Establishing secure connection…Loading editor…Preparing document…

South Dakota Purchase Agreement

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

PURCHASE AGREEMENT

THIS IS A LEGALLY BINDING CONTRACT BETWEEN

PURCHASER AND SELLER

IF YOU DO NOT UNDERSTAND IT, SEEK LEGAL ADVICE

1. PARTIES TO CONTRACT - PROPERTY.

Purchaser and Seller acknowledge that Broker is is not the limited agent of both parties to this transaction as outlined in Section III of the Agency Agreement Addendum as authorized by Purchaser and Seller.

, hereinafter referred to as Purchaser, offers and agrees to purchase from , hereinafter referred to as Seller, upon the terms and conditions set forth, the property legally described as:

also known as

2. EARNEST MONEY DEPOSIT.

Earnest Money in the amount of ($ ) DOLLARS Cash Check , unless otherwise noted herein, shall be deposited into the trust account of the listing selling broker on the next legal banking day after acceptance of this offer.

Other earnest money provisions:

3. PURCHASE PRICE.

The total purchase price is to be ($ ) DOLLARS

After earnest money herein is credited, the remaining balance is to be paid by Purchaser at closing.

4. FINANCING.

New Mortgage. This offer is contingent upon Purchaser obtaining a new VA, FHA, SDHDA, Conventional, or type of loan.

A letter of Purchaser’s loan status from is attached or will be delivered by .

Within legal banking days after acceptance of this Agreement, Purchaser will make application for and diligently and in good faith endeavor to secure a new loan, pay all application fees, and to sign all financing documents without delay.

Purchaser reserves the right to obtain alternative financing as long as there are no increased costs to Seller.

Assumption. See attached Addendum.

Contract for Deed/Private Mortgage. See attached Addendum.

Cash. This is a cash offer. The remaining balance of $ will be paid at closing by certified check.

A letter of verification from regarding the availability of funds is attached will be delivered by (date) or this agreement, at the option of Seller without notice to Purchaser may be voided.

5. APPRAISAL.

This offer is subject is not subject to the property appraising for at least the purchase price.

If the appraisal reveals repairs, which must be made, Purchaser and Seller will negotiate which party will complete those repairs for any re-inspection fees. If the appraisal is less than the agreed purchase price, Purchaser and Seller may renegotiate the purchase price.

Appraisal will / will not be ordered prior to removal of home inspection contingency.

6. SALE OF PURCHASER'S PROPERTY

This offer is not contingent upon the sale or close of property owned by Purchaser.

This offer is contingent upon the sale and close of Purchaser’s property located at

within days or within the time specified for closing the Seller’s property.

Seller shall have the right to continue to offer the property for sale and accept any offers subject to the rights of Purchaser.

If Seller accepts another offer, Seller will give Purchaser written notice of that fact. Within days of receipt of the notice, Purchaser will provide a written waiver of the contingency on the sale and close of Purchaser’s property or this agreement will terminate without further notice and deposits will be returned according to paragraph 15 of this agreement.

Upon waiver of this contingency, Purchaser warrants and will provide proof that the funds needed for closing will be available and Purchaser’s ability to obtain financing is not contingent upon the sale and/or close of any property.

7. SELLER'S PROPERTY DISCLOSURE.

Purchaser acknowledges receipt of Seller's property condition disclosure statement dated as required by SDCL 43-4-38 through 43-4-57 prior to signing this agreement. (initials)

Purchaser acknowledges that no disclosure statement is required by reason of the following:

8. LEAD-BASED PAINT DISCLOSURE.

Purchaser acknowledges receipt of the pamphlet "Protect Your Family From Lead In Your Home" and the Seller's lead-based paint and lead-based paint hazards form according to the Residential Lead-Base Hazard Reduction Act of 1992. This applies only to properties built prior to 1978. (initials)

9. INSPECTION OF PHYSICAL CONDITION OF PROPERTY.

Purchaser acknowledges that it has been recommended that Purchaser engage, at Purchaser’s expense, the services of a professional inspector acting within the scope of the inspector’s professional license to inspect the property (initials) .

