Contracts
In South Dakota, a 'notice of default' in a contract for deed (land contract) is served when:
AThe buyer misses one payment
BThe buyer has violated a contract term, putting the seller on notice that they will seek forfeiture or other remedies✓ Correct
CThe seller fails to maintain the property
DThe county assessor increases the property's assessment
Explanation
A notice of default informs the defaulting buyer of the breach and typically provides a cure period. If the buyer fails to cure, the seller may proceed with forfeiture or foreclosure.
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