FILING INSTRUCTIONS
Iowa law requires that a “Declaration of Value” statement reflecting the full consideration paid in certain nonexempt real estate conveyances be submitted to the county recorder at the time a deed, contract, instrument, or other writing is presented for recording. Part I of this form is the prescribed “Declaration of Value” statement that must be completed by the buyer or seller or either’s agent for nonexempt transactions. PARTS II AND III OF THIS FORM ARE TO BE COMPLETED ONLY BY THE RECORDER AND ASSESSOR.
THIS
FORM DOES NOT HAVE TO BE COMPLETED FOR ANY DOCUMENT PRESENTED FOR RECORDING
WHICH CLEARLY INDICATES ON SUCH DOCUMENT THAT IT IS AN EXEMPT TRANSACTION. THE EXEMPTIONS ARE LISTED BELOW. IF THE TRANSACTION IS EXEMPT, BUT THE
REASON FOR EXEMPTION IS NOT STATED ON THE ACTUAL DOCUMENT PRESENTED FOR
RECORDING, PART I OF THIS FORM MUST BE COMPLETED.
1.
Any
deed given in fulfillment of a recorded real estate contract provided the deed
has a notation that it is given in fulfillment of a
contract.
2.
Any
instrument of mortgage, mortgage assignment, mortgage release, or mortgage
satisfaction.
3.
Any
will.
4.
Any
plat.
5.
Any
lease.
6.
Any
deed, instrument, or writing in which the State of Iowa or any agency,
instrumentality, or governmental or political subdivision thereof is the
grantor, assignor, transferor, or conveyer. Also, any deed, instrument or writing n
which any of such unit of government is the grantee or assignee where there is
no consideration.
7.
Deeds
for cemetery lots.
8.
Deeds
which secure a debt or other obligation, except those included in the sale of
real property.
9.
Deeds
for the release of a security interest in property excepting those pertaining to
the sale of real estate.
10.
Deeds
which, without additional consideration, confirm, correct, modify, or supplement
a deed previously recorded.
11.
Deeds
between husband and wife, or parent and child, without actual consideration, or
where the only consideration is cancellation of indebtedness existing between
these family members.
However, for this exemption to apply, the debt being cancelled cannot be
greater than the fair market value of the property being
conveyed.
12.
Tax
deeds
13.
Deeds
partition where the interest conveyed is without
consideration.
14.
Acquisition
of lands by deed or contract for public purposes through an exercise of the
power of eminent domain.
15.
Conveyances
of real property or interest in such property between former spouses mandated by
a dissolution of marriage decree.
16.
All
easement conveyances.
17.
Conveyances
of real property to lienholders in lieu of forfeiture
or foreclosure actions.
18.
Deeds
executed by public officials in the performance of their official
duties.
19.
Deeds
transferring distributions of assets to heirs at law or devisees under a
will.
20.
Deeds
in which the consideration is five hundred dollars or
less.
IF
THE PORTION OF THIS FORM DESIGNATED PART I IS NOT COMPLETED ACCURATELY AND
COMPLETELY FOR NON-EXEMPT TRANSACTIONS BY THE BUYER OR SELLER OR EITHER’S AGENT,
THE COUNTY RECORDER IS REQUIRED BY LAW TO REFUSE TO RECORD THE CONTRACT, DEED OR
OTHER INSTRUMENT CONVEYING THE AFFECTED PROPERTY.
Social
Security Account numbers are required by 701 IAC 79.5(5), pursuant to Iowa Code
sections 428A.1 and 428A.7, as authorized by 42 U.S.C. § 405(c)(2)(C)(i), and will be used for equalization purposes in
administering the property tax.
Name/Address:
Enter the complete name and address and social security number of both the buyer
and seller. For multiple ownership,
one number is sufficient.
Corporations are to report federal I.D. number.
Address
of Property Conveyed: Enter the complete address of the property being
transferred.
Legal
Description: Enter the legal description of the property being
transferred.
Agricultural
Land Sales: If agricultural land is being sold to a (1) corporation, (2) trust,
(3) alien, (4) nonresident alien, or (5) limited partnership, you are required
by law to identify the type of buyer by checking the appropriate box. The following definitions are presented
to help you determine if this type of sale of agricultural land is to be
identified here.
Agricultural Land – Land is suitable for use in
farming
Corporation – Any domestic or foreign corporation including non profit
corporations and cooperatives (Chapter 9H, Code of Iowa).
Trust
– Any fiduciary relationship with respect to property subjecting the person by
whom the property is held to equitable duties to deal with the property for the
benefit of another person, which arises as a result of manifestation of an
intention to create it (Chapter 9H, Code of Iowa).
Alien
– Any person born outside of the United States and unnaturalized under the Constitution and statutes of the
United States.
Nonresident Alien – Any person born out of the United States and unnaturalized under the Constitution and statutes of the
United States and who is not a resident of the State of
Iowa.
Limited Partnership – Any partnership formed by two or more persons under
the provisions of Chapter 487, Code of Iowa, having as members one or more
general partners and one or more limited partners.
Line
1 – Total Amount Paid – Enter the entire and full purchase price of the property
transferred, including down payment.
Line
2 – Amount Paid for Personal Property – Enter the amount of the purchase price
that was paid for personal property.
For residential sales, personal property includes items
that are not attached (“built in”) to the home that are normally removed by the
owner, when he or she vacates. This
includes, but is not limited to items such as washers, dryers, drapes, stoves,
refrigerators and portable dishwashers.
For agricultural sales, personal property is to include farm
machinery and equipment. Personal
property for commercial and industrial property includes inventories, as
well as equipment and fixtures classified and assessed as personal
property.
Line
3 – Amount Paid for Real Property Only – Subtract line 2 from line 1 and enter
the difference here.
Line
4 - Contract Sale Information – If this transaction is a seller financed real
contract, enter all the requested information concerning down payment, interest
rate, monthly payment, length of contract, and if applicable a balloon
payment date.
Indicate
by checking the appropriate box or boxes the designated conditions that apply to
the sale. Also, describe any
unusual facts or circumstances that relate to the sale that may affect the sale
price or terms of the sales agreement.
IMPORTANT: Form purposes of indicating a “Sale
Between Family Members” only the following relationships are to be
considered:
Mother
Stepsister
Granddaughter
Father
Stepbrother
Grandson
Daughter
Mother-in-law
Foster parent
Son
Father-in-law
Foster child
Sister
Daughter-in-law
Aunt
Brother
Son-in-law
Uncle
Stepmother
Sister-in-law
Niece
Stepfather
Brother-in-law
Nephew
Stepdaughter
Grandmother
Foster brother
Stepson
Grandfather
Foster sister
The
declaration of value statement must be signed by the buyer or the seller or
either’s agent. One signature is
sufficient. The telephone number of
the person signing this form is also to be provided.
Penalty:
It is unlawful to willfully enter false information on this document and anyone
entering false information shall be guilty of a simple
misdemeanor.
NOTE: When completing the declaration of value form, you may “tab” to each field to enter information.