Iowa § 557A.14 Purchaser’s and developer’s rights relating to property report

Iowa Statutes

§ 557A.14 — Purchaser’s and developer’s rights relating to property report

Iowa § 557A.14

Title XIVPROPERTY

Ch. 557ATIME-SHARES

This text of Iowa § 557A.14 (Purchaser’s and developer’s rights relating to property report) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 557A.14 (2026).

Text

1.A purchaser may at any time within five business days following the receipt of all information required in sections 557A.11 and 557A.12 rescind in writing a contract of sale without stating any reason and without any liability on the purchaser’s part. All payments made by the purchaser before rescission shall be refunded within thirty days after receipt of the notice of rescission as provided in subsection 3.

2.The developer may cancel the contract of purchase without penalty to either person at any time within five business days after the receipt by the purchaser of the disclosure materials required in sections 557A.11 and 557A.12. The developer shall return all payments madeandthepurchasershallreturnallmaterialsreceivedingoodcondition,reasonablewear and tear excepted. If the material

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1. A purchaser may at any time within five business days following the receipt of all
information required in sections 557A.11 and 557A.12 rescind in writing a contract of sale
without stating any reason and without any liability on the purchaser’s part. All payments
made by the purchaser before rescission shall be refunded within thirty days after receipt of
the notice of rescission as provided in subsection 3.
2. The developer may cancel the contract of purchase without penalty to either person
at any time within five business days after the receipt by the purchaser of the disclosure
materials required in sections 557A.11 and 557A.12. The developer shall return all payments
madeandthepurchasershallreturnallmaterialsreceivedingoodcondition,reasonablewear
and tear excepted. If the materials are not returned, the developer may deduct their cost and
return the balance to the purchaser.
3. If either person elects to cancel a contract pursuant to subsection 1 or 2, the person
may do so by hand delivery or personal service, or electronic or prepaid United States mail
to the other person or to the person’s agent for service of process.
4. Material furnished under sections 557A.11 and 557A.12 may not be changed or
amended following delivery to a purchaser without the prior approval of the purchaser, if
the change or amendment would materially affect the rights of the purchaser. A copy of
amendments shall be delivered promptly to the purchaser.
5. A developer who makes a false or misleading statement of fact that reasonably could
affect the purchaser’s decision to enter into the contract of sale, or omits to include a fact, in
the information required to be disclosed under sections 557A.11 and 557A.12 shall be liable
to the purchaser for damages, and, at the election of the purchaser, the misrepresentation
shall be sufficient to void the contract for sale.
6. Rights of purchasers under this section shall not be waived in the contract of sale and
an attempt to waive is void.