2014 Commercial Forms Changes
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2014 Commercial Forms Changes

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2014 Commercial Forms Changes

2014 Commercial Forms Changes

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2014 Commercial Forms Changes 2014 Commercial Forms Changes Presentation Transcript

  • 2013 Residential Forms Changes 2014 IAR Commercial Forms Changes
  • 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
  • 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
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes Line 149-160 Rationale: So the parties can decide which party will pay for each item.
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes Line 159 Rationale: To include other agreed-to provisions elsewhere in the Agreement.
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes Line 159 Rationale: To be in accordance with the Good Funds law.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes Exclusive Right To Lease, Form #F04LSE Line 234 Rationale: Added to clarify the commission agreement.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes New Legal Form: F48 Exclusive Tenant Representation
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes New Legal Form: F49 Exclusive Tenant Representation (With Tenant Payment)
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes New Legal Form: F50 Purchase Agreement CommercialIndustrial Real Estate (Land Only)
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes New Legal Form: F51 Registration and Commission Agreement
  • 2014 Residential Forms Changes 2013 Commercial Forms Changes New Legal Form: F52A-D Amendment to Listing Contract CommercialIndustrial Real Estate
  • 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