Purchaser and Seller understand the purpose of a property inspection is to inform and educate Purchaser of conditions and future maintenance of property and is not designed to be a point of renegotiation of the purchase price.

This offer is / is not contingent upon Purchaser, at Purchaser’s expense, obtaining a property inspection(s) and report(s) which may include, but not be limited to the physical, structural, mechanical, pest, geological and environmental contamination conditions relating to the property.

These inspection options will be completed and written notice of the results given to Seller or Seller’s agent within business days of acceptance of this agreement.

If the inspection(s) has not been completed within the specified time, Purchaser’s option to have the inspection(s) shall expire and all other terms of this Purchase Agreement will continue unaffected.

INITIALS: PURCHASER / SELLER /

If any inspection(s) reveals conditions unsatisfactory to Purchaser or unknown to Seller, the parties to this Agreement will have the following options: Purchaser will accept the existing condition; Seller will correct the existing condition and provide certification from an inspector that the condition has been remedied; or Purchaser and Seller will negotiate a settlement.

If no written agreement can be reached on the results of the Inspection Report(s) within business days of the date and time Seller is notified of the results of the inspection(s), this Agreement may be deemed null and void in its entirety at the option of Buyer within hours after the negotiation deadline.

Purchaser hereby waives the option to have an independent home inspector assess the condition of the property.

10. HOME PROTECTION PLAN.

Seller provided a home protection plan.

By initialing, Purchaser elects a home protection plan.

Purchaser and Seller acknowledge that Broker selling the home protection plan will receive compensation from the home protection plan provider.

11. SURVEY.

Purchaser acknowledges that it has been recommended to obtain a survey by initialing one of the following:

new location survey depicting all improvements on the property.

existing location survey depicting all improvements on the property.

new boundary survey marking all property corners before closing.

other

Cost of survey, if any, will be paid as follows:

Purchaser waives survey (Initial, if applicable)

12. TAXES/PRORATIONS.

Purchaser is aware that property taxes may or may not be based upon “Owner Occupied Status”. Any and all Special Assessments are to be paid by Seller unless otherwise specified in this agreement.

Taxes, rents, road maintenance, water, sewer, and homeowner’s association fees, if any are:

To be prorated to

Not to be prorated

Tax proration will be based upon the: previous year’s taxes / agreed upon amount of / most current county information / new construction estimate other

13. TITLE.

Merchantable title shall be conveyed by Warranty Deed or other sufficient conveyance instrument, acceptable to Purchaser, subject to conditions, zoning, restrictions, and easements of record, if any, which do not interfere with or restrict the existing use of the property.

An owner's policy of Title Insurance in the amount of the purchase price will be furnished with cost to be distributed: Purchaser Seller .

14. CLOSING/POSSESSION.

Closing date will be on or before with possession to be given Purchaser at time of closing.

Seller agrees to maintain the property in a condition comparable to its present condition and agrees that Purchaser will have the opportunity for a personal inspection prior to closing. Seller agrees to maintain all existing insurance coverage on property until time of closing.

Closing service fees, if any, cost to be distributed as follows: Purchaser Seller .

All personal property, including refuse, not included in the purchase price, shall be removed by Seller prior to closing.

15. EARNEST MONEY/DEPOSITS.

The broker, as specified in Section 2, shall deposit and hold all earnest money and other deposits until sale is closed. If an accepted offer and agreement to purchase does not close, regardless of the circumstances, both Purchaser and Seller must agree in writing prior to release of earnest money or in the alternative, pursuant to court order in accordance with SDCL 36-21A-81.

16. AGREEMENT TO MEDIATE.

Any dispute or claim arising out of or relating to this contract will be submitted to mediation, if available, in accordance with the rules and procedures of the Sellers/Purchasers Dispute Resolution System. Otherwise, mediation will be submitted to a private mediation service. Any costs of mediation will be shared equally between Purchaser and Seller.

Yes No Purchaser

17. PERSONAL PROPERTY.

Any personal property, free of liens and without warranty of condition, shall be transferred to Purchaser by a separate bill of sale. Purchaser will / will not compensate seller for fuel oil/propane remaining on date of closing.

