Iowa Code 558A.2 – Procedures
Current as of: 2023 | Check for updates
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1. A person interested in transferring real property, or a broker or salesperson acting on behalf of the person, shall deliver a written disclosure statement to a person interested in being transferred the real property. The disclosure statement must be delivered prior to either the transferor making a written offer for the transfer of the real property, or accepting a written offer for the transfer of the real property.
Terms Used In Iowa Code 558A.2
- Agent: means an individual designated by a transferee to accept delivery of a disclosure statement from a transferor. See Iowa Code 558A.1
- Broker: means a real estate broker licensed pursuant to chapter 543B. See Iowa Code 558A.1
- Commission: means the real estate commission created pursuant to section 543B. See Iowa Code 558A.1
- 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
- Offer: means an inducement, solicitation, or attempt to encourage a person to acquire a membership camping contract. See Iowa Code 557B.1
- 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
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Salesperson: means a salesperson licensed pursuant to chapter 543B. See Iowa Code 558A.1
- 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. See Iowa Code 558A.1
- 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 section 558. See Iowa Code 558A.1
- 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 section 558. See Iowa Code 558A.1
2. The disclosure statement shall be made by personal delivery, certified or registered mail, or electronic delivery to the transferee or to the transferee’s agent. If delivery is electronic, acknowledgment of receipt shall be provided pursuant to rules adopted by the commission. The delivery may be made to the spouse of the transferee, unless otherwise provided by the parties. If the disclosure statement is not timely delivered, the transferee may withdraw the offer or revoke the acceptance without liability, within three days following personal delivery of the statement or five days following electronic delivery or delivery by mail.
3. The disclosure statement may be filed with the county recorder with instruments affecting the transfer of real estate. However, the failure to file the statement shall not cause a defect in the title to the property.