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The title to real estate is covered by both federal and state laws. State laws differ on a number of issues. As a result, it is important to protect your interests by retaining an experienced attorney for routine as well as complex transactions. This overview will discuss topics that are important in understanding real estate law in Iowa.
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, the seller signs 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 the client’s interest. The broker is not a party to any agreement about the purchase or sale of the real estate. These agreements are strictly between the seller and the buyer.