18. OTHER PROVISIONS:

18. ADDENDA TO THIS AGREEMENT.

The following documents are addenda to this contract and are attached and become part of this contract by reference. If none, so state.

19. This agreement is void if not accepted by Seller by the day of , by a.m./p.m.

20. The laws of South Dakota govern this transaction.

21. TIME IS OF THE ESSENCE OF THIS CONTRACT.

Dated this day of , at a.m./p.m.

Purchaser

Purchaser

On this day of , the foregoing offer is:

(Initial) ACCEPTED NOT ACCEPTED COUNTERED

Seller

Seller

THE FOLLOWING IS FOR INFORMATION PURPOSES ONLY:

Enter text✕
Prepare your document for signing right on this page
  • 01 Edit the text and complete the fields
  • 02 Click Sign Now and on the next screen add recipients and signature fields in SignNow
  • 03 Start your free trial to sign and send your doc
Sign Now

What the South Dakota Purchase Agreement Is

A South Dakota Purchase Agreement is a written contract used to transfer ownership of real property located in South Dakota. It documents parties, property description, purchase price, financing terms, contingencies, closing date, and post-closing obligations. The form creates enforceable rights and duties between buyer and seller when executed by authorized signatories and delivered according to the contract terms. While many clauses are standard, state-specific disclosures, recording requirements, and notary acknowledgements must be observed to ensure clear title and enforceability in state courts and at county register of deeds offices.

Why a Proper Purchase Agreement Matters

A clear, complete Purchase Agreement reduces closing delays, allocates risk, and documents conditions for title transfer. Properly drafted terms limit disputes and support smooth recording and financing.

Why a Proper Purchase Agreement Matters

Who Typically Prepares and Signs This Agreement

Common participants include buyers, sellers, real estate brokers, closing attorneys, title companies, and lenders involved in South Dakota property transactions.

  • Buyers and Sellers — Individuals or entities negotiating price, contingencies, and closing obligations.
  • Title Companies and Attorneys — Handle title searches, closing statements, and recording instruments.
  • Lenders and Brokers — Provide mortgage terms, appraisal contingencies, and mortgage payoff instructions.

Roles vary by transaction scale; residential sales often use standard forms while complex or commercial deals require attorney review and custom provisions.

Core Elements Found in a Professional Agreement

A complete Purchase Agreement balances contractual detail with clear execution steps. These six elements are essential for enforceability and practical closing.

Parties

Full legal names and entity types of buyer and seller, including contact details and mailing addresses for notices and closing statements.

Property Description

Legal description, parcel number, street address, and any included personal property. Attach exhibits for easements, plats, or surveys as necessary.

Price & Financing

Purchase price, earnest money amount, financing contingency language, and seller credit or closing cost contributions if applicable.

Contingencies

Inspection, appraisal, title review, survey, and loan approval contingencies with clear deadlines and cure periods to protect both parties.

Closing Mechanics

Closing date, place of closing, proration of taxes and utilities, delivery of deed and funds, and recording instructions for the register of deeds.

Representations & Remedies

Seller warranties about title and condition, buyer inspection rights, default remedies, dispute resolution method, and choice of governing law.

Required Information at a Glance

Buyer Name: Full legal name
Seller Name: Full legal name
Property ID: Parcel number / legal description
Purchase Price: Numeric amount
Closing Date: MM/DD/YYYY
Signatures: Authorized signers

Step-by-Step: Completing the Agreement

Follow these key steps in sequence to prepare an executable South Dakota Purchase Agreement.

  • 01
    Gather documents: Collect title report, surveys, prior deed, and tax information.
  • 02
    Fill parties and property: Enter legal names and full property legal description.
  • 03
    Set price and terms: Specify earnest money, financing, and contingency deadlines.
  • 04
    Sign and deliver: Execute signatures, notarize if required, and route funds to escrow.

Digital Execution and Document Platforms

Electronic preparation and signatures are common; confirm technical requirements before routing for signature.

