Starting on January 30, 2025, a new law will prohibit anyone but a licensed electrician from opening electrical panels; and performing other inspections that home inspectors have been required to perform, such as inserting a receptable tester into a wall plug.
Warwick, R.I. – November 21, 2024 – The Rhode Island Association of Realtors recently released October sales statistics that show the median price of Rhode Island’s single-family home sales continued to climb year-over-year, rising 11.5% to $485,000. The number of closed transactions also saw an annual gain of 5.4%. Pending contracts rose seven percent, an indication that year-over-year sales activity will likely continue to grow through year-end.
Many landlords may need to address lead hazards identified during their inspection when complying with Rhode Island's rental registry, before they can pass an inspection and get a lead certificate. Property owners should know that this work is regulated by the RI Department of Health (RIDOH) and may need to be done by a licensed lead professional. Property owners can learn more about fixing lead hazards and what work they can do themselves on the RIDOH website, as well as what to eviction steps to take if a tenant is not paying rent while the property is not yet through the compliance procedure.
Warwick, R.I. – November 4, 2024 – Sales data released by the Rhode Island Association of Realtors indicates a jump in year-over-year single-family home sales in the third-quarter, compared to falling sales in the first two quarters of the year. The number of closed sales rose 8.5% compared to July through September of last year.
Rental properties that are rented for 30 nights or fewer at a time on a hosting platform, which includes real estate brokerage sites, must be registered with the Rhode Island Department of Business Regulation (DBR). A new law S2410Aaa.pdf (rilegislature.gov) will require the changes to the registration to take effect on January 30, 2025.
Starting on January 1, 2025, a new law will make it easier for tenants to understand the full cost of a rental. Rhode Island Public Laws 308 and 309, which are identical, will require a landlord to disclose all fees to a tenant as part of a written rental agreement or a separate disclosure if there is no written rental agreement. The fees must be mentioned in the same section as rent.
On October 17, 2024, the Rhode Island Association of REALTORS® sent updates that incorporate these changes to the forms vendors. Keep in mind that different forms vendors post updates at different times.
Warwick, R.I. – October 17, 2024 – The median price of single-family homes sold in September climbed 6.6% year-over-year, continuing a trend in Rhode Island that began in February 2017. The Rhode Island Association of Realtors reported sales statistics today showing that last month’s median sale price of $485,000 was $30,000 higher than September 2023.
Do you plan to base your listing or cooperating compensation on a net sales price? Make sure to explain clearly how the net will be calculated in your agreement, whether you’re negotiating a listing agreement, buyer contract or purchase and sales agreement. Failure to do so can result in disagreements about what expenses will be deducted from the gross sales price. Conflicting interpretations can delay the closing until all parties agree.
Warwick, R.I. – September 20, 2024 – The median price of single-family homes sold last month in Rhode Island rose 9% year-over-year to $490,563 according to a report released today by the Rhode Island Association of Realtors. Sales activity also increased from August 2023, rising 10.7%.
Are you working with a buyer who plans to use a property for rentals? The buyer should be aware of state and local registration requirements that apply. Here is a comparison of three state registries.