Contracts
In South Dakota, which clause in a purchase contract specifically describes the property being sold?
AHabendum clause
BGranting clause
CLegal description clause✓ Correct
DDefeasance clause
Explanation
The legal description in a purchase contract (and deed) specifically identifies the property being conveyed. South Dakota requires an adequate legal description — typically a metes and bounds description, government survey description, or lot and block reference to a recorded plat.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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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