South Dakota Codified Laws 43-4-37. Definition of terms for required disclosures in certain real estate transfers
Terms used in §§ 43-4-38 to 43-4-44, inclusive, mean:
(1) “Buyer,” a person negotiating or attempting to become an owner of residential real property by means of a transfer which is subject to §§ 43-4-38 to 43-4-44, inclusive;
Terms Used In South Dakota Codified Laws 43-4-37
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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) “Disclosure statement,” the property condition disclosure statement as provided in § 43-4-44;
(3) “Residential real property,” all residential real property consisting of not more than four family dwelling units, all of which are contained in one structure;
(4) “Seller,” an owner of residential real property;
(5) “Transfer,” a sale, exchange, installment sale contract, lease with an option to purchase, other option to purchase, or a ground lease coupled with improvements.
Source: SL 1993, ch 325, § 1; SL 1994, ch 337, § 1.