Terms Used In Iowa Code > Chapter 558A - Real Estate Disclosures

• Agent: means an individual designated by a transferee to accept delivery of a disclosure statement from a transferor. See Iowa Code 558A.1
• 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.
• 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
• 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.
• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Offer: means an inducement, solicitation, or attempt to encourage a person to acquire a membership camping contract. See Iowa Code 557B.1
• operator: means any person other than one who is tax exempt under section 501(c)(3) of the Internal Revenue Code, as defined in section 422. 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• 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
• 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
• 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
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Iowa Code 4.1