South Dakota Codified Laws 43-15A-11. Fee to accompany notice of intent–Questionnaire–Form and content
The notice of intention to sell shall be accompanied by a fee of twenty–five dollars for each condominium unit up to a maximum of five hundred dollars and by a verified copy of a questionnaire provided by the commission which has been properly completed by the developer. The questionnaire will be in such form and content as will require full disclosure of all material facts, including, but not limited to:
(1) A full disclosure of rights and privileges to common areas;
Terms Used In South Dakota Codified Laws 43-15A-11
- Common areas: as used in this chapter , unless the context otherwise requires and unless otherwise provided in the master deed or lease, includes:
(1) The land whether fee simple or leased, on which the building or buildings stand. See South Dakota Codified Laws 43-15A-5
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) The sales price of each unit;
(3) Down payment requirement;
(4) Interest rate on mortgages;
(5) Estimated annual property tax attributable to the condominium;
(6) Estimated annual fire and hazard insurance attributable to condominium; and
(7) The amount to be charged to the purchaser under the maintenance contract and under what circumstances the costs may be raised.
Source: SL 1975, ch 270, § 7; SL 1986, ch 302, § 81.