Tom and Lisa are selling their home in Pierre, South Dakota. They have accepted a purchase offer and signed the purchase agreement. Before closing, the buyer requests a copy of the seller's completed Residential Seller Disclosure Statement. Under SDCL 43-4-37, when should the buyer have received this disclosure?
Correct Answer
A) At or before the time the buyer signs the purchase agreement
Under the South Dakota Residential Seller Disclosure Act (SDCL 43-4-37 through 43-4-44), the seller must provide the completed disclosure statement to the buyer at or before the time the buyer signs the purchase agreement. This ensures the buyer has full knowledge of the property's condition before being contractually bound. Providing the disclosure after the buyer has already signed is a violation of the statute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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