Text: HSB00547 Text: HSB00549 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 558A.4, Code 2001, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 3. In the case of a transfer made 1 4 pursuant to a real estate contract and the transferor made 1 5 more than four transfers by real estate contract in the 1 6 previous calendar year, the disclosure statement shall be 1 7 printed in not less than sixteen point type and shall be a 1 8 separate document from the real estate contract. 1 9 Sec. 2. Section 558A.8, Code 2001, is amended to read as 1 10 follows: 1 11 558A.8 VALIDITY OF A TRANSFER. 1 12AExcept as otherwise provided in section 558A.10, a 1 13 transfer under this chapter shall not be invalidated solely 1 14 because of a failure of a person to comply with a provision of 1 15 this chapter. 1 16 Sec. 3. NEW SECTION. 558A.9 REQUIRED INFORMATION FOR 1 17 CERTAIN TRANSFERS. 1 18 In addition to the information required under section 1 19 558A.4 or under rules adopted by the real estate commission, a 1 20 transferor who transferred real estate by real estate contract 1 21 more than four times in the previous calendar year shall 1 22 provide the following on the disclosure statement: 1 23 1. A specific listing of warranted items included in the 1 24 real estate contract. 1 25 2. A specific listing of any outstanding liens, mortgages, 1 26 special assessments, or delinquent taxes on the property and 1 27 the approximate value, balance, or amount of each. 1 28 3. The following statement: "I, the buyer, am aware that 1 29 I have the right to have this disclosure statement and the 1 30 real estate contract reviewed by an attorney, that I have the 1 31 right to request or secure an inspection of the property, and 1 32 that I have the right to request or secure an appraisal of the 1 33 property." 1 34 4. A notice stating that the transferee may rescind the 1 35 real estate contract within one hundred eighty days of the 2 1 date the contract was signed by both parties because of a 2 2 structural defect or repair noted on the disclosure statement 2 3 if, at the time the contract is signed by both parties, the 2 4 transferee demands that the structural defect be remedied or 2 5 cured or the repair be made and the transferor has not 2 6 remedied or cured the structural defect or made the repair 2 7 within thirty days of the date the contract is signed by both 2 8 parties. 2 9 Sec. 4. NEW SECTION. RECISION OF CERTAIN REAL ESTATE 2 10 CONTRACTS. 2 11 A transferee under a real estate contract may demand of a 2 12 transferor subject to the additional disclosure requirements 2 13 of section 558A.9, at the time the contract is signed by both 2 14 parties, that a structural defect noted on the disclosure 2 15 statement be remedied or cured or that a repair noted on such 2 16 statement be made no later than thirty days after the contract 2 17 is signed by both parties. A transferee may rescind a real 2 18 estate contract if the transferor under the contract fails to 2 19 remedy or cure a structural defect or make a repair noted on 2 20 the disclosure statement within thirty days of the date the 2 21 contract was signed by both parties. The transferee must 2 22 rescind the contract no later than one hundred eighty days 2 23 after the contract is signed by both parties. 2 24 EXPLANATION 2 25 This bill amends the Code chapter on real estate 2 26 disclosures to provide for additional disclosure requirements 2 27 for a person transferring real estate by contract if in the 2 28 previous calendar year the person was the transferor in more 2 29 than four real estate contracts. The bill requires such a 2 30 transferor to prepare the disclosure statement in not less 2 31 than 16 point type. The bill also requires such a transferor 2 32 is to indicate on the disclosure statement the items covered 2 33 by the real estate contract that have warranties; information 2 34 on any liens, mortgages, special assessments, or delinquent 2 35 property taxes on the property; a statement that the buyer is 3 1 aware the buyer may have the contract or the disclosure 3 2 statement reviewed by an attorney and may have the property 3 3 inspected and appraised; and a notice that the buyer may 3 4 rescind the contract within 180 days of its signing if a 3 5 structural defect noted on the disclosure statement is not 3 6 remedied or cured or a repair noted on the disclosure 3 7 statement is not made within 30 days of the signing of the 3 8 contract if the buyer demands, at the time the contract is 3 9 signed, that the defect be remedied or cured or the repair 3 10 made. 3 11 LSB 5025YC 79 3 12 sc/sh/8
Text: HSB00547 Text: HSB00549 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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