South Dakota Codified Laws 43-15A-1. Definition of terms
Terms as used in this chapter mean:
(1) “Commission,” the South Dakota Real Estate Commission;
Terms Used In South Dakota Codified Laws 43-15A-1
- Condominium: as used in this chapter , unless the context otherwise requires, shall mean an estate in real property consisting of an undivided interest in portions of a parcel of real property together with a separate interest in space in a residential, industrial, or commercial building or industrial and commercial building on such real property, such as, but not restricted to, an apartment, office, or store. See South Dakota Codified Laws 43-15A-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) “Co–owner,” any person, firm, corporation, limited liability company, partnership, association, trust, or legal entity, or any combination thereof who owns a condominium within the project;
(3) “Council of co–owners,” all co–owners of the condominium;
(4) “Master deed” or “master lease,” the deed or lease recording the property of the condominium;
(5) “Project,” the entire parcel of real property divided or to be divided into condominiums, including all structures on the property;
(6) “Property,” land whether leasehold or fee simple and the buildings or building, all improvements and structures on the land and all easements, rights and appurtenances belonging to the land;
(7) “To record,” to record pursuant to the laws of this state relating to the recordation of deeds.
Source: SL 1975, ch 270, § 1; SL 1986, ch 302, § 79; SL 1994, ch 351, § 101.