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South Dakota Real Estate Contract

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What is a South Dakota Real Estate Contract?

In South Dakota, a real estate contract is a legal agreement between two parties, a buyer and a seller, for the purchase of real property.

Real estate contracts must include certain information to ensure the sale can move forward. It is common to see the following issues addressed in a real estate contract:

  • Identification of the parties
  • Legal description of the property
  • Purchase price
  • Contingencies
  • Required disclosures
  • Closing date and fees

Real estate contracts must be in writing and are only considered binding and enforceable once the contract is signed by both parties.

Common South Dakota Real Estate Contracts

Common South Dakota real estate contracts include:

  • Residential real estate contract. The most frequently used contract to buy and sell and existing residential house or property zoned for residential housing. The South Dakota Real Estate Commission has an approved contract template for these types of sales.
  • Commercial real estate contract. Used to buy and sell property zoned for commercial use like operating a business.
  • Lease agreement. Used by property owners who wish to rent their property to tenants.

4 Essential Elements of a South Dakota Real Estate Contract

Under South Dakota contract law, there are 4 essential elements that must exist to create a valid contract:

  1. Parties capable of contracting
  2. Consent of the parties to enter the contract
  3. A lawful object
  4. Sufficient consideration

What is a Contract for Deed in South Dakota?

In South Dakota, a contract for deed is a real estate contract in which the buyer makes payments to the seller, rather than a traditional lender for purchase of a property. The seller will retain the title to the property until the contract is fulfilled. The buyer typically has the right to occupy and use the property while making payments but does not have clear title to the property until the contract is satisfied.

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Nicole P. on ContractsCounsel
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Member Since:
November 11, 2022

Nicole P.

Attorney
Free Consultation
Sioux Falls, South Dakota
15 Yrs Experience
Licensed in OK, SD, TX
Oklahoma City University School of Law

Attorney Nicole B. Phillips is a northwestern Iowa native and devotes her practice to the area of Family Law. She is an experienced trial attorney with over 12 years of family law experience. ​ Nicole graduated from The University of South Dakota with a degree in Criminal Justice, and attended Oklahoma City University School of Law to obtain her law degree. Prior to establishing Phillips Law Firm, P.C., Nicole built her first successful law practice in Oklahoma City, Oklahoma, where she focused on Family Law, Estate Planning and Personal Injury Law, and her second successful law practice in Sherman, Texas, focusing primarily on Family Law. ​ Nicole has one daughter, Arabella. In addition to enjoying time with her daughter, Nicole enjoys reading, family dinners, traveling, spending time with friends, and game nights.

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Mark P. on ContractsCounsel
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5.0 (8)
Member Since:
July 21, 2023

Mark P.

Owner
Free Consultation
Kansas City, MO
9 Yrs Experience
Licensed in KS, MO, NE, TX
University of Missouri - Kansas City

www.parachinilaw.com I represent a diverse mix in a vast array of specialties, including litigation, contracts, compliance, business and financial strategies, and emerging industries. Credit for this foundation of strength goes to those who taught me. Skilled professors and professionals fostered my powerful educational and professional background. Prior to law school, I earned dual Bachelor’s degrees in Business Administration & Accounting from Peru State College. I received a Master of Business Administration degree from Chadron State College. My ambitions did not stop there. While working full time as a Senior Accountant for the University of Missouri, Columbia, I achieved the lifelong goal of becoming a licensed Certified Public Accountant (CPA). Mizzo provided excellent opportunities and amazing experiences. Managing over $50M in government and private research funding was a gift. As a high ranking professional in the Department of Research, I was given priceless insight into the greatest scientific, journalistic, medical, and legal minds in the world. My passion for successful growth did not, and has not stopped. I graduated summa cum laude (top 3%) with a Doctorate in Law, emphasizing in urban, land use and environmental/toxic tort law from the University of Missouri, Kansas City. This success lead to invaluable experiences of serving as Hon. Brian C. Wimes' judicial clerk for the U.S. District Court for the W. D. of Missouri, as a staff editor/writer for UMKC Law Review, and as a litigation and transactional attorney with Lathrop GPM (fka Lathrop & Gage). My professional and personal network is expansive, with established relationships throughout the U.S. and overseas. Although I engage in legal practice all over the country, I maintain law licenses in Missouri, Kansas, and Nebraska. Federally, I hold licenses in the W.D. and E.D. of Missouri and the District of Nebraska. To offer extra value, efficiency, and options, I maintain a CPA license and am obtaining a real-estate brokerage license.

Karen H. on ContractsCounsel
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July 23, 2023

Karen H.

Former Division General Counsel
Free Consultation
Chicago
43 Yrs Experience
Licensed in IL
Loyola University Chicago School of Law

During my tenure as VP & Division General Counsel of PepsiCo Inc. in Chicago, I built upon my diverse career overseeing legal matters for both the domestic and international businesses of PepsiCo and The Quaker Oats Co. My extensive practice areas included M&A, contracts, competition, NDAs, regulatory compliance, consumer product & protection, environmental, patents, and advertising regulations. Throughout my professional journey, I navigated legal complexities associated with an eclectic range of products, spanning juices, sports drinks, cereals, snacks, needlepoint kits, canned goods, eyeglasses, men's suits, car seats and toys. For further information, see my LinkedIn: http://linkedin.com/in/karen-hunter-a700179

John W. on ContractsCounsel
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July 23, 2023

John W.

Strategic Business Partner
Free Consultation
Brookline, MA
38 Yrs Experience
Licensed in DC, MD, VA
Georgetown University Law Center

I am a business lawyer with 30+ years of experience, with a specialization in the life sciences industry. I have been general counsel at 5 different companies - both large and growing, as well as small and emerging. I have built legal teams and have extensive experience with Boards of Directors.

Tameko P. on ContractsCounsel
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July 24, 2023

Tameko P.

Founder/CEO
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Olive Branch, MS
5 Yrs Experience
Licensed in MS
Mississippi College School of Law

Greene Litigation Group, PLLC., specializes in Personal Injury, Criminal Defense, Contract Dispute, Wills & POAs, Irreconcilable Differences Divorce, Business Formation, Contract Drafting, and Landlord Tenant Law

Jeffrey Z. on ContractsCounsel
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July 24, 2023

Jeffrey Z.

Attorney
Free Consultation
Albany, New York
21 Yrs Experience
Licensed in NY
Albany Law School

After a career in aviation, I went to Albany Law School graduating in 2003. I opened my own practice in 2005 following a 2-year term with a large, Albany-based law firm. I focus my practice on helping individuals and small business with various matters including defense representation, family law/matrimonial matters, estate planning, probate and estate administration, bankruptcy, business formation and general litigation.

Real Estate

Real Estate Contract

Georgia

Asked on Mar 18, 2022

WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233

SON AND EX

Meghan T.

Answered Mar 29, 2022

Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

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Real Estate

Real Estate Contract

New York

Asked on Dec 26, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

Jane C.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

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Real Estate

Real Estate Contract

Georgia

Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

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Real Estate

Real Estate Contract

Illinois

Asked on Mar 27, 2022

what is better to buy land or rent for construction in US?

we are a construction company from Ukraine, we are planning to build a cottage town in the USA

T. Phillip B.

Answered Apr 5, 2022

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

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