  • File Formats: PDF or DOCX recommended
  • Authentication: Email or SMS code
  • Integrations: Title and escrow systems

Use an eSignature workflow that preserves an audit trail and produces a tamper-evident signed PDF suitable for lenders and the county register of deeds.

How the Submission and Closing Flow Typically Operates

These stages show common routing from executed agreement to recorded deed and final disbursement.

  • Execute Agreement: Parties sign and initial all pages
  • Open Escrow: Deposit earnest money and confirm escrow instructions
  • Clear Title: Title company resolves exceptions and prepares policy
  • Record Deed: Register deed at county level and disburse funds

Typical Timeframes and Deadlines to Track

Track these common deadlines in the agreement to avoid defaults and missed contingencies.

Earnest Money Deposit:

Within 3–5 business days of effective date

Inspection Period:

Commonly 7–14 days; tied to repair request deadlines

Financing Contingency:

Loan commitment typically 21–30 days

Closing Date:

Set calendar date for deed transfer

Recording:

Record deed immediately after closing per county procedures

Frequent Errors to Avoid

  • Using informal or nickname forms of party names that do not match title records, causing recording rejections.
  • Entering an incomplete legal description or relying only on the street address rather than the deed's description.
  • Failing to specify earnest money delivery method and holder, which can create disputes at closing.
  • Omitting required seller disclosures or failing to follow state-required disclosure forms for residential property.

Potential Consequences of an Incorrect Agreement

Recording Rejection: Delays in title transfer
Financing Failure: Loan denial or closing postponement
Earnest Money Dispute: Potential litigation or forfeiture
Title Defect: Clouded title, need for corrective deed
Breach Claims: Contract damages or specific performance
Costs: Additional attorney and recording fees

Typical eSignature Vendor Pricing and Feature Snapshot

Comparing common eSignature vendors can help teams choose a tool for executing purchase agreements. signNow appears first for parity and feature visibility.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by vendor — verify Varies by vendor — verify Varies by vendor — verify Varies by vendor — verify
Bulk Send Yes (Business Premium) Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes (BAA available) Varies by plan — verify Varies by plan — verify Varies by plan — verify Varies by plan — verify
Envelope Cap No cap 100 envelopes/user/year Verify with vendor Verify with vendor Verify with vendor

Real-World Examples of Purchase Agreement Use

These condensed examples illustrate practical scenarios and outcomes when agreements are properly completed.

Residential Sale — Single-Family

A buyer used a standard purchase agreement with a 10-day inspection contingency.

  • Inspection revealed roofing defects.
  • The seller agreed to credits at closing, the title was cleared, and the deed recorded within seven days after closing without dispute.

Commercial Lot Purchase

A developer negotiated a purchase agreement contingent on zoning confirmation.

  • Zoning approval required a 45-day review.
  • The contingency allowed termination without penalty when zoning was denied, protecting the buyer from unexpected obligations.

Practical Tips for Accurate and Efficient Agreements

Adopt these habits to reduce errors and shorten closing cycles.

Use Verified Names
Match party names to government ID or entity formation records to avoid recording corrections.
Attach Exhibits
Include surveys, deeds, and seller disclosures as exhibits to prevent ambiguity about included property or encumbrances.
Set Clear Deadlines
Define inspection, financing, and closing deadlines in calendar dates to prevent disputes over ambiguous timing.
Preserve Audit Trail
When signing electronically, ensure the platform records timestamps, signer IPs, and certificate of completion for lender acceptance.

Frequently Asked Questions About South Dakota Purchase Agreements

Answers to common issues encountered when preparing, executing, and recording a Purchase Agreement in South Dakota.


Need help? Contact support

Explore Templates

Mississippi Notice Template Notice of Retaliatory Rent Increase Business Credit Application Cosigner Agreement Maintenance Repair Request Amendment to Lease or Rental Agreement
be ready to get more
Join over 28 million airSlate SignNow users
Sign Now
Company
Forms
Pricing
Resources
Knowledge base
Other Products
© 2026 airSlate Inc. All rights reserved.