South Dakota Real Estate Purchase Agreement

The South Dakota residential real estate purchase agreement (“purchase and sale agreement”) is a contract that outlines the terms of a real estate transaction between a buyer and seller of real property. The main terms of the agreement consist of a purchase price, down payment, and the financing terms (if any). The parties may also enable the agreement to be subject to contingencies, for any agreed-upon terms. Once the form has been signed by both parties, each shall have the duty of specific performance to complete their end of the deal in order to facilitate a closing.

Do Sellers in South Dakota Have to Disclose Property Defects?

South Dakota does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in South Dakota

Seller’s Property Condition Disclosure Statement. In South Dakota, before a written offer can be made, the seller must deliver to the buyer this report mentioning any known material issues with the property.
Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
Real Estate Relationships Disclosure. This form is used to establish the relationship between a buyer or seller and a licensed real estate agency.

Frequently Asked Questions

How do you write a real estate contract in South Dakota? In South Dakota, a real estate contract should include all the following information: the buyer and seller’s information, property details, pricing and financing, closing and possession dates beside any property insurance and conflict resolution contingencies. Read more » How Can You Get Out of a Real Estate Contract in South Dakota? In South Dakota, before a written offer can be made, the seller must deliver to the buyer a condition report mentioning material issues with the property. If the seller fails to deliver a condition disclosure statement before receiving a written offer, the buyer may terminate their offer. Read more » What Is the Effective Date of a Real Estate Contract in South Dakota? The effective date of a real estate contract in South Dakota is the date that both the buyer and seller have agreed to all terms of the contract and have executed the contract. At this time, all of the contractual obligations will be bound and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in South Dakota? In South Dakota, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in South Dakota? To fill out a real estate contract in South Dakota, begin by filling in the names and addresses of both parties (the buyer and seller). Next, complete the property information, purchase price, along with the terms and conditions of the deal. Read more »