South Dakota Codified Laws 36-21A-77. Purchaser deposits in unconsummated transactions
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If for any reason the seller fails, refuses, neglects or is unable to consummate the transaction as provided in the purchase contract, and through no fault or neglect of the purchaser, the real estate transaction cannot be completed, the broker has no right to any portion of the deposit money which was deposited by the purchaser, even though the commission is earned. This deposit shall be returned to the purchaser at once.
Terms Used In South Dakota Codified Laws 36-21A-77
- Contract: A legal written agreement that becomes binding when signed.
Source: SL 1992, ch 273, § 77.