58-27-38. Equity of seller of real property in contract for deed--Maximum amount of investment.
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/sd/title-58/chapter-58-27/58-27-38·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An insurer may invest any of its funds in the equity of the seller of real property in a contract for deed, covering the entire balance due on a bona fide sale of such property, in amount not to exceed ten thousand dollars or the amount permissible under §§ 58-27-52 to 58-27-60 , inclusive, whichever is greater, in any one such contract for deed; nor in any amount in excess of the following percentages of the actual sale price or fair value of the property, whichever is the smaller:
(1)If a dwelling primarily designed for single - family occupancy and occupied by the purchaser under such contract, seventy - five percent.
(2)In all other cases, seventy - five percent.