2014 IAR Residential Forms Changes
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2014 IAR Residential Forms Changes

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2014 Indiana Association of REALTORS® Residential Forms Changes

2014 Indiana Association of REALTORS® Residential Forms Changes

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2014 IAR Residential Forms Changes 2014 IAR Residential Forms Changes Presentation Transcript

  • 2013 Residential Forms Changes
  • 2014 Residential Forms Changes 2013 Residential Forms Changes The following 2014 Legal Forms were revised: Purchase Agreement Listing Contract The following 2014 Legal Forms are new: Agreement Regarding Personal Property Amendment to Lease Agreement Supplemental Indemnification Agreement
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 167 Rationale: Deleted “immediately.” The relevant deadline is if the buyer complies with the inspection timeline – not when the inspection is ordered.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 193 Rationale: Made bold to emphasize the definition of “Defect.”
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 81 Rationale: Removed “lien” verbiage. No legal right to an automatic lien on the property. Misleading as to Indiana law. A listing agent can still file a claim for commission but they cannot file a lien.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 96 Rationale: Removes “Listing Profile Sheet” because most agents do not use it and, if they do, do not have it completed at time of listing appointment in order for Seller to say they have seen it.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 191 Rationale: Removed “multiple” to make consistent with Code of Ethics.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Line 256 Rationale: Add “DATE” after Broker Signature to include date Broker accepted the listing contract.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes New Legal Form: Supplemental Indemnification Agreement *Not in ZipForms Available under the Legal Library section at www.indianarealtors.com Purpose: To protect members from liability when using a listing agreement other than the IAR approved contract. This language is likely not contained in an REO listing contract.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes New Legal Form: Agreement Regarding Personal Property
  • 2014 Residential Forms Changes 2013 Residential Forms Changes New Legal Form: Amendment To Lease Agreement
  • 2014 Residential Forms Changes 2013 Residential Forms Changes All changes to existing IAR forms and the new forms will be available for member use after January 1, 2014. All copyright dates will be changed to 2014.
  • 2014 Residential Forms Changes 2013 Residential Forms Changes Special  thanks  must  be  extended  to  the  IAR  Forms   CommiBee.    This  volunteer  group  provides  many   hours  of  Eme  each  year  to  provide  the  most   current  updates  to  these  forms.   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