The RIAR Executive Committee on January 11th the Rhode Island Association of REALTORS® Executive Committee approved revisions to a number of forms including the Sales Disclosure for Multi-Unit Properties and Buyer’s Request for Repairs form. The revised forms will be sent to the forms vendors in early February.  Keep in mind that some vendors update more quickly than others, so the forms may be available at different times.

 

RIAR has merged much of the Buyer’s Request for Repairs and/or Modifications Pursuant to Inspections Contingency with the original Repair Addendum to create the Post Inspection Agreement. The Buyer’s Request for Repairs will be removed from the RIAR Forms Platforms. In addition to the concerns about duplication, the Buyer’s Request for Repairs uses an “all or nothing” approach to repairs and there has been confusion about the deadline for the seller’s response.

 

Disclosures for Multi-Units Rhode Island law requires a seller of vacant land or land with 1 –4 dwelling units to disclose deficient conditions about the property and other information to a buyer on a real estate sales disclosure form. The Rhode Island Association of REALTORS®has created two new forms that will make it easier for a seller of multi-family with 2, 3, or 4 units to disclose known deficient conditions and information about each unit to a potential buyer. The forms are a Multi-Unit Real Estate Sales Disclosure and a Multi-Unit Addendum to the Multi-Unit Real Estate Sales Disclosure. [Click here to watch a 2 –3 minute video.]

 

The Multi-Unit Real Estate Sales Disclosure is a condensed version of the regular sales disclosure. The Multi-Unit Disclosure includes basic information about the property. Questions about heat, electricity, water, appliances, rent, security deposits, and other features that may differ from unit to unit have been transferred to the Multi-Unit Addendum. The disclosure will prompt the seller which questions to answer on the Multi-Unit Addendum. The numbering on the Multi-Unit Addendum corresponds to the numbering of the Multi-Unit Sales Disclosure. Instead of having to complete a separate sales disclosure for each unit, a seller can complete one Multi-Unit Sales Disclosure, then complete a separate short Multi-UnitAddendum for each unit. 

 

The sales disclosure that you’re used to using will be called the Single-Family/Condominium Sales Disclosure.

 

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