South Dakota Codified Laws 43-15A-3. Establishment of condominium project–Master deed or lease
Current as of: 2023 | Check for updates
|
Other versions
Whenever a developer, the sole owner, or the co–owners of a building or buildings expressly declare, through the recordation of a master deed or lease, which shall set forth the particulars enumerated by § 43-15A-4, their desire to submit their property to the formation of a condominium established by this chapter, there shall be thereby established a condominium project.
Terms Used In South Dakota Codified Laws 43-15A-3
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1975, ch 270, § 2.