2014 Iowa Code
SECTION 558A.3 - Good faith and amendments.

IA Code § 558A.3 (2014) What's This?

558A.3  Good faith and amendments.

1.  All information required by this section and rules adopted by the commission shall be disclosed in good faith. If at the time the disclosure is required to be made, information required to be disclosed is not known or available to the transferor, and a reasonable effort has been made to ascertain the information, an approximation of the information may be used.  The information shall be identified as an approximation.  The approximation shall be based on the best information available at the time.

2.  A disclosure statement shall be amended, if information disclosed in the statement is or becomes inaccurate or misleading, or is supplemented.  The amended statement shall be subject to the same procedures as the original disclosure statement as provided in this chapter.  However, the statement is not required to be amended if either of the following applies:

a.  The information disclosed in conformance with this chapter is subsequently rendered inaccurate as a result of an act, occurrence, or agreement subsequent to the delivery of the disclosure statement.

b.  The information is based on information of a public agency, including the state, a political subdivision of the state, or the United States.  The information shall be deemed to be accurate and complete, unless the transferor or the broker or salesperson has actual knowledge of an error, inaccuracy, or omission, or fails to exercise ordinary care in obtaining the information.

93 Acts, ch 30, §5

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