Whenever any real estate property is sold, a written agreement should be used to document the transaction and to set forth the terms between the Seller and the Buyer. Unless the contract is in writing it will generally not be enforceable.

The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is assuming an existing loan.

When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.

These are just some of the important provisions included in this Iowa Residential Real Estate Sale Contract:

• Parties: Identifies the Seller and Buyer involved in the transaction;
• Property to be Sold: Specific property being sold, including a legal description;
• Price and Payment: The price for the property and when and how payments are to be made;
• Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
• Contingencies: Allows certain contingencies with regard to the property;
• Removal Of Contingencies: What happens if contingencies are not removed;
• Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
• Condition of the Property: Defines the condition of the property
• Inspection: Mechanical, Pest and other inspections ;
• Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
• Utilities: How utilities will be handles;
• Casualty Loss: Defined who bears the risk of loss;
• Title: Transfer of title from seller to buyer;
• Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
• Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
• Delivery Of Deed: When and how the Deed will be transferred;
• Closing And Possession of Property: Time and manner of closing and when possession occurs;
• Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
• Obligations at Closing: Seller's and Buyer's obligation at closing;
• Closing costs: checklist for who is responsible for which closing costs;
• Defaults And Remedies: What happens in case of defaults and the remedies thereto;
• Disputes: Sets forth how disputes may be settled

This lawyer-prepared packet includes the following:

1. Residential Real Estate Sale Contract Instructions and Checklist
2. Information about Residential Real Estate Sale Contract
3. Iowa Residential Real Estate Sale Contract
4. Earnest Money Receipt
5. Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.

State Law Compliance: This form complies with the laws of Iowa