Iowa Purchase Agreement

This Residential Purchase Agreement sets forth the complete terms under which [[Seller Full Legal Name(s)]] agrees to sell and [[Buyer Full Legal Name(s)]] agrees to purchase the real property described herein. Governed by Iowa Code Chapters 558 (Conveyances) and 554A, together with standard Iowa real estate practices including the abstract-and-opinion title system., -

ARTICLE I, PARTIES AND PROPERTY

1. Seller

Seller: [[Seller Full Legal Name(s)]]

Current Address for Notices: [[Seller Current Address]]

If Seller is married, both spouses must execute this Agreement and the deed unless the property is Seller's separate property.

2. Buyer

Buyer: [[Buyer Full Legal Name(s)]]

Address for Notices: [[Buyer Address for Notices]]

Buyer shall take title as: [[Vesting, e.g. joint tenants with right of survivorship, tenants in common, or sole ownership]]

3. Property Description

Seller agrees to sell and convey to Buyer the real property located at:

[[Property Street Address]]
[[City]], Iowa [[ZIP Code]]
County of [[County Name]]

Legal Description (from current deed or title commitment):

[[Full Legal Description, include lot, block, subdivision, section, township, range, or metes and bounds as applicable]]

Parcel / Tax ID Number: [[Parcel or Tax Identification Number]]

The Property includes all improvements, structures, fixtures, and appurtenances attached to or forming a part of the real property, including built-in appliances, central systems, and items that customarily pass with the property under Iowa law, except as excluded in Section 5.

4. Personal Property Included in Sale

The following items of personal property are included in the purchase price and shall remain with the Property:

[[List of Included Personal Property, e.g. refrigerator, washer, dryer, window treatments, ceiling fans, garage door openers, or "All existing fixtures and appliances"]]

All included items shall be in the same condition at closing as on the Effective Date, ordinary wear and tear excepted.

5. Personal Property Excluded from Sale

The following items are excluded and shall be removed by Seller prior to closing:

[[List of Excluded Personal Property, e.g. specific light fixtures, staging furniture, or "None"]]

Seller shall repair any damage caused by removal., -

ARTICLE II, PURCHASE PRICE AND EARNEST MONEY

6. Purchase Price

The total purchase price is [[Purchase Price in Words]] Dollars ($[[Purchase Price Numerals]]).

Earnest Money Deposit: $[[Earnest Money Amount]] to be held in escrow by [[Escrow Holder / Title Company Name]].

Balance due at closing: Purchase Price less Earnest Money and any other credits or prorations.

Price Breakdown Table

7. Earnest Money

Earnest Money shall be deposited within [[Earnest Money Deposit Timeline, e.g. 3 business days]] after acceptance of this Agreement. It shall be held in a trust account. If Buyer defaults without contingency protection, Earnest Money may be forfeited to Seller as liquidated damages. If Seller defaults or a contingency is properly exercised, Earnest Money shall be returned to Buyer., -

ARTICLE III, TITLE AND SURVEY

8. Title Requirements, Iowa Abstract and Opinion System

Seller shall deliver marketable title free and clear of all liens, encumbrances, and defects except standard exceptions and those approved by Buyer.

In Iowa, the common practice is the abstract-and-opinion system:

• Seller shall provide a current abstract of title (or commitment for owner's title insurance) within [[Abstract Delivery Timeline, e.g. 10 business days]] after acceptance.
• Buyer's attorney shall examine the abstract and issue an opinion of title.
• At closing, Seller shall deliver a general warranty deed (or special warranty deed as agreed) in recordable form.

Title Insurance: [[Buyer to obtain owner's title insurance policy / Seller to provide owner's policy at Seller's expense / Other arrangement: [[Describe]]]]

Title Objections: Buyer shall have [[Title Review Period, e.g. 5 business days after receipt of abstract]] to object in writing to title defects. Seller shall have a reasonable time to cure.

9. Survey

Seller shall provide an existing survey if available. Buyer may obtain a new survey or staked survey at Buyer's expense within the inspection period if desired., -

ARTICLE IV, CONTINGENCIES AND DUE DILIGENCE

10. Financing Contingency

This Agreement is contingent upon Buyer obtaining a firm mortgage commitment on terms acceptable to Buyer within [[Financing Contingency Period, typically 21 to 30 days]] after acceptance.

If Buyer is unable to obtain financing despite good faith efforts, Buyer may terminate and receive return of Earnest Money by providing written notice prior to the deadline.

Loan Type: [[Conventional / FHA / VA / USDA / Cash / Other]]

Down Payment: Approximately [[Down Payment Percentage]]%

11. Inspection Contingency

Buyer shall have the right to have the Property inspected by qualified inspectors of Buyer's choice during a period of [[Inspection Period, typically 10 to 14 days]] after acceptance.

Buyer may:

1. Accept the Property in its present condition.

2. Request repairs or credits in writing.

3. Terminate this Agreement if inspections reveal material defects unacceptable to Buyer.

Seller shall provide reasonable access for inspections. Buyer shall restore the Property after inspections.

12. Appraisal Contingency

This Agreement is contingent upon the Property appraising for at least the Purchase Price. If the appraisal is lower, Buyer may renegotiate or terminate within [[Appraisal Response Period]] after receipt of appraisal.

