House Study Bill 723 



                                       HOUSE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            COMMERCE BILL BY
                                            CHAIRPERSON PETERSEN)


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to required disclosures in real estate
  2    transactions.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 6444HC 82
  5 md/nh/5

PAG LIN



  1  1    Section 1.  Section 558A.4, subsection 1, Code 2007, is
  1  2 amended to read as follows:
  1  3    1.  The disclosure statement shall include information
  1  4 relating to the condition and important characteristics of the
  1  5 property and structures located on the property, including
  1  6 significant defects in the structural integrity of the
  1  7 structure, as provided in rules which shall be adopted by the
  1  8 real estate commission pursuant to section 543B.9.  The
  1  9 disclosure statement shall also include whether the property
  1 10 is located in a real estate improvement district and the
  1 11 amount of any special assessment against the property under
  1 12 chapter 358C.  The rules may require the disclosure to include
  1 13 information relating to the property's zoning classification;
  1 14 the condition of plumbing, heating, or electrical systems; or
  1 15 the presence of pests.
  1 16    Sec. 2.  Section 358C.24, Code 2007, is repealed.
  1 17                           EXPLANATION
  1 18    Code chapter 558A relates to mandatory disclosures in real
  1 19 estate transactions.  This bill eliminates from the required
  1 20 disclosures whether the property is located in a real estate
  1 21 improvement district and the amount of any special assessment
  1 22 against the property.
  1 23 LSB 6444HC 82
  1 24 md/nh/5