The Rhode Island Association of REALTORS® Executive Committee has approved changes to the RIAR Referral Agreement and the Post Inspection Agreement, which was previously called the Repair Addendum.  These changes will be made available to all authorized forms vendors on October 15, 2021.  Keep in mind that some vendors post changes within a week or two while others take a month or longer.

• Referral Agreement

Section 5.  Compensation:  Checkboxes have been added to make it clearer whether compensation will be based on a dollar amount and/or a percentage of the

□ Listing Side □ Cooperating Side □ Both Sides

• Post Inspection Agreement [formerly Repair Addendum]
  • Changed the name of the Repair Addendum to Post Inspection Agreement since it can be used for more than just repairs.
  • Added more space for buyer’s and seller’s initials.
  • Added language that allows a buyer to state that he or she is satisfied with the inspections.
  • Clarifies that a buyer may not conduct additional inspections, make additional requests for repairs, or terminate the Purchase and Sales Agreement based on the Inspections Contingency once the Post Inspection Agreement is signed.   The buyer would still have the right to inspect any repairs conducted by the seller.

For more information, please contact the RIAR Legal Department at 401-432-6945 or email [email protected]