The bill amends existing Iowa law regarding the requirements for declarations of value and groundwater hazard statements when real property is conveyed. Specifically, it stipulates that a declaration of value must be submitted to the county recorder for each deed or instrument presented for recording, signed by at least one seller or buyer. If the property involves multiple parcels across different counties, separate declarations must be submitted for each county. The bill also clarifies that a declaration of value is not required for certain specified instruments, particularly in cases involving federal agencies or eminent domain.

Additionally, the bill introduces a requirement for a groundwater hazard statement to accompany each declaration of value submitted, with exceptions for specific deeds outlined in section 428A.2, subsection 22. This change aims to enhance transparency regarding potential groundwater hazards associated with the property being transferred. The amendments reflect a focus on environmental considerations in property transactions while streamlining the documentation process for real estate transfers in Iowa.

Statutes affected:
Introduced: 558.69
Reprinted: 428A.1, 428A.2