South Dakota Laws
Requirement to Record: Not legally required but must be recorded to establish constructive notice.[1]
Expiration: Constructive notice does not expire by statute.[1]
Maximum Term: There is no maximum term for a lease with an option to purchase.
No Duration: If the lease does not specifically define a duration for the option to purchase, the option will automatically expire at the end of the lease.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (2)
1. Lead-Based Paint Disclosure – For properties built before 1978, landlords must inform tenants that the walls and ceilings may contain lead-based paint.
2. Methamphetamines Disclosure – If the property was ever used to manufacture methamphetamines, the landlord is required by state law to notify new tenants.[3]
Seller’s Disclosures (2)
1. Seller’s Property Condition Disclosure Statement – Details the material condition of the property. Sellers must give this disclosure to buyers before receiving a written offer.[4]
2. Real Estate Relationships Disclosure – Used to establish a relationship between a buyer/seller and a licensed real estate agency.