Property Management
Which of the following describes a South Dakota ground lease?
AThe tenant leases only the land from the owner and constructs improvements✓ Correct
BThe landlord leases both the land and building to the tenant
CA lease for agricultural grazing only
DA lease for underground mining rights
Explanation
In a ground lease, the tenant leases only the land and typically constructs their own improvements (which may revert to the landowner at lease end). Ground leases often have very long terms (50–99 years).
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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