We work with buyers, sellers, real estate agents, and banks to plan and close residential, agricultural, and commercial real estate transactions. For rental situations, we advise landlords and tenants in creating and terminating leases. Our firm also advises landowners and other interested parties in disputed issues, such as breaches of contract, disclosure deficiencies and misrepresentations, ownership and property line disputes, restrictions such as easements and covenants, drainage issues, eminent domain, partitions, tax sales, and foreclosures and forfeitures.
Overview of Iowa Real Estate Transactions
In Iowa, a real estate transaction generally involves a purchase agreement, title examination, and closing:
Negotiating and drafting a purchase agreement between the parties: We assist buyers and sellers with negotiating and drafting terms.
Review and examination of title: To ensure good title is being conveyed from seller to buyer, an attorney will examine an Abstract of Title, showing all transactions of record affecting a piece of property. The examining attorney will then draft a title opinion showing any defects needing correction and requirements for seller to convey title. Alternatively, in certain circumstances, we can assist parties in obtaining a title insurance policy and explaining the different options.
Closing of transaction: When good title is ensured, our firm will draft or review deeds, affidavits, and other documents necessary to properly convey title. Additionally, we will prepare and handle the closing of a transaction, including the receipt of purchase price, the payment of closing costs, and distribution of proceeds.
Closing costs in a typical transaction include:
Transfer Tax (also known as revenue stamps), equal to $1.60 per $1,000.00 of property transferred, with the first $500.00 exempt;
Abstract updating costs;
Attorney fees associated with title opinions, deed preparation, and closing of the transaction;
Prorated property taxes; and
Recording costs.
Contact Kate Kohorst (kate@kohorstlaw.com) or Daniel Fischer (daniel@kohorstlaw.com) for your real estate law questions.
HELPFUL Real Estate LAW RESOURCES:
Iowa State Bar Association Guide to Buying a Home
Iowa Legislative Guide on Landlord-Tenant Law