News

New and Recently Revised RIAR and MLS Forms

Watch Instanet or your online forms provider for the following new or recently revised forms:

RIAR Referral Agreement (New and Coming Soon) – This new form can be used to refer or receive referrals for rentals and/or sales from other real estate brokers. The Agreement includes space for an expiration date and compensation, and requires the confirmation that the broker who makes the referral can legally accept a referral fee in his or her state. [link]

RIAR Inspections Contingency (Revised and Coming Soon) – The RIAR Inspections Contingency has been updated to make it clearer that buyer is entitled to a refund of his/her deposit if the buyer is not satisfied with inspection results. [link]

▪MLS Showing and Compensation Agreement (NEW) – This new form can be used when showing a For Sale By Owner (FSBO) property to a buyer. The seller agrees to pay a fee to the broker even if that buyer purchases the property – even if the seller later lists with another company.

The form requires the seller to include a sales price. The form also makes it clear that the broker does not represent the seller or buyer unless the Mandatory Real Estate Relationship form says otherwise.

▪MLS Exclusive Right of Brokerage Listing Agreement (NEW): This new listing agreement was created in response to numerous requests from members. This listing agreement can be used when the seller wishes to keep the right to market the property. Both the seller and listing broker can post “for sale” signs, advertise, and promote the property on-line at the same time.

This agreement is different from the Exclusive Right to Sell Listing Agreement in two sections:

Section 3: The seller cannot market the price at a different price than the listing broker.

Section 7: The seller will not owe a commission if (1) the seller procures the buyer; (2) the listing broker has had no direct contact with the buyer; and (3) no other real estate licensee is involved in the transaction as a cooperating broker or listing broker. Also, the seller must notify the listing broker in writing of the date and time of the seller’s first contact with the buyer. [link]

Questions? Please contact the RIAR Legal Department at 401-432-6945 or MLS at 401-432-6929.