Text: HF02195 Text: HF02197 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 558A.1A INSPECTION OF
1 2 RESIDENTIAL REAL PROPERTY.
1 3 1. A qualified person shall conduct an inspection of any
1 4 real property used as a residential dwelling prior to the sale
1 5 of the property.
1 6 2. The inspection report shall be given as part of the
1 7 written disclosure statement required under this chapter.
1 8 3. The inspection report shall:
1 9 a. Assess the general condition of the property including,
1 10 but not limited to, the exterior siding, windows, roof,
1 11 wiring, plumbing, and heating and cooling systems.
1 12 b. Indicate any repair costing one thousand dollars or
1 13 more that is likely to be needed within the next twelve
1 14 months.
1 15 4. An inspection performed on behalf of and to the
1 16 satisfaction of a mortgage lender shall satisfy the inspection
1 17 requirement of this section.
1 18 5. The commission may adopt rules and create forms related
1 19 to the inspection requirement under this section.
1 20 EXPLANATION
1 21 This bill amends Code chapter 558A relating to disclosures
1 22 made in conjunction with real estate transfers.
1 23 The bill adds an inspection requirement in conjunction with
1 24 the proposed transfer of residential real property and states
1 25 that the report must assess the general condition of the
1 26 property and identify any repair costing $1,000 or more that
1 27 is likely to be needed in the next 12 months.
1 28 The inspection report becomes part of the written
1 29 disclosure statement required under Code chapter 558A. Code
1 30 section 558A.2 requires that the disclosure statement must be
1 31 delivered prior to either the transferor making a written
1 32 offer for the transfer of the real property or accepting a
1 33 written offer for the transfer of the real property.
1 34 An inspection made on behalf of and to the satisfaction of
1 35 a mortgage lender shall satisfy the inspection requirement.
2 1 The bill also authorizes the real estate commission to
2 2 adopt rules and create forms in relation to the inspection
2 3 requirement.
2 4 LSB 6043HH 78
2 5 jj/cls/14
Text: HF02195 Text: HF02197 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Feb 17 03:35:18 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/02100/HF02196/000209.html
jhf