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Updated on April 17th, 2023

The South Dakota Standard Lease Agreement formulates a transaction record to convey the stipulated agreements for the leasing of a dwelling for a designated period. For a property owner to gain income from the rental of residential space, it is highly recommended to register the lessor and lessee commitments. The allocated form covers the full spectrum of the formal understanding to account for the acquired rights and established procedures. Once a possible renter is found, discussions can be arranged to reach a mutual comprehension of the rights, responsibilities, term details, and payment schedule. The leasing document can then be filled with the associated particulars for the lease to meet each contract negotiation’s needs on an individual basis. Included in the accord are facts related to the length of the lease, names of those participating, payment and deposit amounts, and the assignment of utilities. Affixing signatures to the form by all involved parties will assume acceptance of the conditions of the bond.

Rental Application – Before a lease can be signed, it is necessary to obtain confirmation of a prospective lessee and their ability to make the required payments. The application process will allow the lessor to gain information on the potential occupant’s income, identity, and rental history for review. A fee is generally charged to the applicant for consideration to rent and to cover the costs of any mandatory background checks.