Backup Addendum to Purchase and Sales Agreement – This form is used when a seller, who has signed a purchase and sales agreement with a buyer, wants to have a back up buyer in case the first transaction falls through. The Forms Committee streamlined Section 1(b) of the form to eliminate some of the legalese.

Residential Lease - The RIAR Forms Committee has updated the Residential Lease to bring it into compliance with recent legal changes. Here are some key changes:

• The lease and other rental forms will be transferred from State-Wide MLS to RIAR.
• Section 8. DEPOSITS AND PREPAID RENT:  Mentions landlord’s legal right to collect both a regular security deposit and furniture deposit if the rental is furnished and the replacement value of the furnishings is $5,000 or more.
• Section 13 OCCUPANTS AND GUESTS:  Changes birth “dates” to birth “years” for occupants to reduce the potential for identity theft. Limits the number of days that a guest can visit.
• Section 14. ASSIGNMENT AND SUBLETTING:  Clarifies that a tenant cannot rent or sublet property as a short-term rental without the landlord’s permission.
• Section 27. LANDLORD’S DUTIES: Reminds a landlord of Rhode Island laws that requires the landlord to provide a copy of the declaration page from an insurance carrier to the tenant; a non-resident landlord to designate an agent; and to comply with municipal registration requirements.
• Section 35. LANDLORD’S REMEDIES: If a tenant breaches the lease, the landlord will be entitled to a prorated share of the commission that the landlord paid to place the tenant. If the landlord or tenant files suit against the other, the winner will be entitled to attorney’s fees and court costs to be paid by the losing party.
• Section 36. SPECIAL PROVISIONS: Adds a new section with special legal requirements for tenants who are 62 or older, 65 or older, service members, and tenants renting a foreclosure property.
• Section 22. TENANT’S MAINTENANCE DUTIES: Requires a tenant to replace light bulbs and notify the landlord if smoke/carbon monoxide detectors are not working.
• Section 39 RECEIPT AND ACKNOWLEDGEMENT OF FORMS:  Adds space for a tenant to acknowledge receipt of the condominium association and other rules and regulations, if applicable.

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