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South Dakota Rent-to-Own Lease Agreement

A South Dakota rent-to-own lease agreement institutes a regular lease arrangement between a landlord and a tenant that has an option for the tenant to buy the property. It contains the standard terms of a lease agreement, including but not limited to monthly rent, deposits, and responsibilities. The option to purchase the property is attached to the lease agreement explaining the purchase price, arrangements, and requirements arranged by the tenant and landlord. The tenant has to pay the agreed monthly rent until they inform the landlord that they are ready to buy the property. In some instances, the rent paid can apply to the purchase price. The landlord in a rent-to-own transaction must issue certain disclosures per South Dakota law.

Seller Disclosures

Provide if the tenant decides to purchase the property.

Lead-Based Paint Disclosure – Sellers have to use this disclosure to inform buyers of the existence of lead-based paint if the property was built prior to 1978.

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Real Estate Relationships Disclosure – Discloses the relationship between a buyer or seller and a licensed real estate agent or agency.

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Seller’s Property Condition Disclosure Statement (§ 43-4-38) – Sellers are required to give this disclosure to buyers to detail the material condition of the property.

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