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What real estate disclosures are required in South Dakota?

On Behalf of | Mar 22, 2024 | Uncategorized

A person who’s purchasing a home in South Dakota expects sellers to disclose known issues with the homes that they’re selling. This enables the buyer to make an informed decision.

Yet, the purpose of these disclosures isn’t limited to empowering a buyer to make an informed decision. They also help sellers avoid future legal disputes by helping to ensure transparency before the sale is finalized.

Key disclosures required by law

In South Dakota, sellers are obliged to complete a specific real estate disclosure form that covers a wide range of information about the property. This includes but isn’t limited to, the condition of the property’s structural systems like plumbing, electrical, heating and cooling systems. Sellers must disclose any known defects with these systems that could significantly impact the property’s value or safety.

Another critical area of disclosure involves environmental hazards. Sellers must inform buyers if the property has been exposed to substances like radon, asbestos or lead-based paint. These materials can pose significant health risks, making it vital for potential buyers to be aware of their presence before making a purchase decision.

South Dakota law requires sellers to disclose any legal issues that may affect the property, such as easements, zoning violations or pending legal actions. These disclosures are essential for providing a clear picture of what buyers are getting into, helping them make informed decisions and avoiding unexpected complications after purchase.

Failure to disclose is serious

A seller who fails to disclose known issues with the property’s condition could face legal action. This typically occurs if a buyer finds out about the issue and can show that that a seller knew about the problem in advance. This is a complex legal undertaking that likely requires the assistance of a legal representative who’s familiar with the matter. There are time limits for these cases, so swift action is critical when concerns arise.