Updated August 02, 2023
A South Dakota buyer agency agreement is a contract between a real estate broker and a client who is seeking to purchase a piece of real estate. The document outlines the type of agency that the client agrees to, a description of the property that the client wishes to purchase, and the broker’s compensation that will be paid by the client upon purchase of a property. Compensation will either be a set fee or a percentage of the purchase price. When two (2) brokers are involved in a transaction, it is common for them to split the sale commission.
Disclosures
Real Estate Relationships Disclosure Form (§ 36-21A-147) – Real estate brokers are required to disclose in writing the types of agency and brokerage relationships offered to potential clients. The document must be signed by the client before forming any agency agreement.
Realtor Version
South Dakota Association of Realtors – PDF