Get a summary of 2026 forms changes
Legal Forms Changes Coming in 2026 |
Compared to the past two years, changes to IAR's Legal Forms Library for 2026 are fairly minor – but you’ll still want to familiarize yourself with revisions to the Purchase Agreement (Improved Property) (Form #02), Buyer’s Inspection Response – Conditional Acceptance (Form #05A-D) and Addendum to Purchase Agreement First Right Contingency (Form #24). (Where applicable, changes to the Purchase Agreement also appear in Form #34 (Unimproved Property).)
Two new forms will also be available in 2026: The Leased Property Addendum to the Purchase Agreement (Form # 74) and a Buyer’s Notice of Termination (Form #75).
Click below for all of the new and revised language and background; keep in mind that line numbers referenced in these slides are based on 2025 forms – 2026 editions are being formatted and finalized, so new line numbers are not yet known. 2026 forms will be available to members on January 2nd, 2026.
|
As a reminder, IAR Legal Forms are copyrighted contracts for the exclusive use of Indiana REALTOR® members. Statewide forms provide members with consistency and confidence that transactions are proceeding according to all applicable statutory and professional requirements. But the Forms Library doesn't just make it easier to do business, it also protects your business: Because IAR develops these forms, the association also accepts liability for their content, reducing member risk.
|
Keep scrolling for a point-by-point summary of the changes detailed in the overview presentation.
But first, check out this update from Senior Staff Counsel Kelly Shonborn; Kelly highlights key forms changes and other year-end notes from the legal team (including a reminder for Managing Brokers to review and make any necessary changes to agents authorized to call the IAR Legal Hotline on behalf of their brokerages before the New Year).
|
|
|
2026 Legal Forms Revisions and Additions - Summary: |
PURCHASE AGREEMENT (IMPROVED PROPERTY) (Form #02) |
NOTE: The changes described below are also made to the Purchase Agreement (Unimproved Property)(Form #34), if applicable.
|
-
Additional language prompting the use of other forms to address/negotiate the timing and circumstances around buyer possession of property (if not at closing).
- Language clarifying that the Seller is responsible for maintaining the property from acceptance to closing.
- Language providing more detail and direction on the Buyer Building Use Limitation.
-
Adds ‘USDA’ as another type of federally-backed financing that may require an inspection (and therefore not be eligible for a Buyer Inspection Waiver).
- Finally, current Paragraph J (Lines 143-148 in the 2025 edition) is moved to a new form – Leased Property Addendum to Purchase Agreement (Form #74 – see below) for simplicity.
|
BUYER’S INSPECTION RESPONSE – CONDITIONAL ACCEPTANCE (Form #05A-D) |
-
Adds language clarifying that additional inspection response time exercised by the Buyer begins at the end of the initial inspection period.
|
ADDENDUM TO PURCHASE AGREEMENT FIRST RIGHT CONTINGENCY (Form #24) |
- Revised language clarifies which Purchase Agreement is being addressed with regard to a First Right Contingency (Property #1); also adds the Limited Purchase Contingency to be addressed in the same paragraph.
- Language is also added allowing the parties to negotiate whether the Buyer may accept a contingency offer on their property (Property #2).
|
Two new forms are also being added in 2026:
|
LEASED PROPERTY ADDENDUM TO PURCHASE AGREEMENT (Form # 74) |
- To be used in conjunction with a Purchase Agreement when the property being purchased is subject to a Lease Agreement (language moved from within the Purchase Agreement).
|
BUYER’S NOTICE OF TERMINATION (Form # 75) |
-
To be used by Buyer in situations identified within specific forms when Buyer may terminate the Purchase Agreement without a Mutual Release.
|
|
|
| KIM WARD
2025 IAR President
|
|
|
See what's happening on social media. Like. Follow. Engage.
|
|
|
Indiana Association of REALTORS®
143 W Market St, STE 100, Indianapolis, IN 46204
|
|
|
Manage your preferences | Opt Out using TrueRemove™
Got this as a forward? Sign up to receive our future emails.
View this email online.
|
143 W Market St, Ste 100 | Indianapolis, IN 46204 US
|
| |
This email was sent to .
To continue receiving our emails, add us to your address book.
| |
|
|
|
