Text: SF00366 Text: SF00368 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 558A.1, subsection 4, Code 1997, is 1 2 amended to read as follows: 1 3 4. "Transfer" means the transfer or conveyance by sale, 1 4 exchange, real estate contract, or any other method by which 1 5 real estate and improvements are purchased, if the property 1 6 includes at least one but not more than four dwelling units. 1 7 However, a transfer does not include any of the following: 1 8 a. A transfer made pursuant to a court order, including 1 9 but not limited to a transfer under chapter 633, the execution 1 10 of a judgment, the foreclosure of a real estate mortgage 1 11 pursuant to chapter 654, the forfeiture of a real estate 1 12 contract under chapter 656, a transfer by a trustee in 1 13 bankruptcy, a transfer by eminent domain,ora transfer 1 14 resulting from a decree for specific performance, or a 1 15 transfer pursuant to writ of execution. 1 16 b. A transfer to a mortgagee by a mortgagor or successor 1 17 in interest who is in default, or a transfer by a mortgagee 1 18 who has acquired real property at a sale conducted pursuant to 1 19 chapter 654, a transfer back to a mortgagor exercising a right 1 20 of first refusal pursuant to section 654.16A, a nonjudicial 1 21 voluntary foreclosure procedure under section 654.18 or 1 22 chapter 655A, or a deed in lieu of foreclosure under section 1 23 654.19. 1 24 c. A transfer by a fiduciary in the course of the 1 25 administration of a decedent's estate, guardianship, 1 26 conservatorship,ortrust, or power of attorney. 1 27 d. A transfer between joint tenants or tenants in common. 1 28 e. A transfer made to a spouse, or to a person in the 1 29 lineal line of consanguinity of a person making the transfer. 1 30 f. A transfer between spouses resulting from a decree of 1 31 dissolution of marriage, a decree of legal separation, or a 1 32 property settlement agreement which is incidental to the 1 33 decree, including a decree ordered pursuant to chapter 598. 1 34 g. A transfer to or from the state, a political 1 35 subdivision of the state, another state, or the United States. 2 1 h. A transfer by quitclaim deed. 2 2 i. A transfer of newly constructed residential real 2 3 property which has never been occupied. 2 4 Sec. 2. NEW SECTION. 558A.4A STIGMATIZED REAL ESTATE. 2 5 1. The fact that real estate, or any building or structure 2 6 on such real estate, may be, or is suspected to be, 2 7 stigmatized real estate, or may be in close proximity to 2 8 stigmatized real estate, is not a material adverse fact, but 2 9 is information required to be disclosed under section 558A.4, 2 10 if the event which stigmatized the real estate occurred during 2 11 the period of ownership of the current owner. 2 12 2. a. For purposes of this section, "stigmatized real 2 13 estate" means real estate where an event has occurred 2 14 including, but not limited to, any of the following: 2 15 (1) The death or suicide of an individual. 2 16 (2) A forcible felony, as defined in section 702.11, which 2 17 is an assault, murder, robbery, or sexual abuse. 2 18 (3) A newsworthy event which impacts the property as a 2 19 result of the notoriety of the event. 2 20 b. "Stigmatized real estate" also includes real estate 2 21 which is haunted. 2 22 3. Except when the broker or salesperson is working solely 2 23 as a buyer's agent and has knowledge about the stigma, a cause 2 24 of action shall not arise against a real estate broker or 2 25 salesperson for the failure to disclose to a buyer or other 2 26 transferee of real estate that the transferred real estate is 2 27 or might be stigmatized real estate, unless such broker or 2 28 salesperson is informed in writing by the current seller that 2 29 the broker or salesperson is authorized to disclose 2 30 confidential information that the transferred real estate is 2 31 or might be psychologically impacted real estate and fails to 2 32 disclose such information. This section shall not be 2 33 construed to authorize or permit such broker or salesperson to 2 34 make any misrepresentation of fact or false statement, or to 2 35 fail to disclose a material adverse fact. 3 1 Sec. 3. Section 2 of this Act takes effect January 1, 3 2 1998. 3 3 SF 367 3 4 mj/cc/26
Text: SF00366 Text: SF00368 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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