Iowa Code 562B.17A – Sale of mobile home by landlord
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1. Any sale of a mobile home located in a manufactured home community or mobile home park by a landlord or landlord’s agent shall be by written agreement and the landlord shall, upon the buyer’s fulfillment of all payment and other terms under the agreement, produce and assign the current certificate of title obtained from the department of transportation. The agreement shall state the basic terms of sale, including the total cost of the mobile home, and, in the case of an installment contract, finance charges, annual percentage rate, and the frequency and amount of each installment payment.
Terms Used In Iowa Code 562B.17A
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
2. If such sale does not comply with this section, the court may award monetary or equitable relief, including voiding the sale, and the buyer may recover damages incurred, amounts paid as a rental deposit in excess of two months’ rent, and reasonable attorney fees.
3. A claim under subsection 2 may be combined with an action under chapter 648.