43-4-37. Definition of terms for required disclosures in certain real estate transfers.

112 words·~1 min read·/sd/title-43/chapter-43-4/43-4-37

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Terms used in §§ 43-4-38 to 43-4-44 , inclusive, mean:

(1)"Buyer," a person negotiating or attempting to become an owner of residential real property by means of a transfer which is subject to §§ 43-4-38 to 43-4-44 , inclusive;

(2)"Disclosure statement," the property condition disclosure statement as provided in § 43-4-44 ;

(3)"Residential real property," all residential real property consisting of not more than four family dwelling units, all of which are contained in one structure;

(4)"Seller," an owner of residential real property;

(5)"Transfer," a sale, exchange, installment sale contract, lease with an option to purchase, other option to purchase, or a ground lease coupled with improvements.