Iowa Code 558A.1 – Definitions
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Terms Used In Iowa Code 558A.1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
- deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
558A.1 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “”Agent”” means an individual designated by a transferee to accept delivery of a disclosure statement from a transferor.
2. “”Broker”” means a real estate broker licensed pursuant to chapter 543B.
3. “”Commission”” means the real estate commission created pursuant to § 543B.8.
4. “”Salesperson”” means a salesperson licensed pursuant to chapter 543B.
5. “”Transfer”” means the transfer or conveyance by sale, exchange, real estate contract, or any other method by which real estate and improvements are purchased, if the property includes at least one but not more than four dwelling units. However, a transfer does not include any of the following:
a. A transfer made pursuant to a court order, including but not limited to a transfer under chapter 633 or 633A, the execution of a judgment, the foreclosure of a real estate mortgage pursuant to chapter 654, the forfeiture of a real estate contract under chapter 656, a transfer by a trustee in bankruptcy, a transfer by eminent domain, or a transfer resulting from a decree for specific performance.
b. A transfer to a mortgagee by a mortgagor or successor in interest who is in default, a transfer by a mortgagee who has acquired real property as a result of a deed in lieu of foreclosure or has acquired real property under chapter 654 or 655A, or a transfer back to a mortgagor exercising a right of first refusal pursuant to § 654.16A.
c. A transfer by a fiduciary in the course of the administration of a decedent‘s estate, guardianship, conservatorship, or trust. This exemption shall not apply to a transfer of real estate in which the fiduciary is a living natural person and was an occupant in possession of the real estate at any time within the twelve consecutive months immediately preceding the date of transfer.
d. A transfer between joint tenants or tenants in common.
e. A transfer made to a spouse, or to a person within the third degree of consanguinity or affinity of a person making the transfer.
f. A transfer between spouses resulting from a decree of dissolution of marriage, a decree of legal separation, or a property settlement agreement which is incidental to the decree, including a decree ordered pursuant to chapter 598.
g. A transfer to or from the state, a political subdivision of the state, another state, or the
United States.
h. A transfer by quitclaim deed.
i. A transfer by a power of attorney.
6. “”Transferee”” means a person who is acquiring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in § 558.1.
7. “”Transferor”” means a person who is transferring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in § 558.1.
93 Acts, ch 30, §3; 2006 Acts, ch 1030, §70; 2006 Acts, ch 1055, §5; 2010 Acts, ch 1120, §7;
2017 Acts, ch 71, §14, 15; 2020 Acts, ch 1046, §1, 2
2020 amendment to subsection 5, paragraph c applies to the transfer of real estate as part of the administration of a decedent’s estate,
guardianship, conservatorship, or trust on or after July 1, 2020; 2020 Acts, ch 1046, §2
As used in this chapter, unless the context otherwise requires:
1. “”Agent”” means an individual designated by a transferee to accept delivery of a disclosure statement from a transferor.
2. “”Broker”” means a real estate broker licensed pursuant to chapter 543B.
3. “”Commission”” means the real estate commission created pursuant to § 543B.8.
4. “”Salesperson”” means a salesperson licensed pursuant to chapter 543B.
5. “”Transfer”” means the transfer or conveyance by sale, exchange, real estate contract, or any other method by which real estate and improvements are purchased, if the property includes at least one but not more than four dwelling units. However, a transfer does not include any of the following:
a. A transfer made pursuant to a court order, including but not limited to a transfer under chapter 633 or 633A, the execution of a judgment, the foreclosure of a real estate mortgage pursuant to chapter 654, the forfeiture of a real estate contract under chapter 656, a transfer by a trustee in bankruptcy, a transfer by eminent domain, or a transfer resulting from a decree for specific performance.
b. A transfer to a mortgagee by a mortgagor or successor in interest who is in default, a transfer by a mortgagee who has acquired real property as a result of a deed in lieu of foreclosure or has acquired real property under chapter 654 or 655A, or a transfer back to a mortgagor exercising a right of first refusal pursuant to § 654.16A.
c. A transfer by a fiduciary in the course of the administration of a decedent‘s estate, guardianship, conservatorship, or trust. This exemption shall not apply to a transfer of real estate in which the fiduciary is a living natural person and was an occupant in possession of the real estate at any time within the twelve consecutive months immediately preceding the date of transfer.
d. A transfer between joint tenants or tenants in common.
e. A transfer made to a spouse, or to a person within the third degree of consanguinity or affinity of a person making the transfer.
f. A transfer between spouses resulting from a decree of dissolution of marriage, a decree of legal separation, or a property settlement agreement which is incidental to the decree, including a decree ordered pursuant to chapter 598.
g. A transfer to or from the state, a political subdivision of the state, another state, or the
United States.
h. A transfer by quitclaim deed.
i. A transfer by a power of attorney.
6. “”Transferee”” means a person who is acquiring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in § 558.1.
7. “”Transferor”” means a person who is transferring real property as provided in an instrument containing the power to transfer real estate, including an instrument described in § 558.1.
93 Acts, ch 30, §3; 2006 Acts, ch 1030, §70; 2006 Acts, ch 1055, §5; 2010 Acts, ch 1120, §7;
2017 Acts, ch 71, §14, 15; 2020 Acts, ch 1046, §1, 2
2020 amendment to subsection 5, paragraph c applies to the transfer of real estate as part of the administration of a decedent’s estate,
guardianship, conservatorship, or trust on or after July 1, 2020; 2020 Acts, ch 1046, §2