Table of Contents
Things You Should Know About This Form
What is the Iowa Seller Disclosure form?
The Iowa Seller Disclosure form is a document that sellers of residential real estate must provide to potential buyers. This form outlines the condition of various aspects of the property, such as the structure and any known issues. The requirement to deliver this disclosure became effective on July 1, 1994, and it applies to properties with one to four dwelling units. The form aims to ensure that buyers are informed about the property's condition before making a purchase.
Who is required to provide this disclosure?
Sellers of residential properties in Iowa must provide the disclosure if the property has at least one but no more than four dwelling units. This requirement holds regardless of whether the seller is working with a real estate agent. However, certain transfers are exempt from this requirement, including those resulting from court orders, transfers to family members, and some foreclosure situations.
When must the disclosure be delivered to the buyer?
The disclosure statement must be provided to the buyer before the seller accepts any written offer. This ensures that buyers have all necessary information about the property before committing to a purchase. If the disclosure is not delivered on time, the buyer has the right to withdraw their offer without facing any penalties, as long as it is done within the specified time frame.
What happens if the disclosure is not provided?
If the seller fails to deliver the disclosure statement before accepting an offer, the buyer can withdraw their offer or cancel the contract. This can be done within three days of receiving the disclosure in person or within five days if it was sent by mail. The buyer can do this for any reason and without facing any liability.
Is there a specific format for the disclosure form?
No specific format is mandated for the Iowa Seller Disclosure form. However, the Iowa Real Estate Commission provides a sample language that includes the minimum required items. Sellers can choose to use this sample or create their own statement, as long as it includes all necessary disclosures as outlined by Iowa law.
What should sellers include in the disclosure?
Sellers are required to disclose any known conditions that may materially affect the property. This includes issues related to the basement, roof, well, septic system, and sewer system. Sellers should answer all questions honestly and to the best of their ability. If certain items do not apply to the property, they should indicate that as "not applicable." Additional pages can be attached if more space is needed for responses.
Form Features
| Fact Name | Fact Description |
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| Disclosure Requirement | Effective July 1, 1994, Iowa law mandates that sellers of residential real estate provide a written disclosure statement to buyers regarding the property's condition. |
| Applicable Properties | This requirement applies to residential properties with at least one but no more than four dwelling units, unless exempted by law. |
| Exempt Transactions | Certain transactions are exempt from disclosure, including court-ordered transfers, transfers by mortgagees, and transfers between spouses. |
| Delivery Timing | The disclosure statement must be delivered to the buyer before the seller accepts any written offer or before the buyer accepts an offer from the seller. |
| Buyer Rights | If the disclosure statement is not provided in time, the buyer can withdraw their offer or cancel the contract without liability within specified timeframes. |
| No Required Form | There is no specific form mandated for the disclosure. Sellers may use sample language provided by the Iowa Real Estate Commission or create their own statement. |
| Legal Enforcement | Violations of the disclosure requirements are handled through Iowa courts, and the Iowa Real Estate Commission does not enforce this law. |
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Key takeaways
Here are some key takeaways about filling out and using the Iowa Seller Disclosure form:
- Disclosure Requirement: Sellers of residential real estate must provide a written disclosure statement to buyers.
- Property Scope: This requirement applies to properties with one to four dwelling units.
- Timing of Disclosure: The disclosure must be given before the seller accepts an offer from the buyer.
- Withdrawal Rights: If the disclosure is not delivered on time, the buyer can withdraw their offer without penalty.
- Use of Sample Language: While there is no required form, a sample language is available to help sellers meet the minimum disclosure requirements.
- Exemptions: Certain property transfers, like those due to court orders or between family members, are exempt from this requirement.
- Licensee Responsibilities: Real estate licensees must ensure the completed disclosure is delivered to potential buyers.
- Amendments: If any information in the disclosure changes, an amended statement must be provided.
- Record Keeping: Licensees must keep a copy of the completed disclosure for at least five years.
- Legal Advice: For questions or issues regarding the disclosure law, consult a private attorney, as legal advice cannot be provided by the Iowa Real Estate Commission.
Sample - Iowa Seller Disclosure Form
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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Yes [ |
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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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No [ |
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If yes, date of repairs/replacement: / |
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Heating System(s): 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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Central Cooling System(s): Any known problems? |
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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Plumbing System(s): Any known problems? |
Yes [ |
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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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Yes [ |
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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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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
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 their property to potential buyers. This document covers various aspects, including structural issues, plumbing, and electrical systems. Sellers must provide this disclosure before accepting any offers, ensuring that buyers are well-informed about the property's condition. Both documents aim to promote transparency and protect buyers from unexpected issues after the sale.
Another comparable document is the New York State Property Condition Disclosure Statement. In New York, sellers are also obligated to disclose any known defects or issues with the property. This form includes questions about the property’s condition, such as the roof, foundation, and appliances. Just like in Iowa, the disclosure must be delivered to the buyer before an offer is accepted, allowing buyers to make informed decisions. Both forms prioritize honesty and help facilitate smoother transactions.
The Florida Seller's Property Disclosure form is yet another similar document. Florida law requires sellers to provide a written disclosure of the property's condition, covering areas like water damage, pest problems, and any repairs made. This document must be provided before the sale, similar to Iowa's requirements. The intention behind both disclosures is to ensure that buyers understand what they are purchasing, reducing the likelihood of disputes after closing.
In various states, the importance of transparency in real estate transactions cannot be overstated, and having the right documentation is key. For those navigating the complexities of rental agreements, a Lease Agreement is essential, ensuring that both parties understand their obligations and rights. To simplify the process further, you can utilize a convenient PDF Templates for preparing these agreements.
Lastly, the Texas Seller's Disclosure Notice is akin to the Iowa Seller Disclosure form. In Texas, sellers must disclose any known material defects affecting the property. The form includes questions about the condition of the roof, plumbing, and other critical elements. Both documents serve the same purpose: to inform buyers about the property's condition before they commit to a purchase. This helps create a fair and transparent real estate market in both states.