Have you ever been burned by a seller or listing broker who refused to honor a verbal compensation agreement? Rhode Island law requires a written contract or other form of writing in order to enforce the promise to pay a real estate compensation to a listing broker or cooperating broker. Use these three RIAR forms to protect yourself.
- Showing and Compensation Agreement – Use this form to negotiate your compensation with the seller of a For Sale By Owner list before you show the property to your buyer client.
- Referral Form – Use this form to negotiate the terms of a referral and how long it will remain in effect.
- Compensation to Cooperating Brokerage – Use this form to negotiate broker-to-broker compensation for non-MLS listings, a change in compensation or to compromise when there’s a procuring cause issue.
Questions? Please contact the RIAR Legal Department at 401-432-6945 or email email@example.com.