Download South Dakota Purchase Agreement Form [PDF]

The South Dakota purchase and sale agreement is a legal document that outlines the terms and conditions under which the property transfer is going to be conducted.

Even though the purchase agreement itself doesn’t transfer any legal rights between the seller and buyer, it provides the framework under which they will complete their transaction. This prevents any potential misunderstandings and disputes in the future.

You should use the purchase agreement when selling or buying any item with a purchase price of over $500. However, where there are many terms and conditions affecting the sale or purchase, you should use the purchase agreement to define them, regardless of the item’s purchase price.

South Dakota Purchase and Sale Agreement Form

The purchase agreement is a document used between the seller and the buyer.

It includes information about the seller and the buyer, the description of an item, the purchase price, details about the financing, contingencies, and other terms and conditions connected to the sale and purchase.

The South Dakota purchase agreement is also known as:

Other Names for South Dakota Purchase and Sale Agreement Form

South Dakota purchase and sale agreement
South Dakota sale and purchase agreement
South Dakota sale and purchase contract
South Dakota purchase and sales contract

However, it all refers to one document that provides the terms and conditions for the property transfer in South Dakota.

Purchase Agreement South Dakota Laws & Requirements

There are no prescribed guidelines for the format of the South Dakota purchase agreement. However, when buying or selling real estate in South Dakota, you must include several disclosures in your purchase agreement template.

Purchase Agreement Required Disclosures in South Dakota

Here, you can find the list of disclosures that must be included in the South Dakota real estate purchase agreement:

Mandatory Disclosures

Lead-Based Paint Disclosure: 42 U.S. Code § 4852d provides that the seller must inform the buyer about any lead-based paint hazard at the property.
Seller’s Property Condition Disclosure Statement: The seller must disclose all the relevant information about the property’s condition before the buyer makes a written offer. (§ 43-4-38)
Real Estate Relationships Disclosure: If the real estate agent or broker is involved in the real estate transaction, they must fill out this form and provide information regarding their relationship with the seller and/or the buyer.

Common Types of Purchase Agreements in South Dakota

This section provides all the types of purchase agreements used in South Dakota:

Variety of Purchase Agreement

Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Used for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Also known as the motor vehicle bill of sale. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in South Dakota.

Purchase Agreement in South Dakota FAQ

Yes, the South Dakota purchase agreement is a legally binding document. However, it becomes legally binding only after both the seller and the buyer sign it.
Yes, a South Dakota sales agreement needs to state the purchase price. This is due to the fact that the purchase price represents the main obligation of the buyer, and it, therefore, must be included in the document for it to have legal effect.
No, purchase and sales agreements in South Dakota don’t need to be notarized, considering that the purchase agreement itself doesn’t transfer any legal rights between the parties.
Yes, a seller can back out of a purchase agreement in South Dakota. However, the only situation where he can do it without the obligation to compensate the buyer is if the buyer fails to meet the contingencies set out in the document.