Senate Study Bill 1208 



                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            COMMERCE BILL BY
                                            CHAIRPERSON WARNSTADT)


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

                                      A BILL FOR

  1 An Act relating to disclosures required to be made by a
  2    prospective transferor of real property.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2302SC 83
  5 rn/nh/5

PAG LIN



  1  1    Section 1.  Section 558A.4, Code 2009, is amended by adding
  1  2 the following new subsections:
  1  3    NEW SUBSECTION.  4.  The disclosures required pursuant to
  1  4 this section shall be applicable to information or conditions
  1  5 known or in existence during the ten=year period preceding a
  1  6 proposed transfer of real property or the transferor's term of
  1  7 ownership, whichever is less.
  1  8    NEW SUBSECTION.  5.  A transferee is responsible for
  1  9 requesting the disclosure of information of a significant or
  1 10 material nature beyond information which is required to be
  1 11 included in the disclosure statement pursuant to subsection 1.
  1 12 A transferor, or a broker or salesperson, shall not be held
  1 13 liable for the failure to disclose such information unless a
  1 14 request for such disclosure was received and the transferor,
  1 15 or broker or salesperson, failed to exercise ordinary care in
  1 16 obtaining the requested information.
  1 17                           EXPLANATION
  1 18    This bill relates to disclosures required to be made by a
  1 19 prospective transferor of real property to a prospective
  1 20 transferee.  The bill provides that required disclosures shall
  1 21 apply only to information or conditions known or in existence
  1 22 during the 10=year period preceding the proposed transfer or
  1 23 the transferor's term of ownership, whichever is less.  The
  1 24 bill also provides that a transferee is responsible for
  1 25 requesting the disclosure of information of a significant or
  1 26 material nature beyond that which is required in rules
  1 27 established by the real estate commission to be included in
  1 28 the disclosure statement.  The bill adds that a transferor or
  1 29 salesperson shall not be liable for failing to disclose such
  1 30 information unless a request has been received and they failed
  1 31 to exercise ordinary care in obtaining the information.
  1 32 LSB 2302SC 83
  1 33 rn/nh/5