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.
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- Core Provisions
- Implementation
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