§ 43-4-52 Notices of private transfer fee obligation to be recorded for obligations imposed before July 1, 2011--Contents.

SD Codified L § 43-4-52 (2019) (N/A)

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43-4-52. Notices of private transfer fee obligation to be recorded for obligations imposed before July 1, 2011--Contents. For any private transfer fee obligation imposed prior to July 1, 2011, the receiver of the fee shall, prior to December 31, 2011, record in the office of the register of deeds in the county in which the real property subject to the private transfer fee is located, a separate document that meets all of the following requirements:

(1) The title of the document shall be Notice of Private Transfer Fee Obligation in at least fourteen point boldface type;

(2) The amount, if the fee is a flat amount, or the percentage of the sales price constituting the cost of the transfer fee, or such other basis by which the transfer fee is to be calculated;

(3) If the real property is residential property, actual dollar-cost examples of the transfer fee for a home priced at one hundred thousand dollars, two hundred fifty thousand dollars, and five hundred thousand dollars;

(4) The date or circumstances under which the private transfer fee obligation expires, if any;

(5) The purpose for which the funds from the private transfer fee obligation will be used;

(6) The name of the person to which funds are to be paid and specific contact information regarding where the funds are to be sent;

(7) The acknowledged signature of the payee; and

(8) The legal description of the real property burdened by the private transfer fee obligation.Source: SL 2011, ch 196, § 7.

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§ 43-4-51 Disclosure of private transfer fee obligations.

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