A South Dakota residential purchase agreement is a contract between a buyer and seller of a residential property. This legally binding document formalizes the buyer’s offer, which becomes legally binding upon the seller’s acceptance and establishes legal obligations for both parties.
The agreement outlines important terms, such as the down payment, purchase price, closing date, and any conditions the parties must fulfill before the sale can proceed. Throughout negotiations, both parties can revise the terms until they reach a mutual agreement. The parties’ signatures finalize the contract and its terms, ensuring a smooth transaction resulting in the property’s ownership transfer.
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The South Dakota Real Estate Commission provides this form for professional realtors to create a residential property purchase agreement.
42 U.S. Code § 4852d requires that sellers of residential property must provide buyers with a lead-based paint disclosure form to inform them of the potential hazards of lead-based paint. It's only required for houses built before 1978.
A licensed real estate agency and a buyer/seller use this document to establish a formal relationship.
Per § 43-4-38, the seller must disclose the property's material condition to the buyer before the buyer gives them a written offer.
Yes. Sellers must reveal all material deflects in a property that’s for sale. This requirement promotes transparency, ensuring buyers aren’t left with a property in poor condition.
South Dakota is unlike the states that implement the “caveat emptor” or “buyer beware” principle. This principle states that the buyer is the only party responsible for conducting a property inspection to locate material defects.
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