A sheriff’s deed is a deed that transfers or conveys title (ownership rights) in property purchased at a sheriff’s sale. A sheriff’s sale is typically ordered by a court after a person or entity fails to pay a court judgment against them (a judgment debtor) or when the property is the subject of a mortgage foreclosure.

Laws vary from state to state, but a debtor whose property is the subject of a mortgage foreclosure that was sold at a sheriff’s sale may have the right to redeem the property or the right to redemption of the property—paying the amount due and keeping the property—until confirmation of the sale is signed by the judge and filed by the court. This redemption period is usually defined by state statute and may be referred to as a statutory redemption period.

The lender (bank) that is foreclosing on the mortgage is often the high bidder that purchases the property at a sheriff’s sale. If another party is the high bidder at the sheriff’s sale, the lender (bank) may be able to get a deficiency judgment against the debtor (borrower or mortgagor) if the sale amount isn’t enough to pay the balance of the debt—depending on the state’s law.

In Iowa, a sheriff's deed is a legal document that transfers ownership of a property sold at a sheriff's sale, which typically occurs due to a court-ordered foreclosure or to satisfy a court judgment. Iowa law provides a statutory redemption period during which the debtor can reclaim the foreclosed property. This period allows the debtor to pay the full amount owed, including costs and interest, to retain ownership of the property. The redemption period in Iowa is generally one year from the date of the sale for residential properties, but it can vary based on specific circumstances and types of property. If the property is sold for less than the amount owed on the mortgage, the lender may seek a deficiency judgment against the debtor for the remaining balance, unless the loan was non-recourse or other specific conditions apply. It's important for debtors and purchasers at a sheriff's sale to understand these rights and obligations under Iowa law.