Are you using the most current forms? Check out this list of RIAR and MLS forms that were created or updated in 2022.
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; 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. Replace “Repair Addendum” with “Post Inspection,” in the 2nd paragraph. [Clerical change]
Hubbard - Sale of Buyer’s Property Addendum – Address instances where a buyer is selling their out-of-state property 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, language required changing 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 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.
For more information, please contact the RIAR Legal Department at 401-432-6945 or email monica@rirealtors.org.