When selling your home, it’s important to understand the laws regarding home disclosures. Seller home disclosures vary by state, so learn everything you need to know about legal requirements in South Dakota, how to create a disclosure agreement, and why you should partner with a real estate agent.
There are many legal requirements to consider during the home selling process. One of the most important documents sellers will be required to fill out is the home disclosure form. Figuring out what is required to disclose on this form is important to ensure you are protected during and after the home sale.
Since rules regarding home seller disclosure vary across the country, it’s important to become familiar with the specific rules in South Dakota to ensure you satisfy all legal requirements.
Before selling your home in South Dakota, look through this guide to help learn and understand your state’s home seller disclosure policy.
South Dakota Seller Disclosure Requirements
In South Dakota, sellers must disclose any known defects or problems that could impact the home’s condition or overall value. It’s against the law to conceal any home issues that the homeowner is aware of.
Legally, only the issues the seller has knowledge of are required to be disclosed during the selling process. A qualified real estate agent can help you walk through specific requirements to ensure you disclose everything legally required in your state.
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How Do You Determine What to Disclose in South Dakota?
Although sellers in South Carolina are only legally required to disclose issues they are aware of, having a pre-sale home inspection performed is the best way to ensure you disclose any major issues that exist at the time of sale.
Pre-sale inspections are paid for by the seller but can be extremely valuable. This inspection will make sellers aware of any existing issues which will generally appear on the buyer’s inspection later on. This will grant sellers more time to make any necessary repairs, in order to list their home for the right price. It will also allow sellers to fill out their disclosures with confidence, and offer a legal inspection report to back up all of the home’s known issues.
Talk to your local real estate agent to find out more about pre-sale home inspections.
What Do South Dakota Sellers Need to Disclose?
When filling out your seller home disclosure, you should be sure to list any issues that appeared in your pre-sale inspection report that were not fixed. In addition, any other known problems (past basement flooding, leaky sinks, etc) should also be released in order to protect yourself from lawsuits down the line.
In some states, sellers are also required to notify potential buyers if their property has any history of paranormal activity or if it was the location of a known crime scene. While South Dakota doesn’t require sellers to disclose any suspected paranormal activity, it does require sellers to reveal any felonies, murders, or suicides that occurred on the property within the past year.
Along with any damages that have not been fixed, South Dakota sellers should also disclose the below:
- Lead paint warnings. The seller must disclose if the home contains or might contain any traces of lead paint.
- Smoke detector certificates. The seller must confirm that the home contains the correct number of working smoke detectors as required by South Dakota law. The number of smoke detectors varies based on the size of the home.
Creating a Seller's Disclosure
Sellers can find examples of seller’s disclosure forms online, but the best way to ensure the disclosure form is correct and legally accurate is to partner with a real estate agent. An agent will help sellers complete this form and confirm that it fully meets all South Dakota legal requirements.
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Summary
When selling your home in South Dakota, it’s important to understand the requirements regarding home disclosures. Sellers must create and prepare a disclosure form that details any known, existing issues within your property. It is recommended that sellers consider a pre-sale inspection, which will offer a detailed evaluation of your home’s condition.
It is also recommended that sellers partner with a local real estate agent in order to ensure their disclosure form meets all South Dakota real estate disclosure laws. A qualified agent can provide insight on what details to include within your document and help you prepare all paperwork.
In addition, experienced real estate agents can help sellers navigate through the selling process, from listing and marketing their home to reviewing offers and closing on the home. Best of all, if you aren’t already working with an agent, Clever can match you with a qualified full-service agent for a fraction of the cost. With Clever, you’ll receive an agent who will only charge 1.5% for listing your home, as opposed to traditional agents’ rates of 3%.
You can get started today by reaching out to a local Clever Partner Agent.
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