<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 43-4-51 - Disclosure of private transfer fee obligations. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2065019Normal { 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.s2065019SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065019CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2065019Normal-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.s2065019DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2065019Normal-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; } p.s2065019Normal-000002 { margin-left: 0.70in; 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.s2065019000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2065019SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065019SCL-000004 { 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="s2065019Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-51"><span class="s2065019SENU">43-4-51</span></a><span xml:space="preserve" class="s2065019SENU">. </span><span class="s2065019CL">Disclosure of private transfer fee obligations.</span></p><p dir="ltr" class="s2065019Normal-000000"><span class="s2065019DefaultParagraphFont">Private transfer fee obligations shall be disclosed as follows:</span></p><p dir="ltr" class="s2065019Normal-000001"><span xml:space="preserve" class="s2065019DefaultParagraphFont">(1)    For transfers of real property subject to the disclosure requirements contained in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-38"><span class="s2065019DefaultParagraphFont">43-4-38</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065019DefaultParagraphFont">43-4-44</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont">, inclusive, disclosure of any private transfer fee obligations shall be made using the property condition disclosure statement set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065019DefaultParagraphFont">43-4-44</span></a><span class="s2065019DefaultParagraphFont">;</span></p><p dir="ltr" class="s2065019Normal-000001"><span xml:space="preserve" class="s2065019DefaultParagraphFont">(2)    For transfers of real property not subject to the disclosure requirements contained in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-38"><span class="s2065019DefaultParagraphFont">43-4-38</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-44"><span class="s2065019DefaultParagraphFont">43-4-44</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont">, inclusive, each seller of real property shall furnish to any purchaser a written statement disclosing the existence of any private transfer fee obligation. This written statement shall include a description of the private transfer fee obligation and include a statement that private transfer fee obligations are subject to certain prohibitions pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-46"><span class="s2065019DefaultParagraphFont">43-4-46</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-57"><span class="s2065019DefaultParagraphFont">43-4-57</span></a><span class="s2065019DefaultParagraphFont">, inclusive. The written document must contain a statement with the following language:</span></p><p dir="ltr" class="s2065019Normal-000002"><span xml:space="preserve" class="s2065019DefaultParagraphFont">A private transfer fee obligation has been imposed with respect to this property. A private transfer obligation may lower the value of this property. State law prohibits the creation of private transfer fee obligations pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-49"><span class="s2065019DefaultParagraphFont">43-4-49</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont"> and requires certain notice procedures to be followed with respect to private transfer fee obligations pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-52"><span class="s2065019DefaultParagraphFont">43-4-52</span></a><span xml:space="preserve" class="s2065019DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4-57"><span class="s2065019DefaultParagraphFont">43-4-57</span></a><span class="s2065019DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2065019Normal"><span xml:space="preserve" class="s2065019000003"> </span></p><p dir="ltr" class="s2065019Normal"><span class="s2065019SCL">Source:</span><span xml:space="preserve" class="s2065019SCL-000004"> SL 2011, ch 196, § 6.</span></p></div></body></html>