Property Ownership
Iowa's statute regarding bona fide purchaser status requires the buyer to:
APay in cash with no financing
BPay value for the property with no notice of prior unrecorded interests, and record their deed promptly✓ Correct
CHave lived in Iowa for at least 1 year before purchasing
DObtain title insurance from Iowa Title Guaranty
Explanation
To achieve bona fide purchaser status and defeat a prior unrecorded interest under Iowa's race-notice recording statute, the buyer must (1) give value, (2) take without notice (actual, constructive, or inquiry) of the prior interest, and (3) record their deed before the prior interest is recorded.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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