§ 558.46

558.46 Mandatory recording of certain residential real estate installment sales contracts. 1. Every real estate installment sales contract transferring an interest in residential property shall be recorded by the contract seller with the county recorder in the county inwhich the real estate is situated not later than ninety days from the date the contract wassigned by the contract seller and contract purchaser. 2. Failure to record a real estate contract required to be recorded by this section by the contract seller within the specified time limit is punishable by a fine not to exceed one hundreddollars per day for each day of violation. The county recorder shall record a real estatecontract presented for recording even though not presented within ninety days of the signingof the contract. The county recorder shall forward to the county attorney a copy of each realestate contract recorded more than ninety days from the date the contract was signed by thecontract seller and contract purchaser. The county attorney shall initiate action in the districtcourt to enforce the provisions of this section.

nety days from the date the contract was signed by thecontract seller and contract purchaser. The county attorney shall initiate action in the districtcourt to enforce the provisions of this section. Fines collected pursuant to this subsectionshall be deposited in the general fund of the county. 3. Failure to timely record shall not invalidate an otherwise valid real estate contract. However, a contract seller is prohibited from initiating forfeiture proceedings on the basisof a failure to comply with the terms of a real estate contract, if the contract has not beenrecorded. 4. If a real estate contract is required to be recorded under this section, the requirement is satisfied by recording either the entire real estate contract or a memorandum of the contractcontaining at least the names and addresses of all parties named in the contract, a descriptionof all real property and interests in the real property subject to the contract, the length of thecontract, and a statement as to whether the seller is entitled to the remedy of forfeiture andas to the dates upon which payments are due. 5.

e real property subject to the contract, the length of thecontract, and a statement as to whether the seller is entitled to the remedy of forfeiture andas to the dates upon which payments are due. 5. This section applies to residential real estate installment sales contracts entered into before, on, or after July 1, 1998. However, such contracts entered into before July 1, 1998,shall not be subject to the fine in subsection 2. 6. If a contract seller is subject to the requirements of section 558.70, the contract must be recorded within thirty days rather than ninety days and the recording requirement is onlysatisfied by recording the real estate contract rather than a memorandum of the contract. 98 Acts, ch 1120, §1; 2002 Acts, ch 1136, §3, 6; 2010 Acts, ch 1058, §1, 2; 2013 Acts, ch 123, §29, 30; 2021 Acts, ch 20, §12, 14, 15 2021 repeal of former subsection 5 applies to assessment years beginning on or after January 1, 2022; 2021 Acts, ch 20, §15 Sat Dec 23 11:05:43 2023 Iowa Code 2024, Section 558.46 (32, 0)