Iowa Residential Purchase Agreement
An Iowa residential purchase agreement is a legal document that enables a buyer and seller to agree on selling a real estate property. Suppose the seller accepts the offer specified in the purchase agreement. In that case, the buyer will proceed to the next steps of the transaction, which may include inspections, applying for financing, and other due diligence items.
In Iowa, sellers must provide buyers with a disclosure form containing information about material defects, zoning issues, environmental hazards, or other factors that may significantly impact the property. The disclosure document must be shared with the buyer before the purchase and sale agreement is signed.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure – If a property was built before 1978, the Landlord MUST give Tenants a copy of the lead-based paint disclosure forms.
Comprehensive Environmental Response Compensation and Liability Information System
Source: § 562a.13