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Iowa 470 3361 - Collaboration between agencies is essential for maximizing beneficial outcomes.
For those involved in the sale of an All-Terrain Vehicle, understanding the necessity of a comprehensive ATV Bill of Sale form can be invaluable. This form not only serves to finalize the transaction but also offers legal protection to both the seller and buyer. To learn more about this crucial document, visit the important Colorado ATV Bill of Sale resource.
Iowa Medicaid Card - The form must be returned to the Provider Services Unit in Des Moines, Iowa.
Similar forms
The Iowa Seller Disclosure form shares similarities with the California Real Estate Transfer Disclosure Statement (TDS). Like the Iowa form, the TDS requires sellers to disclose the condition of the property and any known issues that may affect its value. Both forms are designed to protect buyers by ensuring they have access to important information before finalizing a transaction. In California, the TDS must be provided to the buyer before the seller accepts an offer, mirroring Iowa's requirement for disclosure prior to accepting a written offer. This proactive approach helps to foster transparency in real estate transactions.
Another comparable document is the New York State Property Condition Disclosure Statement. This form also mandates that sellers disclose any known defects or issues with the property. The New York form is similar in that it must be presented to the buyer before a contract is signed. Both documents aim to minimize disputes after the sale by ensuring buyers are fully informed about the property's condition. Additionally, if the seller fails to provide this disclosure in New York, they may be liable for certain damages, paralleling the buyer's rights in Iowa to withdraw an offer if the disclosure is not timely delivered.
In addition to the various seller disclosure forms across different states, those engaged in buying or selling trailers should also consider using a Trailer Bill of Sale form. This legal document not only formalizes the sale and transfer of ownership but also provides essential protection to both parties. For detailed information on how to create and use this form, visit https://billofsaleforvehicles.com/editable-trailer-bill-of-sale/, where you can find resources to guide you through the process.
The Texas Seller's Disclosure Notice is yet another document that resembles the Iowa Seller Disclosure form. In Texas, sellers are required to disclose information regarding the condition of the property, including any known problems with major systems like plumbing and electrical. Similar to Iowa, the Texas notice must be provided to the buyer before the contract is executed. This requirement not only protects buyers but also helps sellers avoid potential legal issues by clearly outlining their obligations regarding property conditions.
In Florida, the Seller’s Property Disclosure Statement serves a similar purpose. This document requires sellers to disclose any known material defects affecting the property. Like Iowa's form, Florida's disclosure must be provided to the buyer before the sale is finalized. This ensures that buyers are aware of any potential issues that could impact their decision to purchase the property. The Florida form emphasizes the importance of transparency and accountability in real estate transactions, aligning with the goals of the Iowa Seller Disclosure form.
Lastly, the Illinois Residential Real Property Disclosure Act mandates a disclosure similar to Iowa's requirements. In Illinois, sellers must provide a written disclosure statement detailing the condition of the property. This document must be delivered to the buyer before the buyer makes an offer, ensuring that buyers are informed about any known issues. The Illinois law also allows buyers to rescind their offer if the disclosure is not provided in a timely manner, echoing the protections offered under Iowa law. Both states prioritize transparency and buyer protection in real estate transactions through these disclosure requirements.
Documents used along the form
The Iowa Seller Disclosure form is a crucial document in real estate transactions, ensuring that buyers receive important information about the condition of a property. Along with this form, several other documents are often utilized to provide a comprehensive understanding of the property being sold. Below is a list of these additional forms and documents, each serving a specific purpose in the transaction process.
- Purchase Agreement: This document outlines the terms and conditions of the sale between the buyer and seller, including the purchase price, closing date, and any contingencies that may apply.
- Lead-Based Paint Disclosure: Required for homes built before 1978, this form informs buyers about potential lead hazards and outlines the seller's responsibilities regarding lead paint disclosure.
- Property Inspection Report: This report is generated by a qualified inspector who evaluates the property for structural and safety issues, providing buyers with a detailed assessment of the property's condition.
- Texas Real Estate Sales Contract: This standardized document used in real estate transactions outlines the terms and conditions agreed upon by the buyer and seller regarding the sale of property. For more information, you can find the form here: Texas Documents.
- Title Report: This document details the legal ownership of the property and any liens or encumbrances that may affect the transfer of ownership, ensuring that the buyer receives clear title.
- Homeowners Association (HOA) Documents: If the property is part of an HOA, these documents provide information about the association's rules, fees, and regulations that the buyer will need to adhere to.
