<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 43-4-37 - Definition of terms for required disclosures in certain real estate transfers. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2065005Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065005SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065005CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2065005Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065005DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2065005Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065005000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2065005SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065005SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2065005Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-37"><span class="s2065005SENU">43-4-37</span></a><span xml:space="preserve" class="s2065005SENU">. </span><span class="s2065005CL">Definition of terms for required disclosures in certain real estate transfers.</span></p><p dir="ltr" class="s2065005Normal-000000"><span xml:space="preserve" class="s2065005DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-38"><span class="s2065005DefaultParagraphFont">43-4-38</span></a><span xml:space="preserve" class="s2065005DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065005DefaultParagraphFont">43-4-44</span></a><span class="s2065005DefaultParagraphFont">, inclusive, mean:</span></p><p dir="ltr" class="s2065005Normal-000001"><span xml:space="preserve" class="s2065005DefaultParagraphFont">(1)    "Buyer," a person negotiating or attempting to become an owner of residential real property by means of a transfer which is subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-38"><span class="s2065005DefaultParagraphFont">43-4-38</span></a><span xml:space="preserve" class="s2065005DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065005DefaultParagraphFont">43-4-44</span></a><span class="s2065005DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2065005Normal-000001"><span xml:space="preserve" class="s2065005DefaultParagraphFont">(2)    "Disclosure statement," the property condition disclosure statement as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065005DefaultParagraphFont">43-4-44</span></a><span class="s2065005DefaultParagraphFont">;</span></p><p dir="ltr" class="s2065005Normal-000001"><span class="s2065005DefaultParagraphFont">(3)    "Residential real property," all residential real property consisting of not more than four family dwelling units, all of which are contained in one structure;</span></p><p dir="ltr" class="s2065005Normal-000001"><span class="s2065005DefaultParagraphFont">(4)    "Seller," an owner of residential real property;</span></p><p dir="ltr" class="s2065005Normal-000001"><span class="s2065005DefaultParagraphFont">(5)    "Transfer," a sale, exchange, installment sale contract, lease with an option to purchase, other option to purchase, or a ground lease coupled with improvements.</span></p><p dir="ltr" class="s2065005Normal"><span xml:space="preserve" class="s2065005000002"> </span></p><p dir="ltr" class="s2065005Normal"><span class="s2065005SCL">Source:</span><span xml:space="preserve" class="s2065005SCL-000003"> SL 1993, ch 325, § 1; SL 1994, ch 337, § 1.</span></p></div></body></html>