An Iowa property disclosure statement is used by home sellers to describe the condition of their real estate and identify defects that might affect the property’s value. The statement reveals important information to prospective buyers, including the home’s history of structural damage, flooding, pest infestations, and the dates of repairs, replacements, and inspections conducted on the premises. Sellers are obligated to provide the form to buyers if the property in question is comprised of one (1) to four (4) dwelling units, unless the type of property transfer is exempted by law (see list of exemptions in § 558A.1(5)(a) through (i)). When required, the disclosure must be delivered to the buyer before a written purchase offer is accepted by either party.
Note: The Iowa Department of Health has issued a Radon Fact Sheet that should be attached to the property disclosure statement.
Purchase Agreement – A binding contract that specifies the terms negotiated between a buyer and seller regarding the transfer of real estate ownership.