The Rhode Island Association of REALTORS® has approved changes to the RIAR Exclusive Buyer Representation Agreement to make it consistent with legal changes to working as a designated client representative for a buyer. The revised agreement will be sent to forms vendors during the week of April 2, 2024. Please keep in mind that some vendors take longer than others to update.
Here is a summary of key changes:
Section 1 Parties: adds space for principal broker’s license number to help ensure that only people who are licensed in Rhode Island are representing buyers.
Section 9 Compensation:
- Removes the reference to MLS.
- Adds a disclaimer that Compensation is not set by law and is fully negotiable.
-Eliminates “not less than” so that the buyer and buyer’s representative will agree to a specific amount or rate of compensation. Compensation can no longer be open-ended, such as “whatever the listing broker offers.”
-Removes “is” and “is not” boxes to make it clear that buyer is responsible for compensating the cooperating broker.
-Clarifies that the protection period applies until a buyer enters into a valid contract with another broker.
-Adds space for Additional Compensation. This section could be used for a different type of structure for compensation.
Section 12 Notices: – adds a new section to include the contact information for the buyer and buyer representative.
For more information, please contact the RIAR Legal Department at 401-432-6945 or email [email protected] .
