PROFESSIONAL LEGAL SERVICES SINCE 1927

Caveat emptor, “let the buyer beware,” is the once commonly held principle in real estate transactions meaning buyers purchase a property “as is.” Iowa Code § 558A requires sellers to provide written disclosure statements to individuals interested in purchasing a property prior to an offer being made or accepted. If delivery of the disclosure statement is not made in a timely manner, the buyer may withdraw their offer or revoke acceptance without liability.

Disclosures must be made in good faith. If at the time the disclosure is due, information required to be disclosed is unavailable or unknown the seller can, after reasonable effort, use an approximation of the information. A disclosure must also be amended if previously disclosed information is or becomes inaccurate or misleading.

The disclosure statement must include information pertaining to the condition of important characteristics of the property and structures located on the property. This includes information relating to: basement/foundation, roof, septic tank, plumbing, electric, pests, and zoning.

A seller who violates § 558A shall be liable to the buyer for the amount of actual damages suffered by the buyer. A seller will not be liable for errors or inaccuracies required in a disclosure statement, unless the seller has actual knowledge of the inaccuracy or fails to exercise ordinary care in obtaining required information.

The attorneys at Simpson, Jensen, Abels, Fisher & Bouslog, P.C. are experienced in handling complex real estate transactions. Contact us at (515) 288-5000 to discuss your case with our firm.


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