Iowa's real estate transfer tax is 80 cents for each $500, or fraction of $500, of the sale price above the first $500. On a $100,000 sale, the taxable $99,500 is 199 units of $500, so the tax is $159.20. The tax is paid to the county Recorder, who will not record the deed until it is paid. A declaration of value is filed when required.
By law, the person conveying the property — normally the seller — is liable for the tax. Iowa lists exemptions, including certain family, divorce, estate-distribution, and $500-or-less transfers. Ask the closing professional to confirm whether an exemption applies, the taxable amount, and whether a declaration is required.
When you sell to us, we pay the closing costs, including Iowa real estate transfer tax. That does not pay your mortgage, liens, back taxes, or share of current property taxes.