The laws surrounding the security deposits fall under a category of South Dakota real estate laws of the state.
Renters are supposed to pay a specific sum of money as a security deposit to the landlord.
This deposit amount in general is the security to the property and is collected to prevent any further obligations.
Information about Security deposits:
- Security deposit amount:
According to the real estate law, the minimum amount that is paid as a security deposit in South Dakota in general is a month’s rent. It is generally refundable.
- Security deposit limit:
The security deposit should be returned by the landlord to the tenant upon the termination of the agreement and it is generally done within a time span of 14 days in South Dakota.