Iowa Code 542B.35 – Exception — real property inspection report
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1. “Real property inspection report” means a report stating whether, after visual examination, a parcel of real property which is being collateralized is materially impaired.
Terms Used In Iowa Code 542B.35
- engineering: means "professional engineer" or "professional engineering". See Iowa Code 542B.2
- 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
- Land surveyor: means a person who engages in the practice of professional land surveying. See Iowa Code 542B.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Professional engineer: means a person, who, by reason of the person's knowledge of mathematics, the physical sciences, and the principles of engineering, acquired by professional education or practical experience, is qualified to engage in the practice of engineering. See Iowa Code 542B.2
- 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.
2. A real property inspection report is not a property survey or an engineering document and is exempt from the provisions of this chapter and the rules adopted under this chapter which apply to property surveys. A real property inspection report shall not be filed or recorded with the county recorder. The real property inspection report shall include all of the following:
a. A clear and prominent statement of disclosure to the buyer that the real property inspection report is not a property survey or an engineering document and should not be relied upon as such, and that property boundaries shown may be approximate only.
b. A clear and prominent statement that the report is for the use of the mortgage lender or its assigns and determination of the actual placement of boundary lines should be addressed by a property survey in accordance with the provisions of this chapter.
3. A person who completes the real property inspection report shall not claim to be a licensed professional land surveyor or a licensed professional engineer for purposes of the report.