The Rhode Island Association of REALTORS® Executive Committee has approved the following new forms that were created by the Forms Committee.
- Waiver of Inspections and/or Mortgage Contingency Agreement
- Sight Unseen Addendum to Purchase and Sales Agreement
- Sight Unseen Addendum to Residential Lease or Rental Agreement
The forms were sent to the forms vendors in early November 2023. Different vendors update the forms at different times.
- Sight Unseen Addendum to Purchase and Sales Agreement - This form is intended to protect a cooperating broker from liability if a buyer decides to make an offer before touring a property in person.
- Sight Unseen Addendum to Residential Lease or Rental Agreement - This form is intended to protect a cooperating broker from liability if a tenant decides to sign a rental agreement before touring a property in person.
- Waiver of Inspections and/or Mortgage Contingency - When buyers become frustrated at losing bidding wars, they may choose to waive their legal right to conduct a home inspection and/or to waive the mortgage contingency. This can place REALTORS® at risk if buyers later regret their decision and look for someone else to blame. The intent of this form is to help buyers make an informed decision while protecting REALTORS®.