Any contract listing a property for sale with an auctioneer must be in writing. Each written listing agreement shall show the legal description of the property; the compensation to be received by the auctioneer; the requirement that the date of the auction will be determined by written mutual agreement between seller and auctioneer; the type of auction procedure; any encumbrances and reserves; and the signatures of all parties. At the time of securing the listing, the auctioneer who obtains it shall give the person or persons signing the listing a true copy of it. An auction listing does not need to include a listing price. An auction listing terminates at the culmination of the bidding if the auctioneer will not be representing the seller through the closing of the transaction or if the seller doesn't receive an acceptable bid. If the auctioneer prepares the purchase agreement, the auction listing extends to and includes the date of closing under the purchase agreement unless the buyer and seller terminate the purchase agreement prior to closing of the transaction.

Source: 4 SDR 71, effective April 30, 1978; 10 SDR 54, effective December 5, 1983; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 15 SDR 100, effective January 10, 1989; transferred from § 20:56:12:22, 20 SDR 18, effective August 16, 1993; 26 SDR 41, effective September 29, 1999; 30 SDR 40, effective September 30, 2003; 37 SDR 112, effective December 8, 2010.

General Authority: SDCL 36-21A-89(7) , 36-21A-130.

Law Implemented: SDCL 36-21A-47 , 36-21A-71 , 36-21A-130.