SD Operations Summary

Licensed Entity

None – Plant Law State

Tenancies

Tenancy in Common and Joint Tenancy Husband and Wife generally hold as Joint Tenants with Right of Survivorship

Commitment/Policy Special Requirements

Standard Exceptions:

1. Defects, liens, encumbrances, adverse claims or other matters, if any; created, first appearing in the Public Records, or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment.
2. Rights or claims of parties in possession not recorded in the Public Records.
3. Easements, or claims of easements, which are not recorded in the Public Records.
4. Any encroachment, encumbrance, violation, variation or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown in the Public Records.
5. Any lien or right to a lien for services, labor or material heretofore or hereafter furnished, imposed by law and not recorded in the Public Records.
6. a. Unpatented mining claims; b. reservations or exceptions in patents or in Acts authorizing the issuance thereof; c. water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records.
7. Taxes or special taxes and special assessments which are not recorded as existing liens by the Public Records.
8. Minerals of whatsoever kind, subsurface and surface substances, including but not limited to coal, lignite, oil, gas, uranium, clay, rock, sand and gravel in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not appearing in the Public Records or listed in Schedule B. The Company makes no representation as to the present ownership of any such interests. There may be leases, grants, exceptions or reservations of interests that are not listed.

Payment Customs

• Owner’s policy cost split between buyer and seller.
• Each party pays filing fees for their documents. Deed Tax ~ SDCL 43-4-21, Seller pays $.0.50/500.
• Surveys are typically only used in commercial transactions and paid for by whoever wants it, or if the lender requires, then by the borrower
• Buyer and seller split closing fees.

It is permissible to charge a search and examination fee. There is usually a search and exam fee if multiple parcels are involved. Some agents charge using an all-inclusive structure but the charges will usually be about the same.