An Act to revise certain provisions regarding disclosures for newly constructed properties.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 43-4-43 be AMENDED.
43-4-43. Disclosure statements--Exempt transfers.
Sections 43-4-37
to 43-4-44,
inclusive, do not apply to the following
transfers:
(1) Transfers pursuant to court order, including transfers ordered by probate court in the administration of an estate, transfers between spouses resulting from a judgment of dissolution of marriage or legal separation, transfer pursuant to a writ of execution, transfers by a trustee in bankruptcy, transfers by eminent domain, transfers by government agencies, and transfers resulting from a decree for specific performance;
(2) Transfers to a mortgagee by a mortgagor in default, transfers by any foreclosure sale after default in an obligation secured by a mortgage, transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the real property by foreclosure or by a deed in lieu of foreclosure or transfers by a collateral assignment of beneficial interest;
(3) Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(4) Transfers from one co owner to one or more other co owners;
(5) Transfers made to a spouse, a child, a parent, a sibling, a grandchild, or a grandparent;
(6) Transfers of newly constructed residential real property which has never been occupied, except the seller shall disclose any individual condition or conditions of the property applicable under 43-4-44 that the seller knows or has reason to suspect.