Iowa Real Estate Practices

Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search, examination, opinion of title, signing, closing, disbursement, recording, preparation of documents, and/or policy-issuance.

Does your state permit or require a cancellation fee or commitment fee upon cancellation?

If anyone other than the lender (such as a title agent, settlement agent, underwriter or attorney) has the authority to release the security instrument, please describe.

Please describe the kinds of deeds that are customary for commercial and residential transactions. Please describe the kinds of deeds that are generally not insurable.

Is there a good funds requirement in your state?

If a non-title holding spouse is required to join in the execution of a deed or a security instrument, please describe. Any analogous rights, such as those in a civil union or equivalent, should also be addressed.

Is there a mortgage tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Who customarily pays for:

Please describe any statutory or regulatory requirements for countersignatures in order to issue the policy (for example, residency requirements).

Please describe the general tax year, due dates, and delinquency dates, including lien dates and payment cycle.

Is there a minimum period of time for a title search required: (a) by state law, (b) pursuant to marketable record title acts, or (c) by any other applicable title examination standards (e.g., state bar association)? Please respond to each category. If a minimum search period exists for any category, please state it.

Is it permissible and/or customary to charge a separate search and/or examination fee, and under what circumstances? If your jurisdiction is all-inclusive, please state that.

Please describe the customary and permissible form(s) of security instruments used in your state.

Please identify the standard exceptions and requirements that are customarily used in your state.

If there are state-specific changes to the provisions in the ALTA policies (e.g., Arbitration, Minerals), please describe.

Please describe the form and/or rate filing requirements, if any, related to policies and endorsements. Please describe any applicable rating bureau.

Is there a transfer tax in your state? If yes, is it uniform across the state or does it vary? If it is uniform, please describe.

Is usury coverage available?

What are your state’s requirements, if any, with regard to withholding proceeds from a sale, similar to but not including FIRPTA?

Are witnesses required on a deed or security instrument? If so, please describe.