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Senate File 367

Partial Bill History

Bill Text

  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, or a 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, or trust, 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  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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