Under South Dakota's seller disclosure law (SDCL 43-4-44), sellers of residential property are required to:
Correct Answer
B) Disclose known material defects in the property condition
South Dakota's seller disclosure requirements under SDCL 43-4-44 mandate that sellers of residential property complete a Seller's Property Condition Disclosure form, disclosing known material defects and conditions of the property. This is a disclosure of known conditions only — it is not a guarantee or warranty of the property's condition, does not require a professional inspection, and does not obligate the seller to provide a home warranty. Note: South Dakota's law is distinct from California's 'Real Estate Transfer Disclosure Act'; SD's statute is specifically SDCL 43-4-44.
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Related Topics & Key Terms
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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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