Contracts
South Dakota's Uniform Electronic Transactions Act (UETA) provides that electronic signatures in real estate contracts:
AAre never valid for real estate transactions
BAre legally equivalent to handwritten signatures✓ Correct
CRequire notarization to be valid
DAre only valid for transactions under $100,000
Explanation
South Dakota has adopted UETA, which provides that electronic signatures and electronic records have the same legal effect as handwritten signatures and paper documents in transactions, including real estate.
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Key Terms to Know
Earnest Money
A 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.
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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