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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In South Dakota, a property disclosure statement is a mandatory document that sellers of residential real property must provide to prospective buyers. This disclosure is governed by South Dakota Codified Laws (SDCL) 43-4-37 through 43-4-44. The law requires sellers to disclose in writing any known material defects that could affect the property's value or the buyer's decision to purchase. The disclosure must include information about the condition of various aspects of the property, such as the structural system, plumbing, electrical system, heating and cooling, and any other relevant details about the property's condition. If the seller is unaware of any defects, they must state this in the disclosure. Failure to provide a complete and accurate disclosure can lead to legal consequences for the seller, including potential liability for any undisclosed defects discovered after the sale.

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Real property

property disclosure statement

Individual & Family Legal Plan

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South-Dakota State Code

Real property

property disclosure statement

South-Dakota State Code

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