558.70 Contract disclosure statement required for certain residential real estate installment sales. 1. Prior to executing a residential real estate installment sales contract, the contract seller shall deliver a written contract disclosure statement to the contract purchaser which shallclearly set forth the following information: a. If the real estate subject to the contract has been separately assessed for property tax purposes, the current assessed value of the real estate. b. (1) A complete description of any property taxes due and payable on the real estate and a complete description of any special assessment on the real estate and the term of theassessment. (2) Information on whether any property taxes or special assessments are delinquent and whether any tax sale certificates have been issued for delinquent property taxes or specialassessments on the real estate. c. A complete description of any mortgages or other liens encumbering or secured by the real estate, including the identity and address of the current owner of record with respect toeach such mortgage or lien, as well as a description of the total outstanding balance and duedate under any such mortgage or lien. d. dentity and address of the current owner of record with respect toeach such mortgage or lien, as well as a description of the total outstanding balance and duedate under any such mortgage or lien. d. A complete amortization schedule for all payments to be made pursuant to the contract, which amortization schedule shall include information on the portion of each payment to beapplied to principal and the portion to be applied to interest. e. If the contract requires a balloon payment, a complete description of the balloon payment, including the date the payment is due, the amount of the balloon payment, andother terms related to the balloon payment. For purposes of this paragraph, a 'balloonpayment' is any scheduled payment that is more than twice as large as the average of earlierscheduled payments. f. The annual rate of interest to be charged under the contract. g. A statement that the purchaser has a right to seek independent legal counsel concerning the contract and any matters pertaining to the contract. h. A statement that the purchaser has a right to receive a true and complete copy of the contract after it has been executed by all parties to the contract. i. any matters pertaining to the contract. h. A statement that the purchaser has a right to receive a true and complete copy of the contract after it has been executed by all parties to the contract. i. The mailing address of each party to the contract.j. If the contract is subject to forfeiture, a statement that if the purchaser does not comply with the terms of the contract, the purchaser may lose all rights in the real estate and all sumspaid under the contract. 2. The contract disclosure statement shall be dated and signed by each party to the contract, and the contract purchaser shall be provided a complete copy of the contract at thetime the disclosure statement is delivered to the contract purchaser pursuant to subsection 1. 3. Within five days after a residential real estate installment sales contract has been executed by all parties to the contract, the contract seller shall mail a true and correct copy ofthe contract by regular first class mail to the last known address of each contract purchaser.However, this requirement is satisfied as to any purchaser who acknowledges in writing thatthe purchaser has received a true and correct copy of the fully executed contract. 4. ach contract purchaser.However, this requirement is satisfied as to any purchaser who acknowledges in writing thatthe purchaser has received a true and correct copy of the fully executed contract. 4. This section applies to a contract seller who entered into four or more residential real estate contracts in the three hundred sixty-five days previous to the contract seller signing thecontract disclosure statement. For purposes of this subsection, two or more entities sharinga common owner or manager are considered a single contract seller. This section does notapply to a person or organization listed in section 535B.2, subsections 1 through 6. 5. A violation of this section affects title to property only as provided in section 558.71.6. For purposes of this section, 'residential real estate' means a residential dwelling containing no more than two single-family dwelling units, which is not located on a tract ofland used for agricultural purposes as defined in section 535.13. 7. This section and any rules adopted to administer this section shall not limit or abridge Sat Dec 23 11:05:53 2023 Iowa Code 2024, Section 558.70 (17, 0) §558.70, CONVEYANCES 2 any duty, requirement, This section and any rules adopted to administer this section shall not limit or abridge Sat Dec 23 11:05:53 2023 Iowa Code 2024, Section 558.70 (17, 0) §558.70, CONVEYANCES 2 any duty, requirement, obligation, or liability for disclosure created by any other provision oflaw, or under a contract between the parties. 2002 Acts, ch 1136, §1, 6; 2005 Acts, ch 83, §9, 10; 2007 Acts, ch 22, §99; 2008 Acts, ch 1160, §36 Referred to in §558.46, 558.71, 558A.4, 714.8 Sat Dec 23 11:05:53 2023 Iowa Code 2024, Section 558.70 (17, 0)
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