South Dakota

If you are selling property in South Dakota to a buyer who can't qualify for a mortgage, you can carry all or part of the purchase price with this Contract for Deed.

• A contract for deed (or purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made. The seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format.
• Intended to be used only in the State of South Dakota.

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Take out a mortgage on a home in South Dakota with this 180-Day Redemption Mortgage.

• The mortgage form contains standardized uniform multistate covenants under federal mortgage regulations.
• It also contains additional covenants specific to South Dakota law, including provisions for foreclosure, waiver of homestead exemption, and an agreement that the mortgage will be subject to the One Hundred Eighty Day Redemption Mortgage Act.
• This is a standard type of mortgage for residential single family dwellings.
• Available in MS Word format.
• Intended to be used only in the State of South Dakota.

This Statement of Occupancy and Financial Status forms part of the documentation for a real estate purchase loan in South Dakota.

• The purchasers of the property must make the Statement and give it to the mortgage lender and to FHA, FNMA, FHLMC, or Department of Veterans Affairs (as applicable).
• The purchasers certify that they will occupy the property after closing.
• The purchasers also confirm that there has been no significant change to their financial status since their mortgage loan application.

The South Dakota Statement of Occupancy and Financial Status is a free form that you can download and fill in.