Estates in Real Property

SECTION 34-4-26

§ 34-4-26. Expiration of recorded rights affecting real estate.

(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.

(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.)