The Oklahoma residential real estate purchase agreement (“residential sales contract”) is a written agreement that describes the parties involved in the transaction and outlines the conditions associated with the sale. Using the agreement, the parties may decide on a price, closing date, down payment amount, and financing procedures.
Required Seller Disclosures in Oklahoma
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Oklahoma, sellers are required to complete a real estate purchase agreement and are urged to complete the following disclosure statement for an 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 statements to the potential buyer: (§ 60-833)
- Known Defects. Lists all of the material defects in the home known by the seller(s).
- No Known Defects. This statement 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.