7 Real Estate “Did You Knows”

1.     Upon acceptance of an offer, the time it takes to close/perform on the contract and take possession is typically 30-45 days.

2.       Covenants of a property may restrict you in many ways, including whether or not the property can be rented.

3.       Different loan types have different appraisal guidelines which affects whether a property that isn’t in good condition can be purchased with funds from those loan types.

4.       Iowa is the only state that continues to utilize abstracts to track ownership and land records.  These abstracts show the history of the ownership of your property, all the way back to when the state was entered into the union.

5.       New rules require a DNR Certified Inspector inspect any septic system and prepare a report before the title/ownership can be transferred to a new buyer.

6.       A home built before 1978 must disclose the possibility of lead base paint in the home.

7.       Due to our rich soil in Iowa, radon is a common finding during inspections requested by potential buyers. Very high levels of this odorless, invisible gas shows the need to install radon mitigation systems.