Iowa seller net sheet and closing costs

In Iowa, the seller usually pays the agent commission, their own loan payoff, the real estate transfer tax and the owner's title policy. The buyer usually pays the lender fees and the lender's title policy. Buyer and seller usually split the settlement or escrow fee.

The seller usually pays for the owner's title policy in Iowa. Iowa has no title insurance companies; seller pays the abstract update (~$400) and buyer pays the attorney title opinion; Iowa Title Guaranty (~$175) is optional. In Iowa, the state sets title insurance rates. So the owner's policy costs the same at every title company. A title company or attorney usually handles the closing.

Abstract state. The tax proration here covers only the current fiscal year; add the prior unpaid year manually if applicable.

NetSheet.org is not tied to any title company. The net sheet works with any title or escrow company. See how it compares with title company net sheet tools.

Each side pays the taxes for the days it owns the home. Property taxes in Iowa are paid in arrears, after the period they cover. So the seller usually credits the buyer for unpaid days up to closing. The tax year starts in July. Taxes run about 1.5% of the home's value per year. Fiscal year Jul-Jun paid about 18 months in arrears (halves due Sep 30 and Mar 31 of the following fiscal year); seller credits buyer for all unpaid periods through closing.

• tax.iowa.gov

Checked 2026-09-29. A net sheet is an estimate. It is not a closing statement or tax advice. The title or escrow company gives the final figures. See a rate that looks wrong? Email [email protected].