Legal Question in Real Estate Law in Iowa
What does this mean?
"Trustee shall deliver to the purchaser Trustee's deed conveying the Property without any
covenant or warranty, expressed or implied. The recitals in the Trustee's deed shall be prima facie
evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in
the following order: (a) to all expenses of the sale, including, but not limited to, Trustee's fees of
% of the gross sale price; (b) to all sums secured by this Security Instrument;
and (c) any excess to the person or persons legally entitled to it. The interest rate set forth in the Note
shall apply whether before or after any judgment on the indebtedness evidenced by the Note."
1 Answer from Attorneys
It means that a trustee shall deliver a trustee's deed to whomever purchased the property and that the deed is the proof of the statements made in it.The trustee shall then apply any proceeds from the sale to the costs of the sale, to the mortgage, and if anything is left, to anyone entitled to it.
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