Iowa Real Estate Purchase Agreement
This Iowa Real Estate Purchase Agreement ("Agreement") is made on [Insert Date] by and between [Seller's Full Name] ("Seller") and [Buyer's Full Name] ("Buyer"). The parties hereby agree as follows, in accordance with the laws of the State of Iowa, particularly the Iowa Real Estate Commission rules and regulations where applicable:
1. Property Description
The real property to be sold under this Agreement is located at [Insert Property Address], in the county of [Insert County], State of Iowa, legally described as follows: [Insert Legal Description]. Hereinafter referred to as the "Property".
2. Purchase Price and Terms
The total purchase price for the Property shall be [$Insert Purchase Price] USD. The payment terms are as follows:
- Initial deposit of [$Insert Amount] due with the execution of this Agreement.
- Additional deposit of [$Insert Amount] due by [Insert Date].
- Balance of the purchase price due at closing, through certified funds.
3. Closing and Possession
The closing of this sale shall take place on [Insert Closing Date], at which time ownership of the Property shall be transferred from the Seller to the Buyer, and the Buyer shall take possession of the Property. The closing shall occur at [Insert Location of Closing], or at any other location mutually agreed upon by both parties.
4. Disclosures
Seller agrees to provide Buyer with all disclosures required by the State of Iowa, including but not limited to, any disclosures relating to lead-based paint, radon, and any material defects known to the Seller affecting the Property's value or habitability.
5. Inspections
Buyer shall have the right to conduct, at Buyer's expense, any inspections of the Property prior to closing. This may include but is not limited to, inspections for structural defects, termite infestation, and environmental hazards. If the inspection reveals any condition that Buyer reasonably deems unsatisfactory, Buyer may, at Buyer's sole discretion, terminate this Agreement and receive a refund of the earnest money deposit, or negotiate with Seller for repairs or adjustments to the purchase price.
6. Title and Title Insurance
Seller agrees to convey a good and marketable title to the Property, free and clear of all encumbrances, except as specifically set forth in this Agreement. At or before closing, Seller shall provide Buyer with a title insurance policy issued by a company qualified to issue title insurance in the State of Iowa, insuring Buyer against loss under the provisions of the policy, subject to the exceptions noted therein and the standard printed exceptions. The cost of the owner's title insurance policy shall be paid for by [Insert whether Seller or Buyer is responsible for payment].
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Iowa, without regard to its conflict of laws principles.
8. Entire Agreement
This Agreement, including any attachments and exhibits hereto, constitutes the entire agreement between the parties pertaining to its subject matter and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, of the parties. Any amendments to this Agreement must be in writing and signed by both Seller and Buyer.
9. Signatures
This Agreement shall be executed by both Seller and Buyer as an indication of their acceptance of the terms herein. Additional provisions, attachments, or amendments to this Agreement must be signed by both parties to be valid.
Seller's Signature: _______________________ Date: ___________
Buyer's Signature: _______________________ Date: ___________
