Under the South Dakota Residential Seller Disclosure Act, who is responsible for completing the written seller disclosure statement?
Correct Answer
D) The seller, based on the seller's actual knowledge of the property's condition
Under SDCL 43-4-37 through 43-4-44, the seller is required to complete the written disclosure statement based on the seller's own actual knowledge of the property's condition. The disclosure is a seller obligation, not a licensee obligation. The licensee's role is to facilitate delivery of the form, not to complete it on the seller's behalf.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
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