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.
Do Sellers in Oklahoma Have to Disclose Property Defects?
Oklahoma does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Oklahoma
Along with any material defects with the property, sellers in Oklahoma will also need to provide the following:
- Property Disclosure and Disclaimer Statements. Before a purchase agreement is signed, the seller must provide one of the following statements to the potential buyer:
- 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.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
