Residential Real Estate Installment Contract by ere72906

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Residential Real Estate Installment Contract document sample

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									“Recorders Do Good Deeds”
 Document Formatting Standards
 Recording Fees

 Indexing Standards

 Document Types

 Records Management Account
       331.602 General Duties

   Pursuant to Iowa Code Section 331.602, the
    recorder shall record all documents or
    instruments presented to the recorder’s office
    for recordation upon payment of the proper
    fees and compliance with other recording
    requirements as provided by law…
Document Formatting Standards

   All documents shall consist of one or more individual pages not
    permanently bound or in a continuous form. A page means a writing,
    printing or drawing, other than a plat or survey or a drawing related to
    a plat or survey, occurring on one side only, and not larger than eight
    and one-half inches in width and fourteen inches in length. The
    document shall not have any attachment stapled or otherwise affixed
    to any page except as necessary to comply with statutory
    requirements. However, individual pages of a document may be
    stapled for presentation for recording. Labels that are firmly attached
    are acceptable.
Document Formatting Standards

   The first page of each document shall have a top
    margin of at least three (3) inches of vertical
    space from left to right which shall be reserved
    for the recorder’s use. All other margins on the
    document shall be a minimum of three-fourths of
    one inch. Nonessential information such as page
    numbers or customer notations may be placed in
    a margin except the top margin.
Document Formatting Standards
   All preprinted text shall be at least eight point in size and no more than
    twenty characters and spaces per inch. All other text typed or computer
    generated, including but not limited to all names of parties to an agreement,
    shall be at least ten point in size and no more than sixteen characters and
    spaces per inch.

   Each document shall be of sufficient legibility to produce a clear
    reproduction.

   Each document shall be on white paper of not less than twenty-pound weight
    without watermarks or other visible inclusions.

   All signatures on a document shall be in black or dark blue ink and of
    sufficient color and clarity to ensure that the signatures are readable when the
    document is reproduced. All names shall be typed, printed, or stamped
    beneath the original signature.
    Document Formatting Standards
   Embossed or inked stamps shall not cover or otherwise materially interfere with
    any part of the document.

   Each document that is presented for recording shall have the following
    information on the first page below the three-inch margin: a) the name, address,
    and telephone number of the individual who prepared the document; b) the name
    of the taxpayer and a complete mailing address for any document or instrument of
    conveyance; c) a return address; d) the title of the document; e) all grantors’
    names; f) all grantees’ names; g) any address required by statute; h) the legal
    description of the property and parcel identification number, if required. If
    insufficient space exists on the first page for all of the information previously
    described, the page reference of the document where the information is located
    shall be noted on the first page.
            Document Exempt From
             Formatting Standards
   A document that was signed before July 1, 2005.
   A military separation document.
   A document that was executed outside of the United States.
   A certified copy of a document issued by a governmental
    agency, including a vital record.
   A document where one of the original parties is deceased or
    otherwise incapacitated.
   A document formatted to meet court requirements.
   A federal tax lien.
   A filing under the uniform commercial code, chapter 554.
   A plat or survey or a drawing related to a plat or survey.
SF 288
Recorders’ Technical Clean-Up Bill
   This bill updated several obscure and outdated code sections
    which still refer to indexing and maintaining records in the
    recorders’ offices in books. All recorders maintain their
    records in an electronic format and no longer keep records in
    books. These sections have been standardized to reflect the
    manner in which data is now kept in the electronic indexes.
   Recording fees are currently addressed in three sections –
    331.604, 331.605A, and 331.605C. This legislation
    combined those three sections, and all recording fees are now
    found in 331.604.
   Recorders are no longer required to initial the amount of
    transfer tax on documents of transfer. Effective 7/1/2009.
   http://coolice.legis.state.ia.us/Cool-
    ICE/default.asp?category=billinfo&service=billbook&GA=83&hbill=SF288
Non-Standard Documents
   On or after July 1, 2005, a document that does not
    conform to the document formatting standards shall
    not be recorded except upon payment of an
    additional recording fee of ten dollars per document
    or instrument.
   331.606B(2)(a) has clarified document formatting
    standards to say that the $10.00 non-standard fee
    may not apply to legibility requirements, original
    signatures, or the taxpayer name and address on
    documents of transfer. Effective 07/01/2009
                 Recording Fees
   Fee based on pages of the document
     331.604
 Record Management fee
     331.605A
 Electronic Transaction fee
     331.605C
 Auditor Transfer Fee
     558.58, 331.507(2)(a), 331.602(37)
 Documents recorded for free
     331.608, 331.602(2), 331.604(2)
                                Recording Fees
                               Non-conveyance documents:
(mortgages, releases,
assignments, easements, etc.             1 Page = $ 9.00    11 Pages =   $ 59.00
EXCEPT PLATS OF SURVEY)                  2 Pages = 14.00    12 Pages =   $ 64.00
                                         3 Pages = 19.00    13 Pages =   $ 69.00
$9.00 1st Page                           4 Pages = 24.00    14 Pages =   $ 74.00
$5.00 each extra page                    5 Pages = 29.00    15 Pages =   $ 79.00
                                         6 Pages = 34.00    16 Pages =   $ 84.00
                                         7 Pages = 39.00    17 Pages =   $ 89.00
                                         8 Pages = 44.00    18 Pages =   $ 94.00
                                         9 Pages = 49.00    19 Pages =   $ 99.00
                                         10 Pages = 54.00   20 Pages =   $104.00
Plats of Survey $7.00 for the first page
                $5.00 for each extra page
                                 Recording Fees
                                 Conveyance documents
Conveyance Documents:                   1 Page with 1 Section or Block = $ 14.00
(all documents that affect              2 Pages with 1 Section or Block = $ 19.00
taxation.)                              3 Pages with 1 Section or Block = $ 24.00
                                        1 Page with 2 Sections or Blocks = $ 19.00
Regular recording fees (above)          2 Pages with 2 Sections or Blocks = $ 24.00
plus $5.00 for each section or          3 Pages with 2 Sections or Blocks = $ 29.00
block referenced in legal               1 Page with 3 Sections or Blocks = $ 24.00
description. Does not include           2 Pages with 3 Sections or Blocks = $ 29.00
Cemetery deeds.                         3 Pages with 3 Sections or Blocks = $ 34.00


