2013 Residential Forms Changes 2014 IAR Commercial Forms Changes 2014 Commercial Forms Changes 2013 Residential 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 2014 Commercial Forms Changes 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 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential Forms Changes Line 43 Rationale: To clarify that all conditions must be met – not just those previously labeled due diligence. 2014 Commercial Forms Changes 2013 Residential Forms Changes Line 80 Rationale: Deleted “Due Diligence” and replaced with “Inspection Period” to include other contingencies as well. 2014 Commercial Forms Changes 2013 Residential Forms Changes Line 149-160 Rationale: So the parties can decide which party will pay for each item. 2014 Commercial Forms Changes 2013 Residential Forms Changes Line 159 Rationale: To include other agreed-to provisions elsewhere in the Agreement. 2014 Commercial Forms Changes 2013 Residential Forms Changes Line 159 Rationale: To be in accordance with the Good Funds law. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential Forms Changes Exclusive Right To Sell, Form #F04SELL Line 188 Rationale: Added NAR Code of Ethics details to include this new protection against discrimination. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential Forms Changes Exclusive Right To Lease, Form #F04LSE Line 187 Rationale: Added NAR Code of Ethics details to include this new protection against discrimination. 2014 Commercial Forms Changes 2013 Residential Forms Changes Exclusive Right To Lease, Form #F04LSE Line 234 Rationale: Added to clarify the commission agreement. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential 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. 2014 Commercial Forms Changes 2013 Residential Forms Changes Exclusive Right To Sell or Lease, Form #F04 Line 15 Rationale: Added to clarify the commission agreement. 2014 Commercial Forms Changes 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 CommercialIndustrial 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 CommercialIndustrial Real Estate 2014 Commercial Forms Changes 2013 Residential 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 [email protected]