Section 11-11-131 - Restrictions on transfer of housing financed by loans originated for sale toauthority. - South Dakota Statutes

11-11-131. Restrictions on transfer of housing financed by loans originated for sale to authority. No sale, assignment, conveyance, or other transfer of ownership of a homeownership housing unit financed by a mortgage loan originated for sale to the authority may be effected without the prior or contemporaneous satisfaction of all amounts outstanding on account of the mortgage loan, unless such a restriction of transfer is prohibited by the governmental agency insuring or guaranteeing the mortgage loan, or unless the purchaser of the housing unit is a person or family then qualified on the basis of eligibility criteria established by the regulation of the authority for initial occupancy of such a housing unit.

Source: SL 1980, ch 204, § 13; SDCL Supp, § 28-19-112.1; SL 1983, ch 106, § 4X.