Sioux Falls

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys may handle closings. Conveyance is by warranty deed. Mortgages are the usual security instruments. Foreclosures may occur through judicial proceedings or through the power-of-sale provisions contained in certain mortgage agreements. Sheriff’s sales follow publication of notice by 30 days. The redemption period allowed after sale of parcels smaller than 40 acres and encumbered by mortgages containing power of sale is 180 days; in all other cases, it’s a year. There’s a unique statute which stipulates that all land must be platted in lots or described by sectional references rather than by metes and bounds unless it involves property described in documents recorded prior to 1945. There’s another unique statute called the Affidavit of Possession Statute. Certain exceptions aside, it provides that any person having an unbroken chain of title for 22 years thereafter has a marketable title free of any defects occurring prior to that 22-year period. South Dakotans use ALTA policies and endorsements. Sellers pay the transfer taxes and split the other closing costs, fees, and premiums with the buyers. Property taxes come due May 1st and November 1st.

Due May 1st and November 1st

NO. South Dakota is one of the few states that does not require a real estate broker's license to engage in property management. However, if a property manager is going to negotiate the rent, exchange or leasing of a property, list or rent real estate, or collect rent for real estate or if he or she holds herself out as engaging in those activities he or she will need at least a â??property manager's licenseâ??, which is a type of â??restricted broker's licenseâ??. Individuals must be licensed as individual property managers and partnerships, associations or corporations must be licensed as firms.

YES. For example, property managers are exempt from the license requirement if they do not engage in leasing, offers to lease, lease negotiations, or other lease-related activities. On-site residential managers maybe be eligible for a residential rental agent's license. For more information about these and other South Dakota property management requirements and exceptions, please contact the South Dakota Real Estate Commission. Before hiring a property manager to manage your South Dakota rental property, you should always check that he or she is licensed appropriately. You can check the license status of South Dakota property managers by referring to the state's online license licensee roster.

There is no requirement that a community association manager or condo association manager in South Dakota hold a real estate broker's license.