- Closing Disclosure: This form outlines the final terms of the mortgage, including loan costs, monthly payments, and other closing costs, ensuring transparency in the financial aspects of the transaction.
- Amendment to Disclosure Statement: If any information in the original Seller Disclosure changes after it has been provided, an amendment is necessary to keep the buyer informed of the current property condition.
These documents work together with the Iowa Seller Disclosure form to ensure that buyers are well-informed about the property they are considering. Understanding each of these forms can help facilitate a smoother transaction and protect the interests of all parties involved.
Dos and Don'ts
When filling out the Iowa Seller Disclosure form, there are several important things to keep in mind. Here’s a list of what you should and shouldn’t do:
- Do complete the form in full, answering all questions honestly.
- Do disclose any known issues or defects with the property.
- Do keep a copy of the completed disclosure for your records.
- Do provide information in good faith and make reasonable efforts to ascertain the required details.
- Do indicate if an item does not apply to the property (N/A).
- Don’t leave any questions unanswered; this can lead to misunderstandings.
- Don’t withhold information that could materially affect the buyer’s decision.
- Don’t provide false information or misrepresent the condition of the property.
- Don’t forget to attach any necessary reports that support your disclosures.
- Don’t assume that your agent will handle the disclosure for you; it’s your responsibility.
Document Preview Example
CHESTER J. CULVER |
IOWA DEPARTMENT OF COMMERCE |
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GOVERNOR |
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PROFESSIONAL LICENSING & REGULATION |
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PATTY JUDGE |
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LT. GOVERNOR |
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Seller Property Condition Disclosure |
Effective July 1, 1994, Iowa law requires SELLERS of residential real estate property to deliver to the BUYER a written disclosure statement to reveal the condition of various important aspects of the property characteristics and structure(s). This disclosure is required regardless of whether or not the transaction is done with the assistance of a real estate LICENSEE, IF (1) the property consists of at least one but not more than four dwelling units, and UNLESS (2) the type of property transfer is not specifically exempted from the requirement by the law. NOTE: Exemptions are listed with this information.
Iowa real estate LICENSEES and the PUBLIC should be aware of Iowa Code section 558A.2 which requires that the disclosure statement MUST be delivered to the BUYER either (1) prior to the SELLER accepting a written offer from the BUYER, or (2) prior to the BUYER accepting a written offer from the SELLER for the sale, exchange, or lease with option to buy real estate. SPECIAL NOTE: If the disclosure statement is NOT delivered prior to the acceptance of the offer as required, the BUYER may withdraw the offer or cancel the contract, WITH or WITHOUT reason, WITHOUT liability, if done (1) within three days following personal delivery of the statement or (2) within five days following delivery by mail.
There is NOT a required form to be used for the disclosure. To assist the public and others, the Iowa Real Estate Commission has prepared the enclosed sample language for the Residential Property Condition Disclosure Statement, which contains the minimum items that MUST be included in the disclosure. You may use the sample language as it is, or you may use the statement language of your choice.
While the Commission is responsible for determining the minimum important characteristics required to be included in the disclosure, it does NOT have the authority for enforcing this law. Violations of Iowa Code sections 558A.1 - 558A.7 are handled through the appropriate court or by other legal remedies. If you need advice and guidance to determine what legal or civil options may be available to you, you will have to consult your privately retained attorney.
QUESTIONS and PROBLEMS regarding the Iowa Residential Property Disclosure Law and the requirements should be directed to your privately retained attorney. The Commission and staff are prohibited by Iowa law from providing legal advice.
Web Address: http://www.state.ia.us/proflic 1920 SE Hulsizer, Ankeny, Iowa 50021
IOWA RESIDENTIAL PROPERTY DISCLOSURE
Iowa Code section 558A.1(4) Definitions. The disclosure is only required on the transfer of residential property, and only if the property includes at least one but not more than four dwelling units. The following transfers are specifically excluded from the disclosure requirements of Iowa law:
1.Transfers pursuant to court order including, but not limited to transfers under chapter 633, the execution of judgment, foreclosure of real estate mortgage pursuant to chapter 654, transfer by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
2.A transfer to a mortgagee by a mortgagor or successor in interest who is in default, or a transfer by a mortgagee who has acquired the real property at a sale conducted pursuant to a foreclosure sale, chapter 654, a transfer back to a mortgagor exercising a right of first refusal pursuant to section 654.16A, a nonjudicial voluntary foreclosure procedure under section 654.18 or a deed in lieu of foreclosure under section 654.19.
3.Transfer by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
4.Transfer between joint tenants or tenants in common.
