A blog for a real estate company in South Kingstown, Rhode Island

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October 29, 2014

Other than technology, what other industry changes as frequently as the real estate?

While many consumers are not aware of these new changes, the real concern is that there a lot of agents out there that also do not know either!  It is frightening that the Department of Business Regulation, Multiple Listing Service, National Association of Realtors and many more legislative bodies are not, or are unable to, police these changes. 

Buying or selling a home is usually one of the biggest transactions a family will make in its lifetime. You trust that person handling the sale or purchase of your asset to know all of the rules and regulations. As a consumer, you usually won’t know if things are being done incorrectly until there is a problem.  Usually a big problem.  A problem that can cost a lot of time and money with attorneys.  I am seeing more “problems” than ever. 

Here are just a few of the issues the public should be aware of when selling or buying real estate:

• Who represents you and what is their job?  State Law R.I.G.L. 5-20.6 defines exactly how your realtor represents you or how they do NOT represent you. 

• What is the difference from a Sales Agent and a Broker?  Who is responsible for what?

• What documents are required by state law that must be provided to buyers prior to making an offer on real estate?

• What are the state requirements for Lead in ALL transfers of property including land?

• What are state laws specific to selling a home with a cesspool and septic systems pursuant to R.I.G.L.Chapter 23-19.15?

• Do you have to disclose if there is a convicted felon in your neighborhood if you know about it?

• Do you have to disclose any and all homeowners insurance claims?

• The closing documentation (HUDor Settlement Statement) is changing August of 2015.  Do you know why?

This is just a few topics that your realtor needs to know in representing you.  Choose a realtor that respects the law and is working FOR you. 

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