H.F. 496 Section 1. Section 558A.4, subsection 1, Code 2011, is 1 amended to read as follows: 2 1. The disclosure statement shall include information all 3 of the following: 4 a. Information relating to the condition and important 5 characteristics of the property and structures located on the 6 property, including significant defects in the structural 7 integrity of the structure, as provided in rules which shall 8 be adopted by the real estate commission pursuant to section 9 543B.9 . The rules may require the disclosure to include 10 information relating to the property’s zoning classification; 11 the condition of plumbing, heating, or electrical systems; or 12 the presence of pests. 13 b. A notice that the property is located within a levee or 14 drainage district established pursuant to chapter 468. Before 15 the land is transferred, the notice shall be delivered to an 16 attorney or abstractor preparing the abstract of title for its 17 inclusion. 18 EXPLANATION 19 BACKGROUND. This bill amends provisions in Code 20 chapter 558A, which involves the transfer or conveyance of 21 property including one or several dwelling units. A person 22 interested in transferring the real property, or a broker or 23 salesperson acting on behalf of the person, must deliver a 24 written disclosure statement to a person interested in being 25 transferred the real property. The disclosure statement must 26 include information relating to the condition and important 27 characteristics of the property. 28 INFORMATION REGARDING THE LOCATION OF PROPERTY WITHIN 29 A LEVEE OR DRAINAGE DISTRICT. The bill requires that the 30 disclosure statement include a notice that the property is 31 located within a levee or drainage district. It also requires 32 that before the land is transferred, the notice be delivered 33 to an attorney or abstractor preparing the abstract of title 34 for its inclusion. 35 -1- LSB 2394HH (2) 84 da/nh 1/ 1