Real Estate Law in Harlan, Iowa
We represent buyers, sellers, real estate agents, banks, and other parties to successfully plan, review, and complete real estate transactions. In addition, we assist parties when real estate disputes arise.
Real Estate Transactions
In Iowa, a real estate transaction generally involves a purchase agreement, title examination, and closing:
- Negotiating and drafting a purchase agreement between the parties: We represent buyers and sellers with negotiating purchase agreements, or we can simply draft terms that have already been agreed upon by the parties.
- Review and examination of title: To ensure good title is being conveyed from seller to buyer, an attorney will examine an Abstract of Title, showing all transactions of record affecting a piece of property. The examining attorney will then draft a title opinion showing any defects needing correction. Alternatively, in certain circumstances, we can assist parties in obtaining a title insurance policy and explaining the different options.
- Closing of transaction: When good title is ensured, our firm will draft or review deeds, affidavits, and other documents necessary to properly convey title. Additionally, we will prepare and handle the closing of a transaction, including the receipt of purchase price, the payment of closing costs, and distribution of proceeds.
General Guide to Closing Costs in Iowa:
Although the party who pays specific closing costs can be negotiated, a typical real estate transaction involves the following estimated closing costs:
- Transfer Tax: $1.60 per thousand of property transferred, with the first $500.00 exempt (Seller)
- Abstract Update: $200-$500 (Seller)
- Title Opinion/Title Insurance: $175 to $350 (Buyer)
- Prorated Property Tax: Property taxes accrued during the fiscal year that are currently not paid (Seller)
- Deed preparation and real estate closing: Hourly rate dependent upon complexity of transaction (Seller)
- Recording Costs: Warranty Deed and Mortgage: $12 minimum/document (Buyer); other documents recorded for clearance of title: $12 minimum/document (Seller)
Real Estate Litigation
Our firm is experienced in handling a wide variety of real estate disputes. These include breaches of contract, disclosure deficiencies and misrepresentations, ownership and property line disputes, restrictions such as easements and covenants, drainage issues, eminent domain, partitions, tax sales, and foreclosures and forfeitures.
We assist landlords in drafting rental agreements, terminating tenancies, evicting noncompliant tenants, and collections.