Commercial Property Information Sheet Revisions Outlined

A substantial revision to the PAR Commercial Property Information Sheet (Form CPI) is being released on August 1, 2026. It’s the first major revision to the form in over 20 years, so let’s take a moment to review why the form exists, and what it is (and isn’t) used for. 

Is a seller disclosure form required for a commercial transaction? 

It depends on what you’re calling a “commercial” transaction. The Real Estate Seller Disclosure Law requires a seller disclosure form (such as PAR Form SPD) for most transactions involving one to four residential dwelling units. If your transaction has one to four residential dwelling units and it’s not covered by one of the 10 exclusions in the law, then a seller disclosure form is required no matter what you call the transaction. 

Multi-family buildings are the easiest example. If you’re selling a four-unit apartment building as an investment opportunity, even if the buyer and seller think of it as a commercial/investment transaction, the regular residential seller disclosure form still must be used.  

Other types of commercial transactions that don’t involve one to four residential dwelling units don’t require any specific seller disclosures or a disclosure form.  

Wait… if seller disclosure isn’t required for most commercial transactions, what is Form CPI even for? 

Great question. One stated purpose of Form CPI is found at the very top of the form: “Owner is providing information to help Broker market the Property.” In some transactions, this is merely an internal document between the seller and the broker. 

But the form also has buyer initials and signatures, so it could also be used as an informational document from the seller to the buyer as part of the transaction. A seller can offer it spontaneously because they see value to making certain disclosures, a buyer can ask for it as part of negotiations, but in the end, usage of the form is purely voluntary on the part of the seller – it isn’t required by law.  

Should I be using Form CPI in my commercial transactions? 

That’s a decision for you, your broker and your seller. When speaking with commercial practitioners across the state, we found that practices varied considerably. Some practitioners routinely use Form CPI, while others rarely do. Its use also appears to vary by region.  

While Form CPI is not required, there can be real benefits to documenting and sharing important property information with prospective buyers. Providing information early in the transaction can help set expectations, answer common questions and contribute to a smoother closing process. 

What changes are in the 2026 revision? 

Form CPI has received a complete overhaul. The revisions modernize the form and improve its overall usability. Some changes are relatively minor, such as updating terminology and references to current technology, while others involve significant reorganization of sections and questions. The new form creates a more logical flow, making the form easier for both sellers and buyers to complete, review and understand throughout the transaction. 

Whether you are a seasoned commercial practitioner or just beginning to work with commercial transactions, now is a great time to become familiar with the updated Form CPI. Even if commercial real estate isn’t your primary area of practice, understanding the revised form can help you better advise your clients and recognize when it may be a useful tool. 

To learn more about Form CPI and the other commercial forms changes taking effect on August 1, be sure to watch the webinar covering these topics.