Wapello County Real Estate Contract-Installments Form

Wapello County Real Estate Contract-Installments Form
Fill in the blank Real Estate Contract-Installments form formatted to comply with all Iowa recording and content requirements.

Wapello County Real Estate Contract-Installments Guide
Line by line guide explaining every blank on the Real Estate Contract-Installments form.

Wapello County Completed Example of the Real Estate Contract-Installments Document
Example of a properly completed Iowa Real Estate Contract-Installments document for reference.

Wapello County Contract Disclosure Form
Required by seller for certain residential property.

Wapello County Lead Based Paint Disclosure Form
Required for residential property built before 1978.

Wapello County Protect your family from lead based paint
Issue to buyers if lead based paint disclosure is required.

Wapello County Annual Accounting Statement Form
Issue to buyers at end of year for fiscal year reporting, interest paid, etc.
All 7 documents above included • One-time purchase • No recurring fees
Immediate Download • Secure Checkout
Additional Iowa and Wapello County documents included at no extra charge:
Where to Record Your Documents
Wapello County Recorder
Ottumwa, Iowa 52501
Hours: 8:00am to 4:30pm Monday through Friday
Phone: (641) 683-0045
Recording Tips for Wapello County:
- Documents must be on 8.5 x 11 inch white paper
- White-out or correction fluid may cause rejection
- Ask about their eRecording option for future transactions
- Recording fees may differ from what's posted online - verify current rates
Cities and Jurisdictions in Wapello County
Properties in any of these areas use Wapello County forms:
- Agency
- Blakesburg
- Chillicothe
- Eddyville
- Eldon
- Kirkville
- Ottumwa
Hours, fees, requirements, and more for Wapello County
How do I get my forms?
Forms are available for immediate download after payment. The Wapello County forms will be in your account ready to download to your computer. An account is created for you during checkout if you don't have one. Forms are NOT emailed.
Are these forms guaranteed to be recordable in Wapello County?
Yes. Our form blanks are guaranteed to meet or exceed all formatting requirements set forth by Wapello County including margin requirements, content requirements, font and font size requirements.
Can I reuse these forms?
Yes. You can reuse the forms for your personal use. For example, if you have multiple properties in Wapello County you only need to order once.
What do I need to use these forms?
The forms are PDFs that you fill out on your computer. You'll need Adobe Reader (free software that most computers already have). You do NOT enter your property information online - you download the blank forms and complete them privately on your own computer.
Are there any recurring fees?
No. This is a one-time purchase. Nothing to cancel, no memberships, no recurring fees.
How much does it cost to record in Wapello County?
Recording fees in Wapello County vary. Contact the recorder's office at (641) 683-0045 for current fees.
Questions answered? Let's get started!
In Iowa, a "Real Estate Contract–Installments" (commonly referred to as a contract for deed or installment land contract) is an agreement in which the seller finances the purchase of real estate for the buyer. The buyer makes payments over time, but the seller retains legal title to the property until the contract is fully paid.
When Applicable:
A real estate contract for installments is commonly used in the following situations:
1. Buyer Cannot Obtain Traditional Financing:
Buyers who are unable to secure a traditional mortgage due to poor credit, lack of credit history, or other financial barriers may use a real estate contract.
The seller essentially acts as the lender, providing an alternative to bank financing.
2. Seller-Owned Properties:
The property is owned outright by the seller, and the seller agrees to sell the property under a financing arrangement.
3. Vacant Land or Unique Properties:
Installment contracts are often used for rural or vacant land, or for properties that might not qualify for traditional financing.
4. Investor Arrangements:
Real estate investors sometimes use installment contracts to purchase properties while deferring full payment.
5. Tax Advantages for Sellers:
A seller may prefer an installment sale for tax purposes because the capital gains tax is spread out over the term of the payments.
________________________________________
Key Features of an Iowa Real Estate Contract–Installments:
1. Retention of Legal Title:
The seller retains legal title to the property until the buyer fulfills the terms of the contract (usually full payment of the purchase price).
2. Possession Rights:
The buyer typically takes possession of the property and assumes responsibility for taxes, insurance, and maintenance.
3. Payment Structure:
Payments are made in regular installments over a specified period, often including principal and interest.
4. Default and Termination:
If the buyer defaults, Iowa law provides specific protections and procedures for termination, including potential forfeiture of payments and the return of property to the seller.
________________________________________
Legal Requirements in Iowa:
Iowa Code § 558.46 outlines specific requirements for installment real estate contracts, including:
1. Written Agreement:
The contract must be in writing and signed by both parties.
2. Recording Requirements:
The seller must record the contract with the county recorder where the property is located within 180 days of execution. Failure to do so can lead to penalties and make the contract unenforceable.
3. Disclosure Statement:
Iowa Code § 558.70 requires sellers to provide a disclosure statement detailing the terms of the contract (e.g., purchase price, interest rate, payment schedule, and property description).
4. Forfeiture or Foreclosure:
If a buyer defaults, the seller may pursue forfeiture under Iowa Code Chapter 656 or foreclosure through court proceedings. Forfeiture is faster but generally results in the buyer losing all payments made.
________________________________________
Advantages and Disadvantages:
Advantages for Buyers:
Easier access to property ownership without traditional financing.
Flexible terms negotiated directly with the seller.
Immediate possession and use of the property.
Disadvantages for Buyers:
Higher risk of forfeiture if unable to meet payment terms.
No legal title until the contract is fulfilled.
Potentially higher costs than traditional financing.
Advantages for Sellers:
Ability to sell property without requiring the buyer to obtain financing.
