Iowa Code 558A.6 – Liability under the chapter
Current as of: 2023 | Check for updates
|
Other versions
A person who violates this chapter shall be liable to a transferee for the amount of actual damages suffered by the transferee, but subject to the following limitations:
1. The transferor, or a broker or salesperson, shall not be liable under this chapter for the error, inaccuracy, or omission in information required in a disclosure statement, unless that person has actual knowledge of the inaccuracy, or fails to exercise ordinary care in obtaining the information.
Terms Used In Iowa Code 558A.6
- Broker: means a real estate broker licensed pursuant to chapter 543B. See Iowa Code 558A.1
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- 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
- Salesperson: means a salesperson licensed pursuant to chapter 543B. 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 person submitting a report or opinion within the scope of the person’s practice, profession, or expertise, as provided in section 558A.4, for purposes of satisfying the disclosure statement, shall not be liable under this chapter for any matter other than a matter within the person’s practice, profession, or expertise, and which is required by the disclosure statement, unless the person failed to use care ordinary in the person’s profession, practice, or area of expertise in preparing the information.