Escrow & Title
Iowa's Real Estate Transfer Declaration (RETR) filed with the county auditor at the time of recording a deed serves what purpose?
AIt authorizes the county to place a lien on the property
BIt documents the sale price and transaction terms for assessment purposes and transfer tax calculation✓ Correct
CIt replaces the abstract of title
DIt registers the buyer as the new owner with the IREC
Explanation
The Iowa Real Estate Transfer Declaration (RETR/RESD) documents the sale price, terms, and other information about the transfer. It is used by the county assessor to track sales for mass appraisal purposes and by the county treasurer to calculate the Iowa transfer tax.
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