Updated on January 23rd, 2023
The South Dakota property disclosure statement is a document that a property seller completes to provide prospective buyers with an inventory of the property and its condition. In the form, the seller will need to disclose the property’s lot/title information, structural damage and defects, systems and utilities, health hazards, and other information that may affect the buyer’s decision. State law mandates that sellers of residential property complete a property disclosure and give it to buyers before signing a purchase agreement.
Laws – § 43-4-3
Purchase Agreement – Outlines the terms of a buyer’s offer to purchase residential property from its owner. If the owner accepts the offer, both parties will need to sign the document to make the agreement legally binding.