Escrow & Title
Iowa's race-notice recording statute means that to be protected against prior unrecorded interests, a subsequent purchaser must:
ARecord first, regardless of notice
BBoth take without notice of the prior interest AND record before the prior interest is recorded✓ Correct
COnly have actual notice of no prior claims
DPurchase the property at a lower price than any previous transaction
Explanation
Under Iowa's race-notice statute, a subsequent bona fide purchaser is protected only if they: (1) take the property without actual or constructive notice of the prior interest, AND (2) record their deed before the prior instrument is recorded.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Math Concepts
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