§ 558.46 — Mandatory recording of certain residential real estate installment sales contracts

Iowa § 558.46

• Jurisdiction: Iowa
• Title XIV: PROPERTY
• Ch. 558: CONVEYANCES

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1. Every real estate installment sales contract transferring an interest in residential
property shall be recorded by the contract seller with the county recorder in the county in
which the real estate is situated not later than ninety days from the date the contract was
signed by the contract seller and contract purchaser.
2. Failure to record a real estate contract required to be recorded by this section by the
contractsellerwithinthespecifiedtimelimitispunishablebyafinenottoexceedonehundred
dollars per day for each day of violation. The county recorder shall record a real estate
contract presented for recording even though not presented within ninety days of the signing
of the contract. The county recorder shall forward to the county attorney a copy of each real
estate contract recorded more than ninety days from the date the contract was signed by the
contract seller and contract purchaser. The county attorney shall initiate action in the district
court to enforce the provisions of this section. Fines collected pursuant to this subsection
shall be deposited in the general fund of the county.
3. Failure to timely record shall not invalidate an otherwise valid real estate contract.
However, a contract seller is prohibited from initiating forfeiture proceedings on the basis
of a failure to comply with the terms of a real estate contract, if the contract has not been
recorded.
4. If a real estate contract is required to be recorded under this section, the requirement is
satisfied by recording either the entire real estate contract or a memorandum of the contract
containing at least the names and addresses of all parties named in the contract, a description
of all real property and interests in the real property subject to the contract, the length of the
contract, and a statement as to whether the seller is entitled to the remedy of forfeiture and
as to the dates upon which payments are due.
5. This section applies to residential real estate installment sales contracts entered into
before, on, or after July 1, 1998. However, such contracts entered into before July 1, 1998,
shall not be subject to the fine in subsection 2.
6. If a contract seller is subject to the requirements of section 558.70, the contract must
be recorded within thirty days rather than ninety days and the recording requirement is only
satisfied by recording the real estate contract rather than a memorandum of the contract.