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Who Pays Closing Costs in South Dakota, Buyer or Seller? In most South Dakota real estate transactions, buyers and sellers share the closing costs. But buyers cover most of them. You can negotiate with the seller for concessions.
SDCL 10-45-10 exempts from sales tax the sale of products and services to the following governmental entities. Government entities must provide an exemption certificate to the vendor or the vendor must keep documentation to show the purchase was paid from government funds.
The cost of transfer taxes in South Dakota is $0.50/$500 of the home's sale value. Most real estate transfers will be charged this tax, but there are some exceptions. Exceptions include, but are not limited to, transfers between spouses, foreclosure, distribution of estates, divorces, or pure gifts.
Most purchase agreements, as a standard feature, state that the seller will pay the transfer tax. However, sellers have the ability to negotiate, and some buyers may be willing to pay the taxes in exchange for concessions - such as a discount on the home price.
43-4-21. Imposition and amount of real estate transfer fee. A fee is hereby imposed at the rate of fifty cents for each five hundred dollars of value or fraction thereof upon the privilege of transferring title to real property in the State of South Dakota, which fee shall be paid by the grantor.
Imposition and amount of real estate transfer fee. A fee is hereby imposed at the rate of fifty cents for each five hundred dollars of value or fraction thereof upon the privilege of transferring title to real property in the State of South Dakota, which fee shall be paid by the grantor.
A contract for deed is a contract where the seller remains the legal owner of the property and the buyer makes monthly payments to the seller to buy the house. The seller remains the legal owner of the property until the contract is paid.
Only marriage between a man and a woman shall be valid or recognized in South Dakota. The uniting of two or more persons in a civil union, domestic partnership, or other quasi-marital relationship shall not be valid or recognized in South Dakota.