43-15A-1. Definition of terms. Terms as used in this chapter mean: (1)”Commission,” the South Dakota Real Estate Commission; (2)”Co-owner,” any person, firm, corporation, limited liability company, partnership, association, trust, or legal entity, or any combination thereof who owns a condominium within the project; (3)”Council of co-owners,” all co-owners of the condominium; (4)”Master deed” or “master […]
43-15A-10. Notice of intent to sell domestic condominium–Contract voidable if notice not given. Prior to the time when a domestic condominium project is to be offered for sale in this state, the developer shall notify the real estate commission in writing of his intention to sell such offerings. If the developer fails to notify the […]
43-15A-11. Fee to accompany notice of intent–Questionnaire–Form and content. The notice of intention to sell shall be accompanied by a fee of twenty-five dollars for each condominium unit up to a maximum of five hundred dollars and by a verified copy of a questionnaire provided by the commission which has been properly completed by the […]
43-15A-12. Inspection of condominium project. After appropriate notification has been made pursuant to §§43-15A-10 and 43-15A-11, an inspection of the condominium project may be made by the Real Estate Commission. Source: SL 1975, ch 270, §8; SL 1986, ch 302, §82.
43-15A-13. Waiver of initial inspection. The Real Estate Commission may waive initial inspection when in its opinion, a preliminary or final public report can be substantially drafted and issued from the contents of the questionnaire and other or subsequent inquiries. Failure of the commission to notify the developer of its intent to inspect his project […]
43-15A-14. Filing fee and inspection expenses to accompany notice of intent–Payment to inspector. When an inspection is to be made of projects, the notice of intention shall be accompanied by the filing fee, together with an amount estimated by the Real Estate Commission to be necessary to cover the actual expenses of such inspection, not […]
43-15A-15. Deposit and expenditure of fees. The fees collected in this chapter shall be deposited and expended according to the rules promulgated pursuant to chapter 1-26 by the Real Estate Commission. Source: SL 1975, ch 270, §20; SL 1986, ch 302, §84.
43-15A-16. Public report of examination findings–Status of report. When the Real Estate Commission makes an examination of any project, it shall make a public report of its findings, which shall contain all material facts available. A public report shall be construed to be neither an approval nor a disapproval of a project. Source: SL 1975, […]
43-15A-17. Commission report required before offer to sell or taking reservations to purchase. No unit in a condominium project may be offered for sale until the Real Estate Commission has issued a final or substitute public report thereon, nor may reservations to purchase be taken until the commission has issued a preliminary, final, or substitute […]
43-15A-18. Supplementary report on investigations made after final or substitute report issued–True copy to purchasers. If, after a final or substitute public report has been issued, the Real Estate Commission decides to conduct further inquiries or investigations in order to protect the general public in its real estate transactions, the commission may issue a supplementary […]
43-15A-19. Copy of reports issued to prospective purchaser before binding contract for sale–Time to read copy–Receipt. No developer may enter into a binding contract or agreement for the sale of any unit in a condominium project until a true copy of the Real Estate Commission’s final or substitute public report thereon with all supplementary public […]
43-15A-2. Estates subject to chapter. “Condominium,” as used in this chapter, unless the context otherwise requires, shall mean an estate in real property consisting of an undivided interest in portions of a parcel of real property together with a separate interest in space in a residential, industrial, or commercial building or industrial and commercial building […]
43-15A-20. True copies to be exact reproductions of commission’s reports. The true copies of the Real Estate Commission’s public reports shall be an exact reproduction of those prepared by the commission. Source: SL 1975, ch 270, §16; SL 1986, ch 302, §89.
43-15A-21. Receipts kept by developer–Inspection–Duration. Receipts taken for any public report shall be kept on file in possession of the developer subject to inspection at a reasonable time by the Real Estate Commission or its deputies, for a period of three years from the date the receipt was taken. Source: SL 1975, ch 270, §14; […]
43-15A-22. Material change in offering prohibited without written notice. It is a Class 1 misdemeanor for the developer of the project, after an offering is submitted to the Real Estate Commission, to materially change the setup or value or use of such offering without first notifying the commission in writing of such intended change and […]
43-15A-23. Deposits held in escrow until delivery of deed. Any deposit made with a reservation to purchase or a contract to purchase shall be held in escrow in a separate fund for such deposits designated as such until the deed for which a deposit was made is delivered to the depositor. Source: SL 1975, ch […]
43-15A-24. Management or recreation facility contract period limited–Subsequent contracts by council of co-owners. No management or recreation facility contract may be entered into by a developer for a period of longer than two years. All subsequent management or recreation facility contracts shall be made by council of co-owners. Source: SL 1975, ch 270, §13.
43-15A-25. False statement, fraud, or violation of provisions as misdemeanor. Any person who knowingly authorizes, directs, or aids in the publication, advertisement, distribution, or circulation of any false statement or representation concerning any project offered for sale or lease, and a person who, with knowledge that an advertisement, pamphlet, prospectus, or letter concerning a project […]
43-15A-26. Investigation of developer suspected of violations–Examination of books–Developers to keep records available. If the Real Estate Commission has reason to believe that a developer is violating any provision set forth in §§43-15A-10 to 43-15A-26, inclusive, or the rules of the commission promulgated pursuant thereto, the commission may investigate the developer’s project and examine the […]
43-15A-28. Validation of previously established vertical and horizontal property regimes and condominiums–Deadline for enforcing rights–Notice of pendency. Any vertical and horizontal property regime established pursuant to former chapter 43-15, or any condominium established pursuant to chapter 43-15A recorded before January 1, 1992, in the office of the register of deeds of the county in which […]
