South Dakota Codified Laws 6-13-9. Sale of real property under installment contract
Current as of: 2023 | Check for updates
|
Other versions
The governing board may sell any real property with a purchase price in excess of two hundred fifty dollars under an installment contract. The property may not be sold for less than ninety percent of the appraised value. Before the governing board may sell any real property under an installment contract it shall attempt to sell such property pursuant to § 6-13-5 or 6-13-6. The governing board shall determine the terms and conditions of the installment contract including the number of installments, the date of payment and the rate of interest. The purchaser may, at his option, pay the balance or any number of installments on any interest paying date.
Terms Used In South Dakota Codified Laws 6-13-9
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Source: SL 1989, ch 62, § 1.