On August 14, 2024, State-Wide Multiple Listing Service, Inc. will remove compensation fields and rules from MLS to comply with the proposed NAR antitrust settlement agreement. To help members comply with the settlement agreement, the Rhode Island Association of REALTORS® has added a new Professional Services Fee section to the purchase and sales agreements.  View a complete list of revised and new forms here.

RIAR Purchase and Sales Agreements include a new Professional Services Fee section, which will make it easier for a buyer to ask a seller to contribute towards compensation of the cooperating broker as part of negotiations.  Since these changes are new for lenders too, make sure to discuss compensation with the buyer’s lender before submitting a purchase and sales agreement.  A closing attorney reported that he has had closings delayed because no one mentioned until the last minute that a buyer or seller planned to compensate a cooperating broker.

If the buyer does not need to ask a seller to contribute, enter 0 in Section (a). 

All of the forms were sent to forms vendors during the last week of June.   The vendors update at different times, so please be patient.  One vendor, dotloop, has already updated the purchase and sales agreements and some of the other forms.

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