Are you considering buying a home in Rhode Island? Do you know what a Buyer Representation Agreement is and why it’s important?

The Rhode Island Buyer Representation Agreement is a critical part of the home-buying process. At The Slocum Home Team, we want to ensure you fully understand this agreement and how it benefits you. Here, we break down the key elements of the agreement and highlight how "The Slocum Difference" gives you added flexibility and peace of mind.

What is the Rhode Island Buyer Representation Agreement?

The Rhode Island Buyer Representation Agreement is a legally binding agreement between you, the buyer, and a REALTOR®. This agreement formalizes the relationship and ensures that your REALTOR® acts as your exclusive representative when helping you purchase, lease, or acquire real property in Rhode Island.

Key Elements of the Agreement

1. Parties Involved

• The agreement is made between the buyer and the brokerage firm, which assigns a Designated Buyer Representative to work exclusively with you.

• It’s important to note that the brokerage firm’s Principal Broker oversees the entire process to ensure compliance with Rhode Island real estate laws.

2. Term of the Agreement

• The agreement specifies a start and end date, which is agreed upon by both parties.

• If you enter into a Purchase & Sales Agreement before the expiration date, the Buyer Representation Agreement automatically extends until the closing date.

3. Duties of Your REALTOR®

• Your REALTOR® is responsible for:

  • Locating and showing properties, including MLS and non-MLS listings.

  • Assisting with negotiations to secure favorable terms.

  • Protecting your confidential information throughout the process.

  • Advising on additional steps like home inspections and financial documentation.

• If additional services are requested, such as help with leasing or new construction, they can be added to the agreement.

4. Buyer’s Responsibilities

• As a buyer, you agree to:

  • Work exclusively with the Designated Buyer Representative for the term of the agreement.

  • Be available for property tours and appointments.

  • Share any leads or property information you discover with your REALTOR®.

  • Allow your REALTOR® to verify financial qualifications for purchasing a property.

• These responsibilities ensure that your REALTOR® has all the necessary information to represent you effectively.

5. Professional Services Fee

• The fee structure is clearly outlined in the agreement and includes:

  • A dollar amount, a percentage of the purchase price, or another specified arrangement.

  • Flexibility to request that the fee is covered by the seller, paid by the buyer, or a combination of both.

• Your REALTOR® cannot receive a fee higher than what is disclosed and agreed upon in the agreement.

• Importantly, The Slocum Home Team does not charge any upfront retainer fees, which gives you peace of mind.

6. Flexibility with “The Slocum Difference”

• At The Slocum Home Team, we’ve included a unique provision in the agreement:

  • "The Slocum Difference" allows you to cancel the agreement at any time before signing a Purchase & Sales Agreement without penalties, fees, or expenses.

  • This ensures that you’re never locked into an arrangement that doesn’t work for you.

7. Dual Facilitation

• If your REALTOR® represents both the buyer and the seller in a transaction, the agreement ensures:

  • Full disclosure and written consent from all parties.

  • Neutrality to avoid conflicts of interest.

  • Confidentiality for both the buyer and seller.

8. Additional Considerations

• Fair Housing Compliance: The agreement emphasizes adherence to federal and state fair housing laws, ensuring that discrimination based on protected classes is prohibited.

• Confidentiality of Offers: Buyers are advised that the terms of their offers may not always be treated as confidential by the seller unless explicitly required.

• Surveillance Awareness: The agreement reminds buyers that some properties may have audio or video surveillance, highlighting the importance of discretion during showings.

Why is the Buyer Representation Agreement Important?

The agreement offers several benefits:

• Transparency: You’ll know exactly what services your REALTOR® will provide and how they’ll be compensated.

• Commitment: The agreement formalizes your relationship, ensuring your REALTOR® is fully committed to helping you achieve your real estate goals.

• Protection: Your REALTOR® will act exclusively in your best interest, protecting your confidentiality and negotiating on your behalf.

Frequently Asked Questions

Q: Do I have to sign a Buyer Representation Agreement before touring homes?
A: Yes. Under the 2024 NAR Settlement, all REALTORS® are required to have a signed agreement with buyers before touring homes.

Q: Can I cancel the agreement if I change my mind?
A: Absolutely. With "The Slocum Difference," you can cancel the agreement at any time before signing a Purchase & Sales Agreement without penalties or fees.

Q: How are professional service fees determined?
A: Fees are fully negotiable and can be structured to be paid by the buyer, the seller, or a combination of both, depending on the terms of the offer.

Q: What happens if I work with multiple REALTORS®?
A: Working with multiple REALTORS® can result in being liable for paying multiple fees, which can complicate your home search. It’s best to work exclusively with one REALTOR® who aligns with your goals.

Before committing, we recommend meeting with a REALTOR® to ensure they’re the right fit. Look for someone with strong reviews from past clients, clear communication, and the expertise to make you feel confident about having a winning team on your side to achieve your goals.

Why Choose The Slocum Home Team?

At The Slocum Home Team, we understand that buying a home is a significant decision. Here’s how we make the process seamless:

• Flexibility: "The Slocum Difference" offers unmatched flexibility, allowing you to work with us without feeling locked into a contract.

• Transparency: We provide clear and detailed information about the services we offer and the associated fees.

• Local Expertise: With decades of experience in the Rhode Island market, we’re here to help you find the perfect home.

Ready to Get Started?

Understanding the Rhode Island Buyer Representation Agreement is the first step in your home-buying journey. Let The Slocum Home Team guide you through this process with transparency, expertise, and a commitment to your success.

Contact us today to learn more about the agreement and start your search for the perfect home in Rhode Island. Call or visit our website to connect with one of our experienced REALTORS®.