Iowa Code 714F.3 – Contract terms
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 714F.3
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
714F.3 Contract terms.
1. A contract required by § 714F.2 must contain the entire agreement of the parties and shall include all the following terms:
a. The real name, business address, and the telephone number of the foreclosure purchaser.
b. The address of the residence in foreclosure.
c. The total consideration to be given by the foreclosure purchaser in connection with or incident to the sale.
d. A complete description of the terms of payment or other consideration including but not limited to any services of any nature that the foreclosure purchaser represents the foreclosure purchaser will perform for the foreclosed homeowner before or after the sale.
e. The time at which possession is to be transferred to the foreclosure purchaser.
f. A complete description of the terms of any related agreement designed to allow the foreclosed homeowner to remain in the home including but not limited to a rental agreement, repurchase agreement, contract for deed, or lease with option to buy.
g. A notice of cancellation as provided in § 714F.5.
h. The following notice in at least fourteen point boldface type, if the contract is printed or in capital letters if the contract is typed, and completed with the name of the foreclosure purchaser, immediately above the statement required by § 714F.5:
NOTICE REQUIRED BY IOWA LAW
Until your right to cancel this contract has ended,
……………………………………………. (name) or anyone working for
…………………………………….. (name) CANNOT ask you to sign or have you sign any deed or any other document.
2. The contract required by section 714F.2 survives delivery of any instrument of conveyance of the residence in foreclosure, but has no effect on persons other than the parties to the contract.
2008 Acts, ch 1125, §12, 19; 2009 Acts, ch 133, §181
1. A contract required by § 714F.2 must contain the entire agreement of the parties and shall include all the following terms:
a. The real name, business address, and the telephone number of the foreclosure purchaser.
b. The address of the residence in foreclosure.
c. The total consideration to be given by the foreclosure purchaser in connection with or incident to the sale.
d. A complete description of the terms of payment or other consideration including but not limited to any services of any nature that the foreclosure purchaser represents the foreclosure purchaser will perform for the foreclosed homeowner before or after the sale.
e. The time at which possession is to be transferred to the foreclosure purchaser.
f. A complete description of the terms of any related agreement designed to allow the foreclosed homeowner to remain in the home including but not limited to a rental agreement, repurchase agreement, contract for deed, or lease with option to buy.
g. A notice of cancellation as provided in § 714F.5.
h. The following notice in at least fourteen point boldface type, if the contract is printed or in capital letters if the contract is typed, and completed with the name of the foreclosure purchaser, immediately above the statement required by § 714F.5:
NOTICE REQUIRED BY IOWA LAW
Until your right to cancel this contract has ended,
……………………………………………. (name) or anyone working for
…………………………………….. (name) CANNOT ask you to sign or have you sign any deed or any other document.
2. The contract required by section 714F.2 survives delivery of any instrument of conveyance of the residence in foreclosure, but has no effect on persons other than the parties to the contract.
2008 Acts, ch 1125, §12, 19; 2009 Acts, ch 133, §181