Contracts
In South Dakota, an 'amendment' to a real estate purchase contract requires:
AOnly the buyer's signature
BOnly the agent's written consent
CWritten consent and signatures of all parties to the original contract✓ Correct
DApproval by the title company
Explanation
Any amendment to a signed real estate purchase contract requires the written agreement and signatures of all parties who signed the original contract. Amendments that are not agreed to by all parties are not binding.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA 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.
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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