Property Management
Under South Dakota law, what is the maximum time a landlord may keep a security deposit after a tenant vacates before returning it (or providing an itemized statement)?
A7 days
B14 days
C21 days✓ Correct
D30 days
Explanation
South Dakota requires landlords to return the security deposit (or provide an itemized statement of deductions) within 21 days after the tenant vacates the premises.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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