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2014 Commercial Forms Changes
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2013 Residential Forms Changes
2014 IAR Commercial Forms Changes
2013 Residential Forms Changes
The following 2014 Legal Forms were revised:
2014 Commercial Forms Changes
Purchase Agreement
Listing Contract - Exclusive Right To Sell, Form #F04SELL - Exclusive Right To Lease, Form #F04LSE - Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
The following 2014 Legal Forms are new: Exclusive Tenant Representation
Exclusive Tenant Representation (With Tenant Payment)
Purchase Agreement Commercial – Industrial Real Estate (Land Only)
Registration and Commission Agreement
Amendment to Listing Contract Commercial-Industrial Real Estate
2014 Commercial Forms Changes
2013 Residential Forms Changes
Clearly spells out when Buyer must submit earnest money. Gives the Seller a clear remedy for Buyer’s failure to submit earnest money.
Line 23-24
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
Added to incorporate the Earnest Money release procedure found in Indiana license law and made consistent with IAR residential forms.
Line 23-24
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
Moved “Additional Provisions” section to paragraph R and renamed it “Further Conditions.” Better location and made consistent with IAR residential forms.
Line 29
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
To clarify that all conditions must be met – not just those previously labeled due diligence.
Line 43
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
Deleted “Due Diligence” and replaced with “Inspection Period” to include other contingencies as well.
Line 80
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
So the parties can decide which party will pay for each item.
Line 149-160
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
To include other agreed-to provisions elsewhere in the Agreement.
Line 159
Rationale:
2014 Commercial Forms Changes
2013 Residential Forms Changes
Line 159
Rationale:
2014 Commercial Forms Changes
To be in accordance with the Good Funds law.
2013 Residential Forms Changes
Line 15
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
Changed “midnight” to “11:59 p.m.” so there will be no misunderstanding of which day.
2013 Residential Forms Changes
Line 49-50
Changed “negotiations” to “communications” to protect commission for broker who worked with a client but may not have gone as far as contract negotiations. Added verbiage to include entity as a Buyer — not just individuals.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
2013 Residential Forms Changes
Line 188
Added NAR Code of Ethics details to include this new protection against discrimination.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
2013 Residential Forms Changes
Line 15
Changed “midnight” to “11:59 p.m.” so there will be no misunderstanding of which day.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
2013 Residential Forms Changes
Line 28
To protect broker commission in case tenant relocates or expands in the same building. Added “(See last page)” to refer to an example of the commission agreement.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
2013 Residential Forms Changes
Line 44-45
Changed “negotiations” to “communications” to protect commission for broker who worked with a client but may not have gone as far as contract negotiations. Added verbiage to include entity as a buyer – not just individuals.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
2013 Residential Forms Changes
Line 187
Added NAR Code of Ethics details to include this new protection against discrimination.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
2013 Residential Forms Changes
Line 234
Added to clarify the commission agreement.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
2013 Residential Forms Changes
Line 15
Changed “midnight” to “11:59 p.m.” so there will be no misunderstanding of which day.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
Line 33-38
Added verbiage to protect broker commission in case tenant relocates or expands in the same building. Added “(See last page)” to refer to an example of the commission agreement.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
Line 58-59
Changed “negotiations” to “communications” to protect commission for broker who worked with a client but may not have gone as far as contract negotiations. Added verbiage to include entity as a buyer – not just individuals.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
Line 221
Added NAR Code of Ethics details to include this new protection against discrimination.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
Line 15
Added to clarify the commission agreement.
Rationale:
2014 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
2013 Residential Forms Changes
New Legal Form: F48
Exclusive Tenant Representation
2014 Commercial Forms Changes
2013 Residential Forms Changes
New Legal Form: F49
Exclusive Tenant Representation (With Tenant Payment)
2014 Commercial Forms Changes
2013 Residential Forms Changes
New Legal Form: F50
Purchase Agreement Commercial-Industrial Real Estate (Land Only)
2014 Commercial Forms Changes
2013 Residential Forms Changes
New Legal Form: F51
Registration and Commission Agreement
2014 Commercial Forms Changes
2013 Residential Forms Changes
New Legal Form: F52A-D
Amendment to Listing Contract Commercial-Industrial Real Estate
2014 Commercial Forms Changes
2013 Residential Forms Changes
Ques%ons on these changes may be directed to the IAR Legal Hotline. The IAR Legal Hotline is available to principal and managing broker members, and their designated agents, statewide.
1.800.444.5472 toll free Indiana 1.317.913.3254 local 1.317.842.8494 fax legalhotline@indianarealtors.com
IAR Legal Hotline:
2014 Commercial Forms Changes
Special thanks must be extended to the IAR Commercial Forms CommiBee. This volunteer group provides the most current updates to these forms. These changes and new forms will be available to members in January, 2014.
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