R.I. Gen. Laws § 5-80-1
This is the official text of R.I. Gen. Laws § 5-80-1, part of Rhode Island’s Gen. Laws — part of the compiled statutory law of Rhode Island, published by the state as "Gen. Laws." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 5-80-1. Definitions.
Official statutory text
As used for §§ 5-80-1 5-80-9:
(a) Foreclosed homeowner means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure.
(b) Foreclosure conveyance means a transaction involving:
(1) The transfer of title to real property by a foreclosed homeowner during a foreclosure proceeding, either by transfer of interest from the foreclosed homeowner or by creation of a mortgage or other lien or encumbrance during the foreclosure process that allows the acquirer to obtain title to the property by redeeming the property as a junior lienholder; and
(2) The subsequent conveyance, or promise of a subsequent conveyance, of an interest back to the foreclosed homeowner by the acquirer or a person acting in participation with the acquirer that allows the foreclosed homeowner to possess the real property following the completion of the foreclosure proceeding, which interest includes but is not limited to, an interest in a contract for deed, purchase agreement, option to purchase, or lease.
(c) Foreclosure purchaser means a person who has acted as the acquirer in more than four (4) foreclosure reconveyances during any twenty-four-month (24) period. Foreclosure purchaser also includes a person who has acted in joint venture or joint enterprise with one or more acquirers in more than four (4) foreclosure reconveyances during any twenty-four-month (24) period. A federal or state chartered bank, savings bank, thrift, or credit union is not a foreclosure purchaser.
(d) Resale means a bona fide market sale of the property subject to the foreclosure reconveyance by the foreclosure purchaser to an unaffiliated third-party.
(e) Resale price means the gross sale price of the property on resale.
(a) Foreclosed homeowner means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure.
(b) Foreclosure conveyance means a transaction involving:
(1) The transfer of title to real property by a foreclosed homeowner during a foreclosure proceeding, either by transfer of interest from the foreclosed homeowner or by creation of a mortgage or other lien or encumbrance during the foreclosure process that allows the acquirer to obtain title to the property by redeeming the property as a junior lienholder; and
(2) The subsequent conveyance, or promise of a subsequent conveyance, of an interest back to the foreclosed homeowner by the acquirer or a person acting in participation with the acquirer that allows the foreclosed homeowner to possess the real property following the completion of the foreclosure proceeding, which interest includes but is not limited to, an interest in a contract for deed, purchase agreement, option to purchase, or lease.
(c) Foreclosure purchaser means a person who has acted as the acquirer in more than four (4) foreclosure reconveyances during any twenty-four-month (24) period. Foreclosure purchaser also includes a person who has acted in joint venture or joint enterprise with one or more acquirers in more than four (4) foreclosure reconveyances during any twenty-four-month (24) period. A federal or state chartered bank, savings bank, thrift, or credit union is not a foreclosure purchaser.
(d) Resale means a bona fide market sale of the property subject to the foreclosure reconveyance by the foreclosure purchaser to an unaffiliated third-party.
(e) Resale price means the gross sale price of the property on resale.
Status: in_force · Read it on the official government site
Need a lawyer in Rhode Island?
Find a Rhode Island lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.