News

Starting on January 1, 2024,  a new state law will prohibit landlords, rental agents, and property managers from charging application fees to rental applications - with two exceptions.   Landlords and their representatives will be able to charge applicants for the actual cost of conducting (1) a credit check or (2) a criminal background check unless the rental applicant has provided a credit report and BCI/police background check dated no more than 90 days before the day of the application.

The Rhode Island Attorney General has made enforcement of lead laws a top priority and filed legislation to strengthen and expand them.  The Rhode Island General Assembly approved a number of new laws.  See a list of those laws and when they go into effect. 

Warwick, R.I. – June 22, 2023 – The median price of single-family homes sold in the Ocean State last month rose to its highest point yet, though year-over-year appreciation diminished. The median price of $427,250 represented just a two percent increase from May 2022. Home sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, also reflected a market with 17.8% fewer sales than a year ago.

When dealing with a home that has solar panels, there are several key points that listing and cooperating licensees should be aware of.

Have you run out of creative ways to describe a listing or write real estate tips on social media? Artificial intelligence can help. Learn more about how to save yourself time and headaches...

State-Wide Multiple Listing Service Rules and Regulations require listing brokers to offer compensation. However, antitrust laws prohibit MLS from requiring listing brokers to offer a specific amount or split of compensation.

If you and your broker would like to be paid a different amount than what has been offered, check out these legal options...

Warwick, R.I. -- May 18, 2023 – Rhode Island Realtors transacted just 524 single-family home sales in April, 30% less than April of 2022. The decline in activity was accompanied by a significant drop in the rate of year-over-year appreciation in the median price. At $425,000, last month’s median price was just 1.2% more than that of April 2022, a sign that prices are stabilizing. 

Following significant urging from the National Association of REALTORS®, the Federal Housing Finance Agency (FHFA) rescinded its proposed loan level pricing adjustment (LLPA) upfront fee on borrowers with debt-to-income ratios greater than 40 percent that was slated to go into effect August 1st. 

Affordability limits continued to hamper Rhode Island home sales in the first quarter. Closed transactions of single-family homes fell 32% from 12 months prior while the Q1 median sales price rose 4% year-over-year to $390,000. 

Did you have an ownership interest in a limited liability company (LLC)?   

If you’re buying or selling real estate through a LLC, a corporation, other business entity or a trust, Rhode Island Commercial Licensing Regulation 230-RICR-30-20-2 requires you to disclose your ownership interest in writing to the buyer or seller on the other side of the transaction. Review these FAQs to ensure you're complying with regulations.