CHAPTER 558A REAL ESTATE DISCLOSURES
558A.1 DEFINITIONS.
558A.2 PROCEDURES.
558A.3 GOOD FAITH AND AMENDMENTS.
558A.4 REQUIRED INFORMATION.
558A.5 AGENCY.
558A.6 LIABILITY UNDER THE CHAPTER.
558A.7 CHAPTER IS NOT LIMITING.
558A.8 VALIDITY OF A TRANSFER.
558A.1 DEFINITIONS.
As used in this chapter, unless the context otherwise requires:
1. "Broker" means a real estate broker licensed pursuant to
chapter 543B.
2. "Commission" means the real estate commission created
pursuant to section 543B.8.
3. "Salesperson" means a salesperson licensed pursuant to
chapter 543B.
4. "Transfer" means the transfer or conveyance by sale,
exchange, real estate contract, or any other method by which real
estate and improvements are purchased, if the property includes at
least one but not more than four dwelling units. However, a transfer
does not include any of the following:
a. A transfer made pursuant to a court order, including but
not limited to a transfer under chapter 633 or 633A, the execution of
a judgment, the foreclosure of a real estate mortgage pursuant to
chapter 654, the forfeiture of a real estate contract under chapter
656, a transfer by a trustee in bankruptcy, a transfer by eminent
domain, or a transfer resulting from a decree for specific
performance.
b. 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 real property at a sale conducted pursuant to 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 chapter 655A, or a deed in lieu of
foreclosure under section 654.19.
c. A transfer by a fiduciary in the course of the
administration of a decedent's estate, guardianship, conservatorship,
or trust.
d. A transfer between joint tenants or tenants in common.
e. A transfer made to a spouse, or to a person in the lineal
line of consanguinity of a person making the transfer.
f. A transfer between spouses resulting from a decree of
dissolution of marriage, a decree of legal separation, or a property
settlement agreement which is incidental to the decree, including a
decree ordered pursuant to chapter 598.
g. A transfer to or from the state, a political subdivision
of the state, another state, or the United States.
h. A transfer by quitclaim deed.
i. A transfer by a power of attorney.
5. "Transferee" means a person who is acquiring real property
as provided in an instrument containing the power to transfer real
estate, including an instrument described in section 558.1.
Iowa Code 558A. 4
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6. "Transferor" means a person who is transferring real
property as provided in an instrument containing the power to
transfer real estate, including an instrument described in section
558.1.
Section History: Recent Form
93 Acts, ch 30, §3; 2006 Acts, ch 1030, §70; 2006 Acts, ch 1055,
§5
558A.2 PROCEDURES.
1. A person interested in transferring real property, or a broker
or salesperson acting on behalf of the person, shall deliver a
written disclosure statement to a person interested in being
transferred the real property. The disclosure statement must be
delivered prior to either the transferor making a written offer for
the transfer of the real property, or accepting a written offer for
the transfer of the real property.
2. The disclosure statement shall be made by personal delivery or
by certified or registered mail to the transferee. The delivery may
be made to the spouse of the transferee, unless otherwise provided by
the parties. If the disclosure statement is not timely delivered,
the transferee may withdraw the offer or revoke the acceptance
without liability, within three days following personal delivery of
the statement or five days following delivery by mail.
3. The disclosure statement may be filed with the county recorder
with instruments affecting the transfer of real estate. However, the
failure to file the statement shall not cause a defect in the title
to the property.
Section History: Recent Form
93 Acts, ch 30, §4
Referred to in § 558A.5
558A.3 GOOD FAITH AND AMENDMENTS.
1. All information required by this section and rules adopted by
the commission shall be disclosed in good faith. If at the time the
disclosure is required to be made, information required to be
disclosed is not known or available to the transferor, and a
reasonable effort has been made to ascertain the information, an
approximation of the information may be used. The information shall
be identified as an approximation. The approximation shall be based
on the best information available at the time.
2. A disclosure statement shall be amended, if information
disclosed in the statement is or becomes inaccurate or misleading, or
is supplemented. The amended statement shall be subject to the same
procedures as the original disclosure statement as provided in this
chapter. However, the statement is not required to be amended if
either of the following applies:
a. The information disclosed in conformance with this chapter
is subsequently rendered inaccurate as a result of an act,
occurrence, or agreement subsequent to the delivery of the disclosure
statement.
b. The information is based on information of a public
agency, including the state, a political subdivision of the state, or
the United States. The information shall be deemed to be accurate
and complete, unless the transferor or the broker or salesperson has
Iowa Code 558A. 4
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actual knowledge of an error, inaccuracy, or omission, or fails to
exercise ordinary care in obtaining the information.
