Updated April 23, 2024
A Rhode Island buyer agency agreement is a contract that is used when an agent is hired to act as a buyer’s representative in seeking to purchase a piece of real estate. The agent will assist the potential buyer in finding properties and negotiating a purchase agreement. In exchange, the buyer will pay the agent a percentage of the purchase price as a commission for their services. If the seller is represented by a different agent, the two (2) agents will usually split the commission.
Disclosures
Agency Disclosure Form – Real estate agents are required to present this disclosure form to all prospective clients, who must sign the document before any confidential information is shared.[1]
Disclosed Dual Agency – An agent may only represent both buyer and seller in a real estate transaction if they have the written consent of both parties.[2]