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Real Estate FAQ's
I. Brokers V. Home Inspection
II. Contracts and Transfers VI. Closing
III. Mortgages and Foreclosure VII. Glossary
IV. Deeds    
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"Contact an Iowa real estate lawyer representing clients in Davenport, Iowa today to schedule your initial consultation."
       
Historic Davenport Iowa  

Real estate is covered by both federal and state laws. Iowa and Illinois laws differ on some basic issues. As a result, it is important to protect your interests by retaining an experienced real estate attorney for routine as well as complex transactions. This overview will discuss topics that are important in understanding real estate law.

Brokers

Real estate brokers may be employed by sellers to find a buyer for a property, or by a buyer to locate a property for purchase. When a seller employs a broker, they sign a listing agreement which obligates the broker to work to locate a buyer, and the seller to pay the broker a commission upon sale. Brokers are usually held to rigorous standards in order to be licensed. A broker is a legal agent of the person who hired him or her, and thus has duties and obligations to work in their client's interest. The broker is not a party to any agreements about purchase. These agreements are strictly between the seller and the buyer.

Contracts and Transfers

Real estate purchase agreements are governed by contract law. These agreements must therefore:

Be in writing.

Be marketable (free of encumbrances, liens, or other abstract defects).

Real estate buyers generally employ a real estate attorney or abstract company to research the abstract. This process, called a abstract search, involves examination of the public records.
The abstract searcher will go through the county's public records and assemble a chain of abstract by finding all recorded deeds for the property in question and the current property owners. He or she will also look for encumbrances on the property. Encumbrances include but are not limited to:

1. Mortgages.
2. Unpaid taxes.
3. Legal judgments.
4. Municipal improvement liens.
5. Government claims.
6. Foreclosures.
7. Easements.
8. Covenants.
9. Condemnations.

Iowa provides assurance of good title to buyers through the Iowa Title Guaranty Program in which a premium is paid by the buyer at closing. In the event of future title defects, the program will pay to resolve the problem. In Illinois, title insurance serves the same purpose and works in somewhat similar fashion. In both Iowa and Illinois the seller is required to execute and deliver a deed which includes a legal description of the land. This deed must be officially recorded to establish ownership and notice of its transfer. The abstract attorney or company will also complete the same searches on the potential buyers that may reveal encumbrances that could be attached to the new abstract, affecting any mortgages or liens.
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If you would like to schedule a initial consultation contact an Iowa zoning, floreclosure and landlord attorney, representing clients in Davenport, Iowa at the Teitle Law Offices. Give us a call at (563) 345-4100 or email us at info@teitlelaw.com.
  Estate Planning / Probate
  Business Law
  Family Law
  Personal Injury
  Real Estate
       For Sale By Owner

  2550 Middle Road,
Suite 604
  Bettendorf, IA 52722
  Phone: (563) 345-4100
  Fax: (563) 345-4111
   

Davenport, Iowa Attorneys offering a broad estate planning / probate, criminal law, family law, guardianships and adoption, juvenile law, medical malpractice, motor vehicle accidents, personal injury, real estate, for sale by owner, trucking accidents, and wrongful death. Lawyers at the Teitle Law Offices office are dedicated to represent clients in Eastern and Central Iowa, including the cities of Bettendorf, Davenport, Iowa City, Cedar Rapids, Muscatine, Clinton, Maquoketa, Tipton, Dubuque, Ottumwa, Wapello, Burlington, Waterloo and the communities that make up Scott, Johnson, Linn, Mucatine, Clinton, Jackson, Cedar, Dubuque, Wapello, Louisa, Des Moines and Blackhawk counties. We also represent clients in Central Illinois, including the cities of Rock Island, Aledo, Cambridge, Moline and Morrison and the communities that make up Rock Island, Mercer, Henry and Whiteside counties.

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© MMIX Teitle Law Offices Address: 2550 Middle Road, Suite 604, Bettendorf, IA 52722 Phone: (563) 345-4100 Fax: (563) 345-4111 Email: info@teitlelaw.com
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