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.
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.
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 »
