Contracts
An Iowa lease agreement for more than one year must be:
AVerbal only
BIn writing to satisfy the Statute of Frauds✓ Correct
CApproved by the IREC
DWitnessed by two people
Explanation
Iowa's Statute of Frauds requires leases for longer than one year to be in writing and signed by the party to be charged. Oral leases for one year or less may be enforceable in Iowa.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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