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 those related to federal agencies or public land acquisitions through eminent domain.

Additionally, the bill introduces a requirement that a groundwater hazard statement must accompany each declaration of value submitted, with exceptions for specific deeds outlined in section 428A.2, subsection 22. This amendment aims to enhance transparency regarding potential groundwater hazards associated with property transactions, ensuring that buyers and sellers are informed of any risks before completing a property transfer.

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