41-18-22. Terms of sale of waterfront lots--Minimum down payment and maximum contract period. In the sale of lots and tracts pursuant to § 41-18-21, the board of county commissioners may designate the terms upon which the sales may be made and the rate of interest deferred payments shall bear. The board may make contracts for the sale and make conveyance if the purchaser has met the terms of the contract. However, the purchaser shall pay at least ten percentum of the sale price to the county at the time of the execution of the contract of sale, and the total purchase price, with interest on the purchase price, shall be paid within five years from the date of sale.
Source: SDC 1939, § 12.2410; SL 2009, ch 206, § 122.
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