Contracts
In South Dakota, the 'integration clause' (merger clause) in a real estate contract:
ACombines the purchase price with closing costs
BStates that the written contract is the complete and final agreement, superseding all prior negotiations and representations✓ Correct
CRequires all parties to agree before any changes are made
DIntegrates the inspection report into the contract
Explanation
An integration (merger) clause states that the written contract represents the complete and final agreement between the parties, and that prior oral or written negotiations, representations, or agreements are merged into and superseded by the written contract.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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