South Dakota Memorandum of Lease Agreement (For Telecommunications Facility)
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How to fill out Memorandum Of Lease Agreement (For Telecommunications Facility)?
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FAQ
Because South Dakota does not have rent control, landlords can raise the rent by any amount, as often as they choose, but they cannot increase the rent during the lease term unless the lease agreement allows for it.
In South Dakota, a tenant can break a lease early, without penalty, due to an early termination clause. However, a tenant can only break the lease if an early termination clause exists in the lease. A landlord is not required to include an early termination clause in a lease under South Dakota law.
Here is an example of an early termination clause: Early Termination Clause: The Tenant may terminate this Lease Agreement before the expiration date by giving the Landlord a written notice of at least 60 days and paying a termination fee equivalent to two months' rent.
But breaking a lease can still affect your credit if it results in unpaid debt. Whether it be damage fees, termination fees, back rent, or current rent that you're still liable for, landlords can report that debt to collection agencies, who may then report that unpaid debt to the credit bureaus.
If you end your lease early under South Dakota's housing law you cannot be charged early termination fees or rent for the months after you move out. However, if you damaged the property or if you owe any back rent prior to leaving the property, you would still owe the landlord money to pay for the damage or back rent.
A contract for deed is a contract where the seller remains the legal owner of the property and the buyer makes monthly payments to the seller to buy the house. The seller remains the legal owner of the property until the contract is paid.
