An Oklahoma residential purchase agreement is a contract establishing the terms for the sale of a residential property. It outlines conditions such as the price, closing date, down payment, financing procedures, and contingencies. The buyer typically uses this form to submit an initial offer for the seller’s acceptance or negotiation.
Once both parties agree, the document is executed to finalize the transaction, detailing the property’s legal description and any additional personal property included.
State Laws
- Compliance Requirements: Oklahoma property sellers must comply with the Residential Property Condition Disclosure Act by providing either a “disclaimer statement” (opting out of disclosures) or a “property condition disclosure statement” (listing defects). [1]
- Defect Definition: A defect, as defined by law, is any condition that materially affects the property’s value or impairs the health or safety of future occupants. [2]
Required Seller Disclosures
Lead-Based Paint Disclosure
Sellers are mandated by federal law to let the buyers know about any lead paint hazards in homes built before 1978, as stated in (42 U.S. Code § 4852d).
Seller Property Disclosure Statement
This statement must be completed and provided to the buyer by the seller if they are aware of any known defects on the property before a purchase agreement is accepted (§ 60-833).
Residential Property Condition Disclaimer Statement
This disclaimer should be completed if the seller does not live on the property or is unaware of any defects (§ 60-833(A)(2)).
Do Sellers in Oklahoma Have to Disclose Property Defects?
Yes, Oklahoma sellers are required to disclose any known issues with the property to potential buyers.
