This text of Iowa § 714F.5 (Notice of cancellation) 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.
1.The contract must contain in immediate proximity to the space reserved for the
foreclosed homeowner’s signature a conspicuous statement in a size equal to at least
fourteen point boldface type if the contract is printed, or in capital letters if the contract is
typed, as follows:
You may cancel this contract for the sale of your house without
any penalty or obligation at any time before ........................ (date
and time of day)
See the attached notice of cancellation form for an explanation of
this right.
Theforeclosurepurchasershallaccuratelyenterthedateandtime
of day on which the cancellation right ends.
2.The contract must be accompanied by a completed form in duplicate, captioned “notice
of cancellation” in a size equal to a twelve point boldface type if the contract is print
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1. The contract must contain in immediate proximity to the space reserved for the
foreclosed homeowner’s signature a conspicuous statement in a size equal to at least
fourteen point boldface type if the contract is printed, or in capital letters if the contract is
typed, as follows:
You may cancel this contract for the sale of your house without
any penalty or obligation at any time before ........................ (date
and time of day)
See the attached notice of cancellation form for an explanation of
this right.
Theforeclosurepurchasershallaccuratelyenterthedateandtime
of day on which the cancellation right ends.
2. The contract must be accompanied by a completed form in duplicate, captioned “notice
of cancellation” in a size equal to a twelve point boldface type if the contract is printed, or in
capital letters if the contract is typed, followed by a space in which the foreclosure purchaser
shall enter the date on which the foreclosed homeowner executes the contract. This form
must be attached to the contract, must be easily detachable, and must contain in type of at
least ten points if the contract is printed, or in capital letters if the contract is typed, the
following statement written in the same language as used in the contract:
NOTICE OF CANCELLATION
........................
(enter date contract signed)
You may cancel this contract for the sale of your house, without
anypenaltyorobligation,atanytimebefore............................ (enter
date and time of day)
To cancel this transaction, you may use any of the following
methods: (1) mail or otherwise deliver a signed and dated
copy of this cancellation notice; or (2) e-mail a notice of
cancellation to ................................................ (name of purchaser)
at .................................................................... (physical address of
purchaser’s place of business) ............................................ (e-mail
address of foreclosure consultant’s place of business)
Not later than ............................ (enter date and time of day)
I hereby cancel this transaction.
........................
(date)
........................................................
(seller’s signature)
3. The foreclosure purchaser shall provide the foreclosed homeowner with a copy of the
contract and the attached notice of cancellation at the time the contract is executed by all
parties.
4. The three business days during which the foreclosed homeowner may cancel the
contract shall not begin to run until all parties to the contract have executed the contract
and the foreclosure purchaser has complied with this section.