Iowa Real Estate Contract & Forms for Selling Your Home
Selling a home in Iowa
Iowa boasts of being the only state in the Midwestern part of the United States to have a growing economy. It is a great place to live despite a huge population of almost three million as of 2005.
The state takes pride in its intelligent and productive workforce attributed to a good work ethic and education system, quality of life good for the family, career and economic growth and an upbeat business climate. The real estate market here offers a wide selection of homes to choose from whether they be pre-existing or newly-constructed ones.
By all means, you can sell your home by yourself and succeed in the process. Although a lot of legwork needs to be done, a home owner with dedication and perseverance can successfully sell his or her residential property. Being informed about all the aspects of a financial transaction and consulting with a lawyer as well as a financial advisor are the initial steps you need to take. Experts also suggest adopting a business attitude to avoid getting tied emotionally to the home you are selling and prevent rational decisions.
Real Estate Forms
Iowa uses the same multi-state purchase agreement and proposal forms. The other documents involved in the sale of a residential property include the property condition report-inspection checklist, promissory note, escrow agreement, as-is addendum, counter offer, revocation of counter offer, release from purchase offer obligations, seller’s acceptance of purchase offer and contingency release form.
The purchase agreement is sometimes called the contract. It states the terms and conditions of the sale of a residential property, the price, names of the parties involved, location of the property, the time limits in obtaining a loan and moving into the home, among many others.
A property condition report discloses the state of the home being sold. It should provide information on the age of the house, the systems that are operating and those that are defective, the presence of pests and other environmental hazards like molds, radon and lead-based paint. If the house had been inspected by a professional inspection company, the report should be provided as well.
A counter offer or proposal is used when a home seller refuses to accept the purchase price being offered by the buyer. This is done after the buyer delivers his purchase agreement. The counter offer may ask for a higher purchase price and deposit, excluding some items from the sale, providing more time to vacate your home and a provision calling for your lawyer to approve the contract.
The escrow agreement, meanwhile, is a legal arrangement that involves the depositor, an escrow agent and a beneficiary. Escrow is actually a legal term that means money. This agreement is used when a down payment in the sale of a home is required. The contract normally calls for the buyer’s down payment to be paid to the seller’s lawyer, in escrow.
The closing is the final stage in the sale of a residential property. It is during this time that payments are made and ownership is transferred from the seller to the buyer through the title. This phase also entails the payment of certain fees called closing costs.
In Iowa, the closing fees may include those for the title insurance, recorded release of mortgage, transfer taxes, attorney’s fee and home inspections. Many home sellers now offer incentives to potential buyers by paying the closing costs. In some cases, both parties may agree on how to split the payment.
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