During a residential purchase transaction in Aberdeen, South Dakota, the seller's agent learns that the seller has not yet completed the required Residential Seller Disclosure Statement. The buyer's agent is pressing for a quick closing. Under South Dakota law, which of the following is the most accurate statement about the seller disclosure obligation?
Correct Answer
B) The seller must complete the written disclosure statement, and the licensee's role is to facilitate but not complete it.
Under the South Dakota Residential Seller Disclosure Act (SDCL 43-4-37 through 43-4-44), the seller — not the licensee — is required to complete the written disclosure statement covering known material defects, environmental hazards, and property conditions. The licensee's role is to facilitate the process and ensure the form is delivered to the buyer, but the licensee must not complete the form on the seller's behalf.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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