Under Iowa disclosure law, a seller who makes a good faith disclosure of a known defect:
Correct Answer
B) Is generally protected from liability for that honestly disclosed defect
Under Iowa Code Chapter 558A, a seller who honestly and in good faith discloses a known defect on the Residential Property Disclosure form is generally protected from liability arising from that disclosed condition. The purpose of the disclosure requirement is to inform buyers while providing sellers protection when they act transparently and honestly.
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Related Topics & Key Terms
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Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
More Mandated Disclosures Questions
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- → In Vermont, covered pre-1978 property is shown to a buyer. Which statement is correct?
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- → Which Oklahoma rule applies when a seller wants to use the Oklahoma disclaimer statement instead of a disclosure statement?
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