21.28.14 96th Legislative Session 819
Introduced by: Representative Howard
An Act to revise certain provisions regarding disclosures for newly constructed properties.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 43-4-43 be AMENDED.
43-4-43. Disclosure statements--Exempt transfers.
inclusive, do not apply to the following
(1) Transfers pursuant to court order, including transfers ordered by probate court in the administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfer pursuant to a writ of execution, transfers by a trustee in bankruptcy, transfers by eminent domain, transfers by government agencies, and transfers resulting from a decree for specific performance;
(2) Transfers to a mortgagee by a mortgagor in default, transfers by any foreclosure sale after default in an obligation secured by a mortgage, transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property by foreclosure or by a deed in lieu of foreclosure or transfers by a collateral assignment of beneficial interest;
(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(4) Transfers from one co‑owner to one or more other co‑owners;
(5) Transfers made to a spouse, a child, a parent, a sibling, a grandchild, or a grandparent;
(6) Transfers of newly constructed residential real property which has never been occupied, except the seller shall disclose any individual condition or conditions of the property applicable under § 43-4-44 that the seller knows or has reason to suspect.
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
indicate deleted language.