                       Multiple Transaction Documents
(multiple releases on one               1 Page with 2 document references = $18.00
document, multiple assignments          2 Pages with 2 document references = $23.00
on one document, etc.)                  1 Page with 3 document references = $27.00
$9.00 per each transaction              2 Pages with 3 document references = $32.00
plus $5.00 for each additional page.    1 Page with 4 document references = $36.00
                                        2 Pages with 4 document references = $41.00
IOWA CODE 331.605A
 Preserve and maintain public records.
 Assist counties in reducing record preservation
  fees.
 Encourage and foster maximum access to
  public records throughout the state.
 For future needs, including the handling and
  preservation of vital records.

Management fee $1.00 per recorded document.
331.605B AUDIT
 1. The fees collected shall be made available any
  information required by county or state auditor
  concerning any fees collected.
 A recorder may only collect statutorily authorized
  fees.
Land recording fees paid to the Treasurer
  Direct contribution to your county’s general fund


Recorder’s Management Fee to Treasurer
  The treasurer, on behalf of the recorder, shall
   establish and maintain a county recorder’s records
   management fund into which all moneys collected
   pursuit to this section (331.605A) shall be deposited.
The recorder must keep index records to show
                               the following:
 Each  Grantor
 Each Grantee

 The date and time when the instrument was filed
  with the recorder
 The date of the instrument

 The nature of the instrument

 The document reference number where the record
  of the instrument may be found
 The description of the land to be conveyed
 The recorder may prepare and maintain a combined index
  record or system which shall contain the same data and
  information as required to be kept in separate index books.
  IA Code {331.603 (4)}
 The entries shall show names of respective grantors and
  grantees in alphabetical order.
 When a document is executed by a personal representative
  or guardian etc, the recorder shall enter on the index the
  name and capacity of the representative, POA, EX, {IA
  Code 558.2}
 The day, hour, minute of filing must be
 endorsed on every instrument properly filed
 for record in the recorder’s office. The
 recorder must enter into the index the entries
 to be entered. This filing and indexing
 constitutes constructive notice. {Sec. 558.55}
   Failure to record a conveyance or lease of agricultural land
    required to be recorded by this section by the grantee or lessee
    within the specified time limit is punishable by a fine not to
    exceed one hundred dollars per day for each day of violation.
    The recorder shall record a conveyance even if not submitted in
    the 180 days after the date of the conveyance or lease. The
    county recorder shall forward to the county attorney a copy of
    each conveyance or lease of agricultural land recorded more than
    180 days from the date of conveyance. The county attorney shall
    initiate action in the district court to enforce the provision of this
    section. Failure to timely record shall not invalidate an otherwise
    valid conveyance of lease. Refer to Iowa Code 558.44
 Every  real estate installment sales contract
  transferring an interest in residential property
  shall be recorded by the contract seller with
  the county recorder in the county that the real
  estate is situated no later than 180 days.
 Residential contracts signed on or after July 1,
  2010 must be recorded within 90 days.
 SF   2157
                       PRIA Code Description
AD:      Affidavit Of Death                       ADT:       Assignment Of Deed Of Trust
AJ:      Abstract Of Judgment                     AM:        Assignment Of Mortgage
AS:      Assignment                               BA:        Blanket Assignment
BSD:     Bargain And Sale Deed                    D:         Deed
DT:      Deed Of Trust                            FTL:       Federal Tax Lien
J:       Judgment                                 M:         Mortgage
MACA:    Modification Agreement Or Consolidation Agreement
O:       Other                                    OANT:      Affidavit Non Transfer
OAT:     Affidavit Transfer                       OC:        Contract Or Contract Related
OCC:     Corner Certificates                      OCDEM:     Condemnations
OCNDO:   Condominiums                             OCOT:      Court Order Transfer
ODOV:    Declaration Of Value                     OE:        Easements
OEC:     Easements Condemnations                  OGWH:      Groundwater Hazard Statement
OSP:     Surveys And Plats                        OSPC:      Surveys Plats Condominiums
OU:      UCC                                      POA:       Power Of Attorney
PSL:     Partial Satisfaction Of Lien             QCD:       Quit Claim Deed
R:       Reconveyance                             RFTL:      Release Of Federal Tax Lien
RSTL:    Release Of State Tax Lien                RTL:       Release Of Treasurers Tax Lien
SL:      Satisfaction Of Lien                     SLA:       Subordinate Lien Agreement
SM:      Satisfaction Of Mortgage                 ST:        Substitution Of Trustee
STL:     State Tax Lien                           TTL:       Treasurers Tax Lien
WD:      Warranty Deed
Questions??
      Thank You!

    Marie Krutzfield
 Jones County Recorder

    Melissa R. Bird
Keokuk County Recorder

								
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