Terms Used In South Dakota Codified Laws 43-15A-4

• 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
• 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}