The Iowa residential real estate purchase agreement (“residential purchase and sale agreement”) is an agreement between a buyer and seller that addresses the terms and conditions of a residential property sale. These terms include the purchase price, closing conditions, earnest money, and financial contingencies.
Required Seller Disclosures in Iowa
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Iowa, you will also need to complete the following paperwork in addition to the purchase agreement:
Seller Property Condition Disclosure. In Iowa, sellers of residential property are required to complete this disclosure and provide it to potential buyers. This form covers structural/material damage of the dwelling, environmental and zoning information surrounding the property, and any other information that would be relevant to a person wishing to purchase the property. (§ 558A.4)