Information for Home Buyers Purchasing Residential Property in Oklahoma
Under Oklahoma law, the Seller must complete, sign, and provide to the Buyer an Oklahoma Real Estate Commission (OREC) Residential Property Condition Statement. This Disclosure Statement concerns the condition of the property and must be delivered to the Buyer prior to acceptance by Seller of Buyer’s offer to purchase.
Further, the real estate broker is obligated to disclose to the Buyer any defects in the property actually known to the broker which are not included in the Seller’s Disclosure.
If the Seller has never lived in the property AND has no knowledge of any defects, the law provides that the Seller can deliver an OREC Disclaimer Statement in lieu of the Disclosure Statement.
The Disclosure or Disclaimer Statement does not apply to residential new construction or vacant land. It also does not apply to certain other properties (such as government owned and foreclosures).
We customarily have the Buyer review and sign the Disclosure or Disclaimer prior to presenting the offer so that the Seller knows the Buyer has been reasonably been informed about the condition of the property.