Loan Estimate Challenges
South Dakota’s Biggest LE Challenges

The site of the famous Mount Rushmore, South Dakota is home to numerous rivers and glacial lakes, giving it more miles of shoreline than even Florida.

Recording and Transfer Fees

Recording fees are uniform throughout South Dakota. They are assessed in the form of flat fees organized by tier based upon the number of pages in the document. The first 50 pages of the document being recorded are assessed at the same rate, which increases incrementally by page thereafter.

Transfer taxes are also assessed statewide in South Dakota.

In South Dakota, title insurance is available at two different rates. The first, the risk rate, includes the title insurance premium only. The second, the inclusive rate, is more expensive but includes the premium, commitment preparation and examination charge (per single chain of title).

Sales Tax: Statewide PLUS Municipality-Specific

In South Dakota, there is sales tax applied on settlement, closing, and escrow fees. That sales tax includes a 4.2% state-level sales tax, which is applicable regardless of location, and a 1–2% sales tax, the precise amount of which is dependent on municipality. That means sales tax can be as high as 6.2% in total.

This tax does NOT apply to title insurance, endorsement, or recording fees.