Iowa Real Estate Purchase Contract

The Iowa Real Estate Purchase Agreement is a legal record that the seller and the buyer complete when both parties make a deal on buying a particular property. This purchase agreement usually depicts such necessary details about the sale of residential and commercial property, as:

  • The contact data of both parties to the deal
  • The location of the real estate
  • The dollar sum of the offer price
  • The amount of the earnest money deposit

The fillable real estate sales contract has to be signed by both parties and verified notarially within designated areas.

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Iowa Real Estate Purchase agreement is generally divided into two primary records:

  • Iowa Residential Purchase and Sale Agreement;
  • Iowa Commercial Purchase and Sale Agreement.

In the following sections, we are going to discuss both agreements.

Iowa Residential Purchase and Sale Agreement

The Iowa Residential Purchase and Sale Agreement is a legal record utilized to purchase real estate property from a property owner or certified real estate agent. To proceed with the deal, the potential customer must provide the conditions in the agreement and afterward give it to the seller for evaluation. The necessary information that should be included in this legal record is the following:

  • The dollar sum of the purchase offer
  • Earnest money and inspection procedures
  • Monetary terms
  • Disclosure agreements

After that, the seller can either change the offer by providing the buyer with a counteroffer if they are unwilling to accept the initial conditions of the buyer. If both parties agree with the terms and conditions outlined in the agreement, they should sign and date the document to complete the deal and make it legitimately binding.

Iowa Commercial Purchase and Sale Agreement

The Iowa Commercial Real Estate Purchase and Sale Agreement is a legal form signed between two parties making a deal connected with the purchase of commercial real estate. This form discusses the terms, rules, and regulations of the commercial property to assure both parties that the deal is mutually beneficial. The seller should pay earnest money as a sign of good faith. The money is returned to the buyer once the agreement is abolished.

Required Seller Disclosures in Iowa

The Required Seller Disclosures are special records containing information about all possible risks and threats and any information that the potential buyer should acknowledge regarding the real estate property.

The Disclosures have to be filled out in time and sent to all of the possible buyers. It can be done through personal delivery or by some registered mail. It is important to mention that the disclosures can not be made orally. A written record is compulsory.

The required seller disclosures for the Residential Purchase and Sale Agreement in the State of Iowa include the following:

Seller Property Condition Disclosure (§ 558A.4)

This template incorporates such information as architectural and material damage of the real estate property, environmental data, data about the areas surrounding the property, and any other information that would be appropriate and crucial for the purchaser.

Radon Disclosure Fact Sheet

This form is not necessarily needed; however, many Iowa residents find the issue with radon extremely crucial. Many potential buyers and sellers are eager to discuss the issues related to radon in advance. It is suggested that all new buyers complete all of the important tests to eliminate the threat of radon leaks.

Lead-Based Paint Disclosure

The sellers who are currently making a deal involving any property built before 1978 should discuss the issues related to lead paint with the potential purchasers. The Seller Property Condition Disclosure template has a part for this particular disclosure.

As for the Required Seller Disclosures for the Commercial Real Estate Purchase and Sale Agreement, there is a notion about Agency and Policy Disclosure and Acknowledgement. It states that all licensees should present this form to every part of the deal during the real estate purchase process.

Published: Jun 15, 2021