News

New Law Caps Condo Resale Certificate Fees at $125

A new law —  law21059 (state.ri.us)   law21056 (state.ri.us) —  that prohibits condominium associations from charging a fee or more than $125 for a resale certificate, went into effect on June 18, 2021.

 The legislation was filed by the Rhode Island Association of REALTORS® after receiving complaints from REALTORS® that some condominium associations charged sellers hundreds of dollars to provide a condominium resale certificate prior to the sale of a condominium.  The Rhode Island General Assembly approved the legislation and it went into effect upon passage without the Governor’s signature on June 18, 2021.

If you are listing a condominium, keep this law handy in case the condominium association is not yet aware of it.

 For more information about this new law, contact Monica Staaf, RIAR General Counsel, at 401-432-6945.