Consideration defined as related to real estate transfer fees.
ENTITLED, An Act to
define the term, consideration, as it relates to the payment of fees for
certain transfers or exchanges of real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
be amended to read as follows:
Terms used in §§ 43-4-20 to 43-4-26, inclusive, mean:
(1) "Consideration,"any type of property or thing of legal value, whether delivered in the
past, present, or to be delivered in the future. The term includes like-kind exchanges of
"Deed," any instrument for the purpose of transferring or conveying the fee title to real
"Register," the register of deeds of any county in the State of South Dakota; and
"Value," in the case of any deed not a gift, the amount of the full consideration therefor
paid, or to be paid.
Signed February 23, 2007