13. Sale of Buyer's Current Home (if applicable)

[[This Agreement is / is not] contingent upon the sale and closing of Buyer's current residence at [[Buyer Current Home Address]]. Deadline: [[Home Sale Contingency Deadline]]]

14. HOA / Condominium Documents (if applicable)

If the Property is subject to an HOA or condominium regime, Seller shall deliver governing documents, financials, and resale certificate within [[HOA Document Delivery Days]] days. Buyer shall have [[HOA Review Period]] days to review and terminate if not acceptable.

14A. Property Disclosure Delivery Obligation

Pursuant to Iowa Code §558A, Seller shall deliver the completed Iowa Property Disclosure Statement (or equivalent written disclosure of known material defects) to Buyer prior to or at the time of making or accepting an offer. Delivery may be by personal delivery, certified mail, or as otherwise agreed. Failure to deliver timely may grant Buyer the right to rescind within five (5) business days of receipt (or as provided by law). This Agreement is contingent upon timely receipt and review of the required disclosure statement., -

ARTICLE V, CLOSING AND POSSESSION

15. Closing Date and Location

Closing shall occur on or before [[Closing Date]] at the office of [[Title Company or Closing Agent Name and Address]], or such other place as the parties agree.

Iowa does not require an attorney at closing, although it is common practice for one or both parties to be represented.

16. Prorations and Closing Costs

Taxes, assessments, HOA fees, rents, and utilities shall be prorated as of the closing date.

Transfer Tax (Documentary Stamp Tax): Iowa imposes a transfer tax of $1.60 per $1,000 of consideration (or fraction thereof). The tax is typically paid by the seller unless otherwise negotiated.

Closing Cost Allocation (subject to negotiation):
- Seller typically pays: transfer tax, owner's title policy (if agreed), abstract update.
- Buyer typically pays: lender fees, recording fees for mortgage, survey if ordered, lender's title policy.
- Other: [[Split or as negotiated]]

17. Possession

Possession shall be delivered at closing unless otherwise agreed in writing.

If possession is to be delivered after closing: Seller shall pay rent of $[[Per Diem Holdover Rent]] per day and maintain insurance until delivery of possession., -

ARTICLE VI, DEFAULT AND REMEDIES

18. Buyer Default

If Buyer defaults without legal excuse or contingency protection, Seller may:

1. Retain the Earnest Money as liquidated damages; or

2. Pursue specific performance or actual damages.

19. Seller Default

If Seller defaults, Buyer may:

1. Terminate and recover Earnest Money plus actual damages; or

2. Pursue specific performance.

20. Attorney Fees

The prevailing party in any action to enforce this Agreement shall be entitled to reasonable attorney fees and costs., -

ARTICLE VII, GENERAL PROVISIONS

21. Representations and Warranties

Seller represents that Seller has the legal right to sell the Property and that there are no undisclosed known material defects except as stated in the Property Disclosure Statement delivered separately.

22. Risk of Loss

Risk of loss remains with Seller until closing. If the Property is substantially damaged prior to closing, Buyer may terminate and receive return of Earnest Money, or proceed with an adjustment in price.

23. Entire Agreement

This Agreement, including any addenda and the Property Disclosure Statement, constitutes the entire agreement. No modification is binding unless in writing and signed by both parties.

24. Governing Law

This Agreement shall be governed by the laws of the State of Iowa. Any dispute shall be resolved in the courts of [[County]], Iowa.

25. Severability

If any provision is held invalid, the remaining provisions shall remain in full force.

26. Notices

All notices under this Agreement shall be in writing and delivered by personal delivery, certified mail, or electronic means with confirmation to the addresses first set forth above or such other address as a party designates in writing.

27. Time of Essence

Time is of the essence in all provisions of this Agreement.

28. Binding Effect

This Agreement shall be binding upon and inure to the benefit of the parties, their heirs, successors, and permitted assigns., -

ARTICLE VIII, SIGNATURES

Effective Date of Agreement: [[Effective Date, Date of Last Signature]]

Seller:

___________________________________
[[Seller Full Legal Name(s)]]
Date: [[Seller Signature Date]]

___________________________________
[[Seller Full Legal Name(s), Spouse if Required]]
Date: [[Seller Signature Date]]

Buyer:

___________________________________
[[Buyer Full Legal Name(s)]]
Date: [[Buyer Signature Date]]

___________________________________
[[Buyer Full Legal Name(s)]]
Date: [[Buyer Signature Date]], -

Broker / Agent Information (if applicable)

Listing Broker: [[Listing Broker / Company Name]]
Listing Agent: [[Listing Agent Name]], [[Phone / Email]]

Buyer's Broker: [[Buyer's Broker / Company]]
Buyer's Agent: [[Buyer's Agent Name]], [[Phone / Email]], -

Template, not professional (legal/financial/medical) advice. This is a sample residential purchase agreement for use in Iowa. Iowa uses an abstract-and-opinion title system. Transfer tax is $1.60 per $1,000. Verify all terms against current Iowa Code Chapters 558 and 554A, the specific transaction, and consult a licensed Iowa attorney. Earnest money, contingencies, and closing costs are negotiable.

Sources: Iowa Code Chapters 558 (Conveyances), 554A, and standard Iowa real estate practices (as of June 2026). Cross-checked with Iowa Bar resources and title industry guidelines., -

*End of Iowa Purchase Agreement*