Establishes shared equity agreements for homeownership in South Dakota.

South Dakota HB1178 establishes provisions for shared equity agreements, allowing an investor-owner to contribute to an occupant-owner's down payment and mortgage in exchange for a share of the home's equity. The agreement must identify both parties, specify the home's location, and prohibit certain actions like using public housing funds. The occupant-owner must obtain a traditional mortgage and is responsible for all financial obligations. The agreement can last up to 15 years and must be recorded in the county register of deeds office.

Establishes shared equity agreements for homeownership in South Dakota.

South Dakota HB1178 establishes provisions for shared equity agreements, allowing an investor-owner to contribute to an occupant-owner's down payment and mortgage in exchange for a share of the home's equity. The agreement must identify both parties, specify the home's location, and prohibit certain actions like using public housing funds. The occupant-owner must obtain a traditional mortgage and is responsible for all financial obligations. The agreement can last up to 15 years and must be recorded in the county register of deeds office.