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South Dakota Purchase Agreement

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REAL ESTATE PURCHASE AGREEMENT
COMMERCIAL/AGRICULTURAL

(This is a legally binding contract. If you do not understand it, seek legal advice)

1. EARNEST MONEY DEPOSIT - PARTIES TO CONTRACT - PROPERTY.

Purchasers

Broker hereby acknowledges receipt of Earnest Money in the amount of ($ )
DOLLARS

Cash Check to be deposited the next legal banking day after acceptance of this offer on the property legally described as:

also known as

Sellers

Purchaser and Seller acknowledge that Broker is the limited agent of both parties to this transaction as outlined in Section III of the Agency Agreement Addendum and authorized by Purchaser and Seller.

Yes No (Initials) Purchaser / Seller / N/A

2. PURCHASE PRICE.

The total sales price is to be ($ )
DOLLARS

After earnest money herein is credited, an additional down payment of $ is to be paid by Purchaser on or before . After earnest money and down payment are herein credited, the remaining balance is to be paid by Purchaser at closing.

3. FINANCING.

If this offer is contingent upon Purchaser obtaining a new loan, Purchaser agrees to immediately make application for and diligently endeavor to procure such loan without delay, and to sign the note and mortgage within five (5) days after they are ready.

4. TITLE.

Merchantable title shall be conveyed by Warranty Deed, 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 Abstract of Title shall be continued to date and furnished promptly to buyer for examination. In lieu of an Abstract of Title, an owner's policy of Title Insurance in the amount of purchase price may be substituted with cost to be distributed as follows:

Seller Purchaser

5. INSPECTIONS.

This offer is contingent upon the following inspections:

Inspections shall be completed within days of acceptance of this offer.

Should the results of any inspections not be satisfactory to Purchaser, then, within this same period, Purchaser shall notify Seller or Listing Broker in writing of the specific dissatisfaction and at which time parties may renegotiate or terminate this contract. If Purchaser fails to specifically approve or disapprove any inspections within the time specified, then Purchaser shall be deemed to have approved and accepted the property in its present condition and any real estate licensee having anything to do with this transaction does not have any further obligation to Purchaser as to such inspections or agreement.

INITIALS: PURCHASER / SELLER /

6. PRORATIONS.

Taxes are to be paid as follows: The real estate taxes paid in shall be paid by Seller and by Purchaser. Real estate taxes assessed this year and payable next year will be will be prorated to the date of closing.

Other prorations:

7. OTHER PROVISIONS:

8. CLOSING/POSSESSION.

Possession and closing shall be given to Purchaser on or before (date) , provided, however, delivery of possession is conditioned upon closing.

9. EARNEST MONEY/DEPOSITS.

Listing office shall deposit and hold all earnest money and other deposits until sale is closed. If this offer is not accepted by Seller, or if Purchaser is unable to secure financing, if so contingent, or if no agreement is reached regarding conditions found on inspection report(s), this agreement is void and Purchaser's money shall be returned in full, less any expenses incurred on Purchaser's behalf, including any inspection ordered by Purchaser.

10. 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.

11. TIME IS OF THE ESSENCE OF THIS CONTRACT.

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

This agreement is void if not accepted by Seller by the day of , by 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:

Selling Company
 Selling Licensee

Listing Company
 Listing Licensee

SDREC/COM-AGPURAGREE/8-99 Page 2 of 2

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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.


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