2014 Commercial Forms Changes

1. 2013 Residential Forms Changes
2014 IAR Commercial
Forms Changes

2. 2014 Residential Forms Changes
2013 Commercial Forms Changes
The following 2014 Legal Forms were revised:
Purchase Agreement
Listing Contract
- Exclusive Right To Sell, Form #F04SELL
- Exclusive Right To Lease, Form #F04LSE
- Exclusive Right To Sell or Lease, Form #F04

3. 2014 Residential Forms Changes
2013 Commercial 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

4. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 23-24
Rationale:
Clearly spells out when Buyer must submit earnest money. Gives the
Seller a clear remedy for Buyer’s failure to submit earnest money.

5. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 23-24
Rationale:
Added to incorporate the Earnest Money release procedure found in
Indiana license law and made consistent with IAR residential forms.

6. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 29
Rationale:
Moved “Additional Provisions” section to paragraph R and renamed it
“Further Conditions.” Better location and made consistent with IAR
residential forms.

7. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 43
Rationale:
To clarify that all conditions must be met – not just those previously
labeled due diligence.

8. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 80
Rationale:
Deleted “Due Diligence” and replaced with “Inspection Period” to
include other contingencies as well.

9. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 149-160
Rationale:
So the parties can decide which party will pay for each item.

10. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 159
Rationale:
To include other agreed-to provisions elsewhere in the Agreement.

11. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Line 159
Rationale:
To be in accordance with the Good Funds law.

12. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
Line 15
Rationale:
Changed “midnight” to “11:59 p.m.” so there will be no
misunderstanding of which day.

13. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
Line 49-50
Rationale:
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.

14. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell, Form #F04SELL
Line 188
Rationale:
Added NAR Code of Ethics details to include this new protection
against discrimination.

15. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
Line 15
Rationale:
Changed “midnight” to “11:59 p.m.” so there will be no
misunderstanding of which day.

16. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
Line 28
Rationale:
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.

17. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
Line 44-45
Rationale:
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.

18. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
Line 187
Rationale:
Added NAR Code of Ethics details to include this new protection
against discrimination.

19. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Lease, Form #F04LSE
Line 234
Rationale:
Added to clarify the commission agreement.

20. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
Line 15
Rationale:
Changed “midnight” to “11:59 p.m.” so there will be no
misunderstanding of which day.

21. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
Line 33-38
Rationale:
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.

22. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
Line 58-59
Rationale:
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.

23. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
Line 221
Rationale:
Added NAR Code of Ethics details to include this new protection
against discrimination.

24. 2014 Residential Forms Changes
2013 Commercial Forms Changes
Exclusive Right To Sell or Lease, Form #F04
Line 15
Rationale:
Added to clarify the commission agreement.

25. 2014 Residential Forms Changes
2013 Commercial Forms Changes
New Legal Form: F48
Exclusive Tenant
Representation

26. 2014 Residential Forms Changes
2013 Commercial Forms Changes
New Legal Form: F49
Exclusive Tenant
Representation
(With Tenant
Payment)

27. 2014 Residential Forms Changes
2013 Commercial Forms Changes
New Legal Form: F50
Purchase Agreement
CommercialIndustrial Real Estate
(Land Only)

28. 2014 Residential Forms Changes
2013 Commercial Forms Changes
New Legal Form: F51
Registration and
Commission
Agreement

29. 2014 Residential Forms Changes
2013 Commercial Forms Changes
New Legal Form: F52A-D
Amendment to
Listing Contract
CommercialIndustrial Real Estate

30. 2014 Residential Forms Changes
2013 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.
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.
IAR
Legal
Hotline:
1.800.444.5472
toll
free
Indiana
1.317.913.3254
local
1.317.842.8494
fax
legalhotline@indianarealtors.com