim deed. Mortgages are the usual security instruments. Foreclosures follow the power-of-sale provisions contained in mortgage agreements and take about 45 days. Power-of-sale foreclosures offer no redemption provisions, whereas any other foreclosure method carries a 3-year right of redemption. Rhode Islanders use ALTA policies and endorsements. Buyers pay title insurance premiums and closing costs; sellers pay documentary taxes. Property taxes are payable annually, semi-annually, or quarterly with the first payment due in July.

Annually, semi-annually, or quarterly with the first payment due in July.

YES. Key components of property management (leasing, renting and managing) are considered real estate activities under existing Rhode Island real estate licensing laws. If a property manager is going to lease, list, manage or rent real estate, or if he or she holds herself out as engaging in those activities he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, property owners and their regular employees who acts of property management are performed in the regular course of, or as an incident to the management of the property. For more information about these and other Rhode Island property management requirements and exceptions, please contact the Rhode Island Department of Business Regulation. Before hiring a property manager to manage your Rhode Island rental property, you should always check that he or she is licensed appropriately. You can check the license status of Rhode Island property managers by referring to the state's licensee lookup.

There is no requirement that a community association manager or condo association manager in Rhode Island hold a real estate broker's license.

Rhode Island real estate broker requirements include: - Age: 18 years of age or older - Citizenship/Residency: Legal resident of the U.S. - Experience: provide evidence of two years experience as a full time salesperson - Education: provide evidence of 90 hours of pre-licensing courses in subjects related to real estate; evidence of successful completion of 3 hour course in lead based paint/lead hazard mitigation; evidence of successful completion of 3 hour course in New Agency Law - Insurance: provide evidence of errors and omissions insurance - Trustworthiness: must provide criminal history - Exam: pass the broker examination

Rhode Island real estate salesperson licensing requirements include: - Age: 18 years of age or older - Citizenship/Residency: Legal resident of the U.S. - Education: provide evidence of 45 hours of pre-licensing education; evidence of successful completion of 3 hour course in lead based paint/lead hazard mitigation; evidence of successful completion of 3 hour course in New Agency Law - Insurance: provide evidence of errors and omissions insurance - Trustworthiness: must provide criminal history - Exam: pass the salesperson examination