A Great Success for RIABA, First Home Buying Workshop : Rhode Island Association of Buyer Agents: 

http://www.RIBuyerAgents.com
(Lincoln, RI, March 3, 2002)
The Rhode Island Association of Buyer Agents, RIABA, consumer-oriented association held it’s First Free Home Buying Workshop titled, “Unlock the Hidden Real Estate Secrets All Home Buyers Need to Know,” at the Weaver Library in East Providence on March 2, 2002 . 

The reason why RIABA decided to do these free home buying workshops this year is that they found that many first time home buyers don’t understand the real estate game and buyers need to know they have choices. Some of the Secrets discussed by the speakers John, Kathleen & Mark Corbett were how buyers have to be Informed Consumers and by attending this workshop and upcoming workshops they leave empowered with new knowledge. 

One of the secrets John Corbett talked about was how the only way for the buyers to be represented in Rhode Island is with a written contract, otherwise that agent represents the seller, even if that agent is not the listing agent. 

According to:
“§ 5-20.6-2 Agency status. – (a) In the practice of real estate brokerage, real estate agents are considered to be the agent of the seller of real estate unless there is an agreement in writing to the contrary between the buyer (s) and agent, and the agreement is disclosed to all parties.”

"You want an agreement that actually states what a buyer agent is going to do for you. If all you signed is a RI Agency form stating that the agent is a buyer agent, that is not enough, RI Agency form is not a contract. A Buyer Agreement should have 
Time Frame: How long you are going to employ that agent to represent you in purchasing a home. Compensation: How is the agent going to get compensated. Will it be Percentage, hourly or flat fee. Duties: What is the agent is going to do for you."

According to Kathleen, first time home buyers make this mistake, “Buyers are calling on signs and going to open houses, in so doing they talk to an agent that does not work for them. There still exists in the real estate industry a nasty problem called “Procuring Cause.” If you decide before you put in an offer on the property you have seen with that agent, and you want someone on your side, that agent could take your buyer agent fee off them. That agent would state that you initiated contact with him/her and that he/she was the cause for you finding the house and not having to pay your buyer agent. The best thing to do is to Hire Your Agent First before looking at houses, or if you have to look at a house be upfront with that agent and tell them that you are there only to look at the house and you will be hiring a buyer agent, Ask the listing agent if this would be a problem to view the property. If they say yes, don’ t look at the house until you get a buyer agent.” 

Mark Corbett informed them, “Don‘t wait for the agent to give the agency form, Ask for the agency form when you meet the real estate agent before revealing anything to that agent ” The Rhode Island Agency Form explains what kind of relationship that real estate agent will have with the buyer & seller: Listing Agent, Buyer Agent, or Dual Agent.

According to:
“RI General Law § 5-20.6-4 Disclosure – Provision to buyer...
...This shall be done as soon as practical, such as prior to qualifying a buyer or showing property by appointment, and in all cases prior to submission of a written offer to purchase.”

Future workshops will be planned at local libraries & businesses around the state, check RIABA site for the next workshop. If you would like one scheduled at your library or business ask your librarian or Human Resource Dept. to give Mark Corbett, RIABA Workshop director at (401)265-6947 a call to schedule one.

RIABA is an organization, founded by John & Kathleen Corbett. RIABA, was created to provide agency education to real estate agents and the public, to promote single agency concepts, to promote exclusive buyer agencies, and to create a referral network for consumers (buyers).

Members are comprised of a network of real estate agents, who demonstrate Professional Buyer Representation in serving Rhode Island Real Estate Buyers and opposes dual agency. 

If you have any questions about,
The Rhode Island Association of Buyer Agents, or buyer's agency feel free to call me or e-mail me. If you are looking to buy a house feel free to fill out our online form, a buyer's agent who specializes in that town will contact you.
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