Iowa City

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Attorneys may conduct closings, and so may real estate agents. Conveyance is usually by warranty deed. Mortgages and deeds of trust are both authorized security instruments, but lenders prefer mortgages because deeds of trust do not circumvent judicial foreclosure proceedings anyway. Those proceedings take at least 4 -6 months. Since Iowa is the only state which does not authorize private title title insurance, Iowans who want it must go through a state administered title company or fund. Buyers and sellers share the closing costs; sellers pay the documentary taxes. Property taxes are due July 1st based upon the previous January’s assessment.

Due July 1st

Yes. Key components of property management (renting, leasing and collecting rent) are considered real estate activities under existing Iowa real estate licensing laws. According to statute, if a property manager is going to lease, rent, manage, list, collect rent, procure prospects or negotiate, assist, prepare residential rental agreements, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

Yes. For example, resident managers are exempt. For more information about these and other Iowa property management requirements and exceptions, please contact the Iowa Real Estate Commission. Before hiring a property manager to manage your Iowa rental property, you should always check that he or she is licensed appropriately. You can check the license status of Iowa property managers at the Iowa Online License Verification System.

NO. A broker's license is not required to manage community associations in Iowa.

Iowa real estate broker licensing requirements include: - Age: must be at least 18 years of age - Experience: must have had 24 months of active salesperson experience in preceding 24 months - Education: must successfully complete 72 hours of broker pre-license education - Trustworthiness: must undergo a criminal history and background check - Insurance: must provide evidence of errors and omissions insurance - Exam: must pass the broker exam - License Fee: $170 (effective for 3 years)

Iowa real estate salesperson licensing requirements include: - Age: must be at least 18 years of age - Residency: there is no residency or citizenship requirement - Sponsorship: must be sponsored by a broker after taking the exam; cannot have an inactive license - Education: must complete the 60-hour pre-license course at an approved school - Exam: must pass the salesperson exam - Trustworthiness: must undergo criminal history and background check - Insurance: must obtain errors and omissions insurance