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Seller Property Condition Disclosure

IOWA DEPARTMENT OF COMMERCE PROFESSIONAL LICENSING & REGULATION TERRY E. BRANSTAD GOVERNOR KIM REYNOLDS LT. GOVERNOR 200 E. Grand, Suite 200 Des Moines, IA 50309 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 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.

193E—14.1(543B) Property condition disclosure requirement. The requirements of this chapter shall apply to transfers of real estate subject to Iowa Code chapter 558A. For purposes of this chapter, “transfer” means the transfer or conveyance of real estate by sale, exchange, real estate contract, or any other method by which real estate and

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Seller Property Condition Disclosure

plb.iowa.gov

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