On June 25th, 2024, Governor McKee approved a new law that regulates the types of fees that a landlord can charge a tenant. Rhode Island Public Laws 308 and 309, which are identical, take effect January 1, 2025. Learn about the key requirements of the new law.
On August 14, 2024, State-Wide Multiple Listing Service, Inc. will remove compensation fields and rules from MLS to comply with the proposed NAR antitrust settlement agreement. To help members comply with the settlement agreement, the Rhode Island Association of REALTORS® has added a new Professional Services Fee section to the purchase and sales agreements.
Warwick, R.I. – June 21, 2024 -- Today, the Rhode Island Association of Realtors reported that the median price of residential property sales in Rhode Island soared to new heights in May, with multifamily home sales leading the pack. Multifamily homes with up to four units saw a 23.9% increase from the median price of $440,000 realized just 12 months earlier. The median price of multifamily homes has increased 78.7% in the past four years, hitting a new record of $545,000 last month.
As of June 17, 2024, a new law (S2647) requires condominium bylaws and rules to be recorded in the municipal land evidence records in every town or city in which any portion of the condominium is located.
In late June, 2023, a new law gave members of the public the right to access private beaches up to ten feet above the “recognizable high tide line.” In 2024, legislation was filed to require sellers to notify buyers of the public’s shoreline access rights to make sure that new owners are aware of the law and do not interfere with these rights.
On June 17, 2024, Governor McKee signed H7376A and it went into effect immediately.
Warwick, R.I. – May 28, 2024 – (Updated June 13, 2024) --A controversial bill will be voted on by the R.I. House Corporations Committee on Wednesday which would create more costs to homebuyers and delay closings, adding to the state’s housing woes, cautioned the Rhode Island Association of Realtors.
A real estate licensee represents a buyer and seller as a dual facilitator in the same real estate transaction. Before the closing, that licensee helps the buyer negotiate a contract to re-sell the property to another buyer. Immediately after the closing, the same buyer – now the new owner - re-sells the property for more than 50% more than he/she paid for the property with the assistance of the same licensee. Did the licensee act ethically and legally?
Warwick, R.I. – May 17, 2024 – Rhode Island’s spring housing market started off with increased activity last month. The Rhode Island Association of Realtors reported that year-over-year sales of single-family homes rose by 6.3% from the previous April, marking just the second time since the beginning of 2022 that monthly sales have outpaced those of 12 months earlier.
Can a closing attorney, who does not represent a seller, charge that seller fees, including, but not limited to, disbursement fees, discharge tracking fees, wire fees, and courier fees, as part of a real estate closing?
No, according to an April 11, 2024, decision of the Rhode Island Supreme Court Ethics Advisory Panel, which determined that these violated the Rules of Professional Conduct. Rule 1.5 requires fees to be either “a reasonable amount to which the client has agreed in advance” or “the cost incurred by the lawyer.”
The Rhode Island Association of REALTORS® Forms Committee has been working to update and create forms to help members comply with changes to compensation to cooperating brokers, including the recent changes to the Exclusive Buyer Representation Agreement. Now that the settlement agreement was preliminarily approved by the court in late April, 2024, it is critical that RIAR forms, MLS forms and any other compensation-related forms that your brokerage chooses to use meet all of the terms of the settlement by the time that the compensation changes take effect in mid-August.
Learn about some of the forms that the Forms Committee is reviewing.