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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Iowa, a property disclosure statement is a legal requirement for most residential property sales. The Iowa Code Section 558A mandates that sellers of residential property disclose in writing any known material defects to potential buyers. This disclosure must be made before the buyer makes an offer, and it typically includes information about the condition of various aspects of the property, such as the electrical system, plumbing, heating, and cooling systems, as well as any structural issues or environmental hazards. The seller must complete the disclosure honestly and to the best of their knowledge. Failure to disclose known defects can lead to legal liability for the seller. However, the law does not require the seller to conduct any inspections to discover defects; the obligation is limited to disclosing known issues. There are some exceptions to this requirement, such as transfers between co-owners, transfers to a spouse or close relative, and new construction that has not been inhabited.

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Real property

property disclosure statement

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Iowa State Code

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Real property

property disclosure statement

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