Iowa Acquisition Title Opinion
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How to fill out Acquisition Title Opinion?
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FAQ
Both the buyer and seller pay certain closing costs at the end of the real estate transaction in Iowa or the Iowa real estate closing process. The seller shells out a higher monetary amount as closing costs as they pay the REALTOR commission.
In Iowa, there is no fixed regulation regarding who buys an owner's title policy. While the prevalent practice is that the seller purchases it, it is negotiable. However, the buyer has to purchase the lender's title policy in Iowa to protect the mortgage broker's interests in the transaction.
A lien attaches on real estate in Iowa when a support order or Notice of Lien from another state is filed with the Clerk of Court where the real property is located. When the person ordered to pay support owns property in another county in Iowa, the order can be transcribed to the other county.
Since 1985, ITG has transferred $68.5 million to help those seeking to purchase a home in Iowa obtain homeownership. Iowa is the only state in the nation that does title coverage through a state entity. In every other state, title coverage is provided by a private company.
Why is the abstract so important when selling your home in Iowa? As soon as you accept an offer from someone to buy your property, work on the abstract needs to begin. First, the abstract gets sent to an abstract company or attorney to have it updated. This process can take up to a week.
A participating Iowa attorney examines the abstract and renders a written title opinion. The title opinion reflects the current titleholders and identifies any title exceptions and title defects that must be resolved prior to closing.
The title opinion for the buyer should be at the buyer's expense. The title opinion will indicate, based on the abstract, whether the seller has marketable title to the property. Sometimes, the attorney examining the abstract will note objections in the opinion that raise questions about the seller's title.
ITG is a ?GUARANTY? system rather than an ?assumption of risk? system. ITG guarantees clear title by requiring defects be cleared prior to closing, rather than insuring over defects and assuming unnecessary liability for claims. Guaranties keep premiums low and protect the integrity of Iowa's land-title system.