5.Transfers made to a spouse, or to a person or persons in the lineal line of consanguinity of the person making the transfer.
6.Transfer between spouses resulting from a decree of dissolution of marriage, a decree of legal separation, or a property settlement which is incidental to the decree, including a decree ordered pursuant to chapter 598.
7.A transfer to or from the state, a political subdivision of the state, another state, or the United States.
8.A transfer by quitclaim deed.
IOWA REAL ESTATE COMMISSION
1920 SE HULSIZER ROAD
ANKENY, IOWA 50021
ADMINISTRATIVE RULES
PROPERTY CONDITION DISCLOSURE
CHAPTER 14
SELLER PROPERTY CONDITION DISCLOSURE
14.1(1) Additional disclosure. Nothing in this rule is intended to prevent any additional disclosure or to relieve the parties or agents in the transaction from making any disclosure otherwise required by law or contract.
14.1(2) Licensee responsibilities to seller. At the time a licensee obtains a listing, the listing licensee shall obtain a completed disclosure signed and dated by each seller represented by the licensee.
a. A licensee representing a seller shall deliver the executed statement to a potential buyer, a potential buyer’s agent, or any other third party who may be representing a potential buyer, prior to the seller’s making a written offer to sell or the seller’s accepting a written offer to buy.
b. The licensee representing a seller shall attempt to obtain the buyer’s signature and date of signature on the statement and shall provide the seller and the buyer with fully executed copies of the disclosure and maintain a copy of the written acknowledgment in the transaction file. If the licensee is unable to obtain the buyer’s signature, the licensee shall obtain other documentation establishing delivery of the disclosure and maintain the written documentation in the transaction file.
c. If the transaction closes, the listing broker shall maintain the completed disclosure statement for a minimum of five years.
d. The executed disclosure statement shall be delivered to the buyer(s) by either personal delivery or by certified or registered mail. If there is more than one buyer, any one buyer may accept delivery of the executed statement.
14.1(3) Licensee responsibilities to buyer. A licensee representing a buyer in a transfer shall notify the buyer of the seller’s obligation to deliver the property disclosure statement.
a. If the disclosure statement is not delivered when required, the licensee shall notify the buyer that the buyer may revoke or withdraw the offer.
b. If a buyer elects to revoke or withdraw the offer, the licensee shall obtain a written revocation or withdrawal from the buyer and shall deliver the revocation or
withdrawal to the seller within three days following personal delivery or five days following delivery of the disclosure by mail to the buyer.
c. Following revocation or withdrawal of the offer, any earnest money deposit shall be promptly returned without liability pursuant to Iowa Code chapter 558A and rule 193E— 13.4(543B).
14.1(4) Inclusion of written reports. A written report or opinion prepared by a person qualified to render the report or opinion may be included in a disclosure statement. A report may be prepared by, but not limited to, the following persons provided that the content of the report or opinion is within the specified area of expertise of the provider: a land surveyor licensed pursuant to Iowa Code chapter 542B; a geologist; a structural pest control operator licensed pursuant to Iowa Code section 206.6; or a qualified building contractor.
a. The seller must identify the required disclosure items which are to be satisfied by the report.
b. If the report is prepared for the specific purpose of satisfying the disclosure requirement, the preparer of the report shall specifically identify the items of the disclosure which the report is intended to satisfy.
c. A licensee representing a seller shall provide the seller with information on the proper use of reports if reports are used as part of the disclosure statement.
14.1(5) Amended disclosure statement. A licensee’s obligations with respect to any amended disclosure statement are the same as the licensee’s obligations with respect to the original disclosure statement. A disclosure statement must be amended if information disclosed is or becomes inaccurate or misleading or is supplemented unless one of the following exceptions applies:
a. The information disclosed in conformance with Iowa Code chapter 558A is subsequently rendered inaccurate as a result of an act, occurrence, or agreement subsequent to the delivery of the disclosure statement.
b. The information disclosed is based on information of a public agency, including the state, a political subdivision of the state, or the United States.
14.1(6) Minimum disclosure statement contents for all transfers. All property disclosure statements, whether or not a licensee assists in the transaction, shall contain at a minimum the information required by the following sample statement. No particular language is required in the disclosure statement provided that the required disclosure items are included and the disclosure complies with Iowa Code chapter 558A. To assist real estate licensees and the public, the commission recommends use of the following sample language:
RESIDENTIAL PROPERTY SELLER DISCLOSURE STATEMENT
Property address:
______________________________________________________
PURPOSE:
Use this statement to disclose information as required by Iowa Code chapter 558A. This law requires certain sellers of residential property that includes at least one and no more than four dwelling units to disclose information about the property to be sold. The following disclosures are made by the seller(s) and not by any agent acting on behalf of the seller(s).
