An Iowa residential purchase agreement is essential for legally buying or selling real estate. It outlines terms like sale price, inspections, and financial conditions. It starts once a seller agrees to a buyer’s offer and leads to steps like financing and due diligence.
Both parties must clearly detail and agree on all terms, including price and closing conditions, in the agreement. The sale progresses only after both buyer and seller mutually agree and sign the contract, solidifying the transaction.
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Property Disclosure Statement
Before or upon making or accepting a written property transfer offer, the seller must give the buyer a written statement detailing the property's material condition and structural features, as per § 558A.2 & § 558A.4.
Radon Fact Sheet
Attached to the above disclosure statement, or provided separately, should be the Radon Fact Sheet issued by the Iowa Department of Public Health.
Do Sellers in Iowa Have to Disclose Property Defects?
In Iowa, sellers must disclose any significant defects in real estate. Unlike caveat emptor states where the burden is on buyers to inspect for defects and they have limited recourse if issues are found post-purchase, Iowa mandates seller transparency about property conditions..
