Does A Seller Have To Disclose The Condition Of The Property They Are Selling In Oklahoma?

The Oklahoma Residential Property Condition Disclosure Act became effective July 1,

1995 and amended on January 1, 2008.

A seller of property located in Oklahoma shall provide a purchaser of their property

either a Disclaimer Statement which means they have never occupied the property and

make no disclosures concerning the condition of the property AND have no actual

knowledge of defects.  However if a disclaimer disclosure is not applicable, the seller

shall provide a written property condition disclosure statement.

Many times an investor will purchase a property that needs work.  The scope of the work

may vary from cosmetic improvements to complete rehabilitation.  If the only

improvements the investor makes is cosmetic improvements, such as painting or putting