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Commonly Asked Questions about Real Estate Legal Forms in Iowa

The title opinion for the buyer should be at the buyers expense. The title opinion will indicate, based on the abstract, whether the seller has marketable title to the property. Sometimes, the attorney examining the abstract will note objections in the opinion that raise questions about the sellers title.
While legally optional, engaging real estate attorneys when buying or selling Iowa lands offers immense advantages over attempting online transactions alone lacking context expertise.
The legal basis for Iowas disclosure requirement is Iowa Code 558A, which requires sellers of real estate (no more than four units) to give a written disclosure statement to a person interested in buying the property before that person has made a written offer or the seller has accepted it.
Title service fees: 0.26% In Iowa, buyers and sellers usually pay for their own title company or closing agent, but dont expect this for every sale. Ask your realtor if youre not sure.
Iowa Title Guaranty provides owners coverage at no additional charge for coverage amounts of $750,000 or less, when issued in conjunction with paid lenders coverage. Once the transaction is complete and new mortgage documents are recorded, the abstract is updated.
A participating Iowa attorney examines the abstract and renders a written title opinion. The title opinion reflects the current titleholders and identifies any title exceptions and title defects that must be resolved prior to closing.
In Iowa, the seller is responsible for the real estate transfer tax. However, the transfer tax is due when the deed is recorded, and the buyer is responsible for that process (and cost.) To reconcile this, at the closing table the buyer takes the amount of the transfer tax as a credit against the sales price.
Illinois and Iowa are not one of the 21 states and the District of Columbia that require a real estate attorney by law, but if the other party has an attorney on their side its best you have one as well.