Property Ownership
In South Dakota, a 'building permit' must typically be obtained before:
AListing a property for sale
BBeginning construction or major renovation work✓ Correct
CObtaining title insurance
DSigning a purchase agreement
Explanation
Building permits are required before starting construction or major renovation work in South Dakota's incorporated areas. They ensure work meets building codes and is inspected for safety.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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