INSTRUCTIONS TO SELLER(S):
1.Seller(s) must complete this statement. Respond to all questions, or attach reports allowed by Iowa Code section 558A.4(2);
2.Disclose all known conditions materially affecting this property;
3.If an item does not apply to this property, indicate it is not applicable (N/A);
4.Please provide information in good faith and make a reasonable effort to ascertain the required information. If the required information is unknown or is unavailable following a reasonable effort, use an approximation of the information, or indicate that the information is unknown (UNK). All approximations must be identified as approximations (AP).
5.Additional pages may be attached as needed;
6.Keep a copy of this statement with your other important papers.
Basement/Foundation: Any known water or other problems?
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2. Roof: Any known problems? |
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Yes [ |
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No [ |
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Any known repairs? |
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Yes [ |
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No [ |
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If yes, date of repairs/replacement: |
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3. Well and Pump: Any known problems? |
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Yes [ ] |
No [ ] |
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Any known repairs? |
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If yes, date of repairs/replacement: |
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Any known water tests? |
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If yes, date of last report: |
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and results: ________________________________________________________ |
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4. Septic Tanks/Drain Fields: Any known problems? |
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No [ |
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Location of Tank: _____________________________________________________
Date tank last cleaned: |
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5. Sewer System: Any known problems? |
Yes [ |
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No [ |
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Any known repairs? |
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If yes, date of repairs/replacement: / |
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Heating System(s): Any known problems? |
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No [ |
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Any known repairs? |
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If yes, date of repairs/replacement: |
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Central Cooling System(s): Any known problems? |
Yes [ |
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No [ ] |
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Any known repairs? |
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No [ ] |
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If yes, date of repairs/replacement: |
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Plumbing System(s): Any known problems? |
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No [ |
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Any known repairs? |
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If yes, date of repairs/replacement: |
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Electrical System(s): Any known problems? |
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No [ |
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Any known repairs? |
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If yes, date of repairs/replacement: |
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10. Pest Infestation (e.g., termites, carpenter ants):
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Any known problems? |
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No [ ] |
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If yes, date(s) of treatment: |
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Any known structural damage? |
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If yes, date(s) of repairs/replacement: / / |
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Asbestos: Any known to be present in the structure? |
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No [ |
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If yes, explain: ______________________________________ |
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Radon: Any known tests for the presence of radon gas? |
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No [ |
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If yes, date of last report: |
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and results:_______________________________ |
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Flood Plain: Do you know if the property is located in a flood |
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plain? |
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If yes, what is the flood plain designation? __________________________________ |
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ZONING: Do you know the zoning classification of the property? |
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If yes, what is the zoning classification? _______________ |
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Covenants: Is the property subject to restrictive covenants? |
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If yes, attach a copy or state where a true, current copy of the |
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covenants can be obtained: ________________________ |
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Shared or |
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property known to be shared in common with adjoining |
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No |
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landowners, such as walls, fences, roads, and driveways whose use or maintenance responsibility may have an effect on the property?
Any known “COMMON AREAS” such as pools, tennis courts, walkways, or other areas
18.Physical Problems: Any known settling, flooding, drainage or grading problems?
19.Structural Damage: Any known structural damage?
20.Is the property located in a real estate improvement district?
Yes [ ] No [ ]
Yes [ ] No [ ]
Yes [ ] No [ ] Yes [ ] No [ ]
If yes, indicate the amount of any special assessment against the property: $ __________
You MUST explain any “YES” response(s) above. Use the back of this statement or additional sheets as necessary:
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SELLER(S) DISCLOSURE:
Seller(s) discloses the information regarding this property based on information known or reasonably available to the Seller(s).
The Seller(s) has owned the property since ____/____/____. The Seller(s)
certifies that as of the date signed this information is true and accurate to the best of my/our knowledge.
Seller _____________________ |
Seller ________________________ |
Date ____/____/____ |
Date ____/____/____ |
BUYER(S) ACKNOWLEDGMENT:
Buyer(s) acknowledges receipt of a copy of this Real Estate Disclosure Statement. This statement is not intended to be a warranty or to substitute for any inspection the buyer(s) may wish to obtain.
Buyer _____________________ |
Buyer ___________________ |
Date ____/____/____ |
Date ____/____/___ |
01/30/2006