South Dakota Codified Laws 43-4-44. Property condition disclosure statement
The following form shall be used for the property condition disclosure statement, with a designated space at the top of each page after the first page to write in the property address and a designated space at the bottom of each page for each seller and buyer to initial:
SELLER’S PROPERTY CONDITION DISCLOSURE STATEMENT
Terms Used In South Dakota Codified Laws 43-4-44
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
RESIDENTIAL-SDCL 43-4-44
Seller(s)________________________________________________________
Property Address_________________________________________________
This Disclosure Statement concerns the real property identified above and offered for sale. This disclosure is required by law to be completed by sellers of real property and given to potential buyers. This form can have important legal consequences. If you do not understand this form, you should seek advice from a competent source.
Seller states that the information contained in this disclosure fully reflects the Seller’s knowledge of the matters disclosed as of the date affixed to the form. If any material fact changes prior to closing, the seller MUST disclose that change in a written amendment to this disclosure statement and give the same to the buyer.
This statement is a DISCLOSURE OF THE CONDITION OF THE ABOVE DESCRIBED PROPERTY in compliance with South Dakota law § 43-4-38. It is NOT A WARRANTY of ANY KIND by the Seller or anyone representing any party in a transaction. It is NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES either party may wish to obtain.
Seller hereby authorizes any agent representing any party in this transaction to provide a copy of this statement to any person or entity in connection with any actual or anticipated sale of the property.
If the answer to any of the following requires more space for explanation, please fully explain in comments or on an attached separate sheet.
I. LOT OR TITLE INFORMATION
1. When did you purchase or build the home? ___________/____________
Month Year
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LOT OR TITLE INFORMATION |
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Do Not Know |
N/A |
Comments |
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2. |
Are there any recorded liens or financial instruments against the property, other than a first mortgage? |
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Are there any unrecorded liens or financial instruments against the property, other than a first mortgage; or have any materials or services been provided in the past one hundred twenty days that would create a lien against the property under chapter 44-9? |
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Are there any easements which have been granted in connection with the property (other than normal utility easements for public water and sewer, gas and electric service, telephone service, cable television service, drainage, and sidewalks)? |
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Are there any problems related to establishing the lot lines/boundaries? |
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6. |
Do you have a location survey in your possession or a copy of the recorded plat? |
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If yes, attach a copy. |
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Are you aware of any encroachments or shared features, from or on adjoining property (i.e. fences, driveway, sheds, outbuildings, or other improvements)? |
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Are you aware of any covenants or restrictions affecting the use of the property in accordance with local law? |
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If yes, attach a copy. |
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9. |
Are you aware of any current or pending litigation, foreclosure, zoning, building code or restrictive covenant violation notices, mechanic’s liens, judgments, special assessments, zoning changes, or changes that could affect your property? |
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10. |
Is the property currently occupied by the owner? |
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11. |
Does the property currently receive the owner-occupied tax reduction pursuant to SDCL 10-13-39? |
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12. |
Is the property currently part of a property tax freeze for any reason? |
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13. |
Is the property leased? |
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14. |
If leased, does the property use comply with applicable local ordinances? |
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15. |
Does this property or any portion of this property receive rent? |
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If yes, how much $________ and how often ___________ |
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16. |
Do you pay any mandatory fees or special assessments to a homeowners’ or condominium association? |
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If yes, what are the fees or assessments? $_____________ per __________________ (i.e. annually, semi-annually, monthly)
Payable to whom:_________
For what purpose: _________ |
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Are you aware if the property has ever had water in either the front, rear, or side yard more than forty-eight hours? |
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Is the property located in a flood plain? |
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Are federally protected wetlands located upon any part of the property? |
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20. |
Are you aware of any private transfer fee obligations, as defined pursuant to § 43-4-48, that would require a buyer or seller of the property to pay a fee or charge upon the transfer of the property, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the property? |
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If yes, what are the fees or charges? $________________ per _____________________ (i.e. annually, semi-annually, monthly) |