561.22 Notice of homestead exemption waiver requirement.
174 words·~1 min read·
/ia/chapter-561-homestead/561-22·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. a. Except as otherwise provided in subsection 2, if a homestead exemption waiver is contained in a written contract affecting agricultural land as defined in section 9H.1, or dwellings, buildings, or other appurtenances located on the land, the contract must contain a statement in substantially the following form, in boldface type of a minimum size of ten points, and be signed and dated by the person waiving the exemption at the time of the execution of the contract:
I understand that homestead property is in many cases protected
from the claims of creditors and exempt from judicial sale; and
that by signing this contract, I voluntarily give up my right to this
protection for this property with respect to claims based upon this
contract.
b. A principal or deputy state, county, or city officer shall not be required to waive the officer’s homestead exemption in order to be bonded as required pursuant to chapter 64.
2. This section shall not apply to a written contract affecting agricultural land of less than forty acres.