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Iowa Resdential Purchase Agreement & Offer to Buy Real Estate and Acceptance Form

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Iowa Resdential Purchase Agreement & Offer to Buy Real Estate and Acceptance Form Page 2
Iowa Resdential Purchase Agreement & Offer to Buy Real Estate and Acceptance Form
SOME BASICS REGARDING REAL ESTATE TRANSACTIONS
MATTHEW J. HEKTOEN
SIMMONS PERRINE MOYER BERGMAN PLC
I. PURCHASE AGREEMENT.
A. Role of the Attorney.
The purchase agreement establishes and “locks in” the key terms of the real estate
transaction. These terms include purchase price, dates of closing and possession, contingencies,
description of real property conveyed, description of personal property included or excluded,
responsibility for insuring the property, and a number of other provisions. Unfortunately, all too
often purchase agreements are drafted by inexperienced persons. Real estate transactions are
usually the most important business transactions in which people engage, and, therefore, the
purchase agreement should be prepared with great care, preferably by an attorney or experienced
realtor and reviewed by the parties’ attorneys. This procedure is often not followed.
B. Typical Forms.
1. Iowa State Bar Association Iowa Docs Forms.
a. Residential Purchase Agreement.
Iowa Docs form 152. See Appendix A.
b. Offer to Buy Real Estate and Acceptance
Iowa Docs form 153. See Appendix B.
c. Residential Property Seller Disclosure Statement.
Iowa Docs form 155. See Appendix C.
d. Lead-Based Paint Disclosure – Sales (for dwellings built prior to
1978).
Iowa Docs form 156. See Appendix D.
2. Typical Realtor Form.
a. Iowa City Area Association of Realtors Purchase Agreement.
See Appendix E.
Iowa Resdential Purchase Agreement & Offer to Buy Real Estate and Acceptance Form
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