Opportunity to earn interest on the sale price.
Retention of legal title as security for the agreement.
Disadvantages for Sellers:
Risk of buyer default.
Responsibility for legal action in case of default or disputes.
________________________________________
Situations Requiring Legal Advice:
1. Complex Terms: Buyers or sellers negotiating complex installment contracts should seek legal advice to ensure fair terms and compliance with Iowa law.
2. Default: Understanding rights and remedies in the event of a default is crucial for both parties.
3. Disclosures and Recording: Ensuring compliance with Iowa Code §§ 558.46 and 558.70 is essential to avoid penalties and legal issues.
For a valid and enforceable agreement, both parties should consult a real estate attorney to draft or review the contract.
In Iowa, real estate installment contracts—commonly known as contracts for deed—are governed by specific statutes designed to protect both buyers and sellers. Key provisions include:
Mandatory Recording of Contracts:
• Iowa Code § 558.46: Sellers must record residential real estate installment sales contracts with the county recorder where the property is located within 90 days of execution. Failure to record prohibits the seller from initiating forfeiture proceedings based on contract non-compliance.
• Iowa Code § 558.46 (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.
Contract Disclosure Requirements:
• Iowa Code § 558.70: Before executing a residential real estate installment sales contract, sellers must provide buyers with a written disclosure statement. This statement should include details such as the property's assessed value, any due property taxes or special assessments, existing mortgages or liens, a complete amortization schedule, interest rates, and any balloon payments. The disclosure ensures transparency and informs buyers of their rights and obligations.
Forfeiture Procedures:
• Iowa Code Chapter 656: This chapter outlines the procedures for forfeiture of real estate contracts in cases of buyer default. It specifies the notice requirements and timelines that sellers must follow to terminate the contract legally.
Real Estate Disclosures:
• Iowa Code Chapter 558A: This chapter mandates that sellers provide a disclosure statement to buyers, detailing the condition and characteristics of the property. The disclosure must be provided at least seven days before the execution of a real estate installment sales contract.
These statutes aim to ensure transparency, protect the interests of both parties, and maintain fair practices in real estate transactions involving installment contracts in Iowa.
Important: Your property must be located in Wapello County to use these forms. Documents should be recorded at the office below.
This Real Estate Contract-Installments meets all recording requirements specific to Wapello County.
Our Promise
The documents you receive here will meet, or exceed, the Wapello County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.
Save Time and Money
Get your Wapello County Real Estate Contract-Installments form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.
4.8 out of 5 - ( 4573 Reviews )
Anne J.
September 25th, 2023
I could not be happier with the service. Shortly after I uploaded my documents, my package was prepared and invoiced. It was only minutes before the document was recorded with the County I selected and returned to me with their seal for download.
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Jo A B.
June 18th, 2022
Clean crisp website with helpful information; however. If the site states the following files are included, a single .zip, .rar, , ,download should be available instead of individual.
Thank you for your feedback. We really appreciate it. Have a great day!
jonathan f.
June 12th, 2020
I had a one time event. The website instructions were straightforward; the job was completed quickly; the cost was modest. I am completely satisfied and will not hesitate to use again.
We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Walton A.
February 3rd, 2022
Thanks ..this was very helpful and easy!
Thank you!
Samuel Shera Singh B.
November 6th, 2022
I found the documents I needed and so many more that I will utilize for business, personal and family needs. Also I made a purchase of an additional document I did not need that serves the same purpose as one I purchased and Deeds.com had no issue refunding the unnecessary document in an unbelievably quick response and refund. I would recommend this document provider to everyone including legal office management.
Thank you for your feedback. We really appreciate it. Have a great day!
Jenny E.
March 21st, 2021
I thought the website was good. But once I paid the money and downloaded the papers I needed for Grays Harbor. I had to end up calling a escrow company that we had worked with only to find out that they work with a slightly different version. The escrow company was kind enough to email me the version Grays Harbor recommends and uses. There is a chance I could use theses in the future.
Thank you for your feedback. We really appreciate it. Have a great day!
Nawal F.
June 1st, 2023
Friendly user
Thank you!
Eric G.
October 22nd, 2021
Need to offer option to download ALL forms as a single (bookmarked) PDF, rather than as separates... Quite inefficient as is.
Thank you for your feedback. We really appreciate it. Have a great day!
Larry B.
May 18th, 2021
Poor quality document. Deed did not contain space for mandatory rax info required.
Thank you for your feedback Larry. We do hope that you found something more suitable to your needs elsewhere. Have a wonderful day.
RICHARD MANUEL F.
January 26th, 2023
I never could even think to solve an important issue involving even overseas individuals without even a lawyer within 24 h. This service works for real and I'll keep using it from now for any future needs, referring to and proposing it as a legitimate, trusted real Optimus service. I'm extremely satisfied and being a Public Official myself I got to say that these guys have really impressed me!
Thank you!
Armando R.
February 17th, 2021
Great service, quick and affordable. Thank you!
Thank you!
Katherine S.
July 11th, 2022
This was easy!!
Thank you!
Jose R.
January 16th, 2020
User friendly. Smooth transaction. I saved a lot of time
Thank you for taking the time to leave your feedback Jose, we really appreciate it. Have a fantastic day!
Robert K.
September 6th, 2022
Easy site to use. Well worth the time spent to complete the form.
Thank you!
Joan L. W.
June 9th, 2021
Excellent Service
Thank you!