The Forms Committee created a number of new forms and revised some existing forms to make them more useful to REALTORS® in 2022. Check out the new and updated forms below to make sure you're on top of the latest changes:
NEW FORMS:
NEW FORMS:
- Multi-Unit Real Estate Sales Disclosure – created a new disclosure for properties with 2 - 4 dwelling units for sellers to use with a new Multi-Unit Addendum - replaces the Real Estate Sales Disclosure.
- Multi-Unit Addendum – created an addendum that can be used to address key differences in each unit of a property with 2 – 4 dwelling units, such as the heating system, equipment, appliances, and deficient conditions.
- Single Family or Condominium or Land Real Estate Sales Disclosure – created a new disclosure to replace the Real Estate Sales Disclosure.
- Addendum to Rhode Island Mandatory Real Estate Relationship Disclosure for Real Estate Teams – worked with the Department of Business Regulation and Real Estate Commission the create a disclosure to help teams comply with team regulations that went into effect in 2022. Teams can use this form to list all members of a team and their relationship to a customer or client; and then attach this form to the Mandatory Real Estate Relationship Disclosure.
- Blank Addendum– created a form that can be customized and used with listing agreement, buyer representation agreement, purchase and sales agreement, lease, and other contracts.
- Solar Addendum – created a form to use when a property with a solar system is transferred. Addresses issues, including whether the solar system is owned, leased, or financed and the documentation needed to transfer the system to a buyer.
- Commercial Letter of Intent – created a non-binding offer form to start a commercial transaction.
CHANGES TO EXISTING FORMS:
- Buyer’s Request for Repairs form – merged with Repair Addendum to create Post Inspection Agreement
- Post Inspection Agreement – removed the second sentence from the Seller’s Notice to Buyer section of the form. Replaced “Repair Addendum” with “Post Inspection,” in the 2nd paragraph. [Clerical change]
- Hubbard - Sale of Buyer’s Property Addendum – Addressed instances where a buyer is selling their out-of-state property in a state where offers are considered binding contracts. The language changed from “executed purchase and sales agreement” to “executed contract to purchase.” [Clerical change]
- Hubbard – Notice to Buyer to Waive Sale of Buyer’s Property Addendum – with change to Sale of Buyer’s Property Addendum, the language required changed in Section 1 (c), from “executed purchase and sales agreement” to “executed contract to purchase.” [Clerical change]
- Disclosure of Personal Interest or Family Relationship – removed all references to tenants and landlords after the Department of Business Regulation agreed that its licensing regulations do not require written disclosure of conflicts of interest in rental transactions.
- RI Mandatory Real Estate Relationship Disclosure Form - worked with the Rhode Island Department of Business Regulation and Real Estate Commission to add references to teams to comply with the new DBR team regulations.
- Exclusive Buyer Representation Agreement – added language about buyer’s love letters and expanded the list of protected classes according to Rhode Island fair housing laws.
- Exclusive Right to Sell Listing Agreement – added language about buyer’s love letters and expanded the list of protected classes according to Rhode Island fair housing laws.
- Escalation Addendum - amended the form to include space for the amount of financing for which the buyer plans to apply. Simplified the language in paragraphs 1 and 2.
- Combined Notice of Termination of Purchase and Sales Agreement and Release of Purchase and Sales Agreement and Escrowed Funds – replaced the individual Notice of Termination and Release forms with a combined forms that print together.
- Commercial Lease Worksheet – updated the Commercial Lease Worksheet which can be used by real estate licensees to help their clients negotiate a commercial rental.
