South Dakota
New real estate rules impact South Dakota homebuyers
RAPID CITY, S.D. (KOTA) – A 2023 legal decision is changing how realtors nationwide do business, causing lots of confusion for potential home buyers.
The National Association of Realtors has made some new rules affecting how real estate agents get compensated.
Under the new rules, when a home is sold, the seller doesn’t automatically pay both the listing agent and the buyer’s agent. Instead, the seller can choose how much to pay the buyer’s agents or whether to pay them at all.
Stacey Nelson, a South Dakota Realtor, says this price has always been negotiable.
“One of the confusions about real estate is that the set fee is set, and that’s not true. In South Dakota, our fees have always been negotiable; we establish those professional fees with the buyer’s agents and the listing agent at the time of listing with the client,” Nelson said.
These national changes, which went into effect Saturday, August 17, are meant to make the process clearer for the buyer, the agent and the seller.
But the only significant change in South Dakota is that now, buyers must sign an agreement before they can even begin touring homes with their agent.
“Now when we work with consumers, not actually clients but just somebody coming to look at a house, they will be required to sign a buyers-agency agreement,” Nelson said.
The buyers-agency agreement will detail exactly how much a buyer will be expected to pay their agent.
“For the last 20-some years, we have had explicit buyer-agency agreements with our buyers, and in our listing agreements we’ve disclosed what the buyer’s professional fee is and what the seller’s agent professional fee is,” Nelson explained.
Nelson says the changes won’t impact South Dakota, since realtors in the Mount Rushmore state already did most of the new rules.
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Copyright 2024 KOTA. All rights reserved.
South Dakota
Cluff’s 14 help South Dakota State down Mount Marty 89-41
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South Dakota
‘Birdie or Better’ campaign raises $25k for Feeding South Dakota
SIOUX FALLS, S.D. (Dakota News Now) – SAM Nutrition is taking a swing at hunger and presented a $25,000 donation to Feeding South Dakota on Monday.
The generous contribution comes from SAM Nutrition’s Birdie or Better Campaign, which is a six-month initiative designed to raise funds through every birdie, eagle or albatross made by sponsored golfer Sam Bennett.
Around 400 birdies were recorded during this stretch.
“Yeah, it’s cool. SAM Nutrition has been a good sponsor for me, treating me well and supporting me on and off the course. And it’s just nice, you know, giving back to a charity when I am on the course making a birdie or eagle, being able to help out and feed families in South Dakota,” said Bennett.
Feeding South Dakota adds that this campaign is more than a charity; it’s a commitment to helping communities by promoting both nutrition and wellness.
Copyright 2024 Dakota News Now. All rights reserved.
South Dakota
Local government cybersecurity program moves forward with administrative hire • South Dakota Searchlight
Michael Waldner, of Madison, will lead the effort to establish the state’s local government cybersecurity grant program, Dakota State University announced in a news release Monday.
The Municipal Cybersecurity Grant Program, under the Attorney General’s Office and in partnership with the university, aims to strengthen cybersecurity infrastructure for South Dakota local governments.
Even though the program’s name focuses on municipalities, it’s open to cities and counties. The program will provide “secure email solutions, technical support, risk assessments, and specialized training,” based on the news release.
The Legislature approved $7 million in funding for the program last winter as a response to mounting cybersecurity concerns among city and county governments. Many lack proper training and equipment to defend themselves and the taxpayer money and information they’re entrusted with.
Waldner previously directed South Dakota’s centralized education email system, which is what lawmakers hoped to model the program after. Waldner held the role for nine years before leaving in 2008. He also served as project manager for FirstNet, the network used by law enforcement in the state. Most recently, he served as coordinator for the ConnectSD Broadband initiative, which aims to expand internet access statewide.
The need for a centralized local government email system has grown in recent years as local governments become larger targets for cybersecurity attacks.
Brown County suffered a cyberattack in 2021 affecting services, and the city of Sioux Falls sent two electronic payments to someone impersonating a vendor in 2018. Hutchinson County was hit by a ransomware attack in 2019, which temporarily shut down accounts that contained receipts and records for $4 million in county business, according to the Yankton Daily Press & Dakotan.
State spends over $100,000 each year bolstering local governments’ cybersecurity
“This program is an important step toward making South Dakota a model of cybersecurity for the nation,” Attorney General Marty Jackley said in the news release.
State and local governments experienced 148% more malware attacks and 51% more ransomware incidents during the first eight months of 2023, compared with the same period in 2022, according to a Center for Internet Security report.
The 2024 report on ransomware in state and local government identified a 51% drop in ransomware attacks, which is attributed to fewer governments paying ransoms, making them less attractive targets to cybercriminals. But when the attacks are successful, they’re growing more costly to local governments.
The state effort is a four year program, set to end during the summer of 2028, according to the university. An advisory council including representatives from state, local and federal government departments and agencies, as well as cybersecurity organizations in the state, will provide assistance.
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