An Oklahoma residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Oklahoma Have To Disclose Property Defects?
Oklahoma does require real estate sellers to disclose any material defects with a property. In most cases, this is through a standardized disclosure form provided from the Real Estate Commission by statute, but any disclosure which provides the required information is valid.
The seller always has a duty to disclose all material defects covered by the statutory requirement, even when the buyer agrees to take the property “as-is.”
Required Seller Disclosures in Oklahoma
Oklahoma sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Property Disclosure and Disclaimer Statements: Before a purchase agreement is signed, the seller must provide one of the following forms to the potential buyer:
- Known Defects: Lists all of the material defects in the home known by the seller(s).
- No Known Defects: This form can be signed by both parties for a few purposes: to waive the above statement, to confirm that the seller has no knowledge of any material defects on the property, or to authenticate that the seller has never resided on the property and has no knowledge of any material defects on the property.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
