News

Enacted on June 13, 2025, a new law  (054) prohibits the use and recording of service agreements that would be unfair to existing or future owners of residential property with 1 – 4 dwelling units that is used mainly for “personal, family or household purposes.”  The law, prohibits agreements for the maintenance of, purchase, or sale of residential real estate that can’t be completed within a year, with some exemptions. 

Senate Bill No. 626 (Chapter 100) went into effect upon passage on June 23, 2025 and requires the towns and cities to incorporate into maps all public rights of ways, that have been designated by the Coastal Resources Management Council to reach tidal areas, including shoreline and beach access.

Real estate licensees have been defrauded of more than $15 million and are a growing target for criminals, according to Mark Edgren, a Network Intrusion Forensic Analyst with the Secret Service, who recently gave a presentation for the National Association of REALTORS®. These cryptocurrency scammers use psychological tactics and are prepared to wait months for a payoff. Once the funds are taken, the scammers transfer around the world using blockchain and other types of cryptocurrency...

WARWICK, R.I. – June 18, 2025 – Rhode Island’s May single-family home median price of $512,750 eclipsed the $460,000 price of May 2024 and was $47,750 more than that seen at the beginning of this year. The median sales price of multifamily homes also reached a new high at $590,000, marking the first time that the price in both sectors topped $500,000. At $390,000, condominium sales saw an 11.5% year-over-year gain.

Starting on January 30, 2025, a new law went into effect to prohibit anyone but a licensed electrician from opening electrical panels and performing certain tests. 

Although the interpretation of the law was relaxed somewhat in a February 19, 2025 memo from the Board of Examiners for Electricians, the Board still interprets the law to prohibit home inspectors from opening and inspecting electrical panels.

Could you be sued or criminally prosecuted for fraudulently listing a property without the authorization of the actual owner?

Failure to take basic steps to confirm a seller’s identity can result in losses of hundreds of thousands of dollars for buyers who close on these fraudulent listings;  a title nightmare for the true owners; and the risk of costly lawsuits and even criminal prosecution for listing brokers who fail to perform due diligence before taking a listing.

WARWICK, R.I. – May 22, 2025 – Rhode Island’s housing shortage is showing some signs of improvement according to data released today by the Rhode Island Association of Realtors. The number of single-family homes listed for sale in April grew 28.6% year-over-year, the largest increase in the past six months.

Warwick, R.I. – May 6, 2025 –In the first quarter of the year, the number of single-family home sales in Rhode Island fell 3.2% year over year, despite a four-month upward trend that began in October 2024 and ran through January of this year. According to statistics from the Rhode Island Association of Realtors, the median sales price climbed to $465,000 from $440,000, a 5.7% increase.

Warwick, R.I. – April 23, 2025 – The Rhode Island Association of Realtors released sales data today showing a drop in home sales of 4% from March 2024 to 2025. Homes under contract in March, an indication of closed sales in the following months, also decreased 3.5%.

The Rhode Island Association of REALTORS® has approved the following two forms, which are now available from the forms vendors:

NEW ▪Release of Residential Lease –    Use this new form to resolve financial and other logistics when a landlord and tenant agree to terminate a lease early.  

▪Additional Parties Addendum -   Use this form when you need more space to include extra signatures on a contract, addendum, or disclosure.   It now includes signatures for landlords and tenants.