A Rhode Island real estate listing agreement is used when the seller of a residential property wishes to appoint a real estate agent to assist them with the sale of the property. The document lays out how the selected agent will be compensated as well as the approved methods the agent may use to market the property.
The seller will determine the price they seek for the property, and the agent will do their best to secure a suitable buyer before the agreement period expires. If the agent succeeds, they will receive their compensation when the transfer of ownership is complete, and both parties will benefit from this agreement.
- Dual Agency – § 5-20.6-6
- Purchase Agreement – A potential buyer uses this form to submit a bit on a residential property. If the seller agrees and signs the form, the property will change ownership.
A licensee must provide a prospective client with this document which lays out the licensee’s responsibilities, duties, and legal obligations to their client. The client must sign and acknowledge receipt of this document.
Also known as a “dual facilitator,” the agent may represent both the buyer and a seller in a real estate transaction as a neutral facilitator as long as both parties consent to this arrangement.
This statement must be provided to all potential buyers detailing certain conditions of the property, including the condition of insulation, sewage, plumbing systems, and structural issues or other known defects.