Section History: Recent Form
93 Acts, ch 30, §5
558A.4 REQUIRED INFORMATION.
1. The disclosure statement shall include information relating to
the condition and important characteristics of the property and
structures located on the property, including significant defects in
the structural integrity of the structure, as provided in rules which
shall be adopted by the real estate commission pursuant to section
543B.9. The rules may require the disclosure to include information
relating to the property's zoning classification; the condition of
plumbing, heating, or electrical systems; or the presence of pests.
2. The disclosure statement may include a report or written
opinion prepared by a person qualified to make judgment based on
education or experience, as provided by rules adopted by the
commission, including but not limited to a land surveyor licensed
pursuant to chapter 542B, a geologist, a structural pest control
operator licensed pursuant to section 206.6, or a building
contractor. The report or opinion on a matter within the scope of
the person's practice, profession, or expertise shall satisfy the
requirements of this section or rules adopted by the commission
regarding that matter required to be disclosed. If the report or
opinion is in response to a request made for purposes of satisfying
the disclosure statement, the report or opinion shall indicate which
part of the disclosure statement the report or opinion satisfies.
3. A transferor subject to the requirements of section 558.70
shall recommend in writing that the transferee obtain an independent
home inspection report to provide full and complete information as
required to be disclosed under this section and under rules adopted
by the real estate commission pursuant to section 543B.9.
A transferor subject to section 558.70 shall provide the real
estate disclosure statement required by this chapter at least seven
days before the real estate installment sales contract is executed by
all parties to the contract.
Section History: Recent Form
93 Acts, ch 30, §6; 96 Acts, ch 1204, § 11; 2002 Acts, ch 1136,
§4, 6; 2008 Acts, ch 1110, §1
Referred to in § 558A.6, 714.8
558A.5 AGENCY.
1. A person other than a broker or salesperson acting in the
capacity of an agent in the transfer of real property shall not be
deemed to be an agent of the transferor or transferee for purposes of
this chapter, unless the person is granted powers of attorney or is
empowered as an agent, as expressly provided in writing, and is
subject to any other applicable requirements as provided by law.
2. A broker or salesperson representing the transferor shall
deliver the disclosure statement to the transferee as required in
section 558A.2, unless the transferor or transferee has instructed
the broker or salesperson otherwise in writing.
Section History: Recent Form
Iowa Code 558A. 4
http://coolice.legis.iowa.gov/Cool-ICE/default.asp?category=billinfo&service=IowaCode&input=558A. 5/31/2013
93 Acts, ch 30, §7
558A.6 LIABILITY UNDER THE CHAPTER.
A person who violates this chapter shall be liable to a transferee
for the amount of actual damages suffered by the transferee, but
subject to the following limitations:
1. The transferor, or a broker or salesperson, shall not be
liable under this chapter for the error, inaccuracy, or omission in
information required in a disclosure statement, unless that person
has actual knowledge of the inaccuracy, or fails to exercise ordinary
care in obtaining the information.
2. The person submitting a report or opinion within the scope of
the person's practice, profession, or expertise, as provided in
section 558A.4, for purposes of satisfying the disclosure statement,
shall not be liable under this chapter for any matter other than a
matter within the person's practice, profession, or expertise, and
which is required by the disclosure statement, unless the person
failed to use care ordinary in the person's profession, practice, or
area of expertise in preparing the information.
Section History: Recent Form
93 Acts, ch 30, §8
558A.7 CHAPTER IS NOT LIMITING.
The duties imposed upon persons under this chapter or under rules
adopted by the real estate commission shall not limit or abridge any
duty, requirement, obligation, or liability for disclosure created by
another provision of law, or under a contract between parties.
Section History: Recent Form
93 Acts, ch 30, §9
558A.8 VALIDITY OF A TRANSFER.
A transfer under this chapter shall not be invalidated solely
because of a failure of a person to comply with a provision of this
chapter.
Section History: Recent Form
93 Acts, ch 30, §10
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Iowa Code 558A. 4
http://coolice.legis.iowa.gov/Cool-ICE/default.asp?category=billinfo&service=IowaCode&input=558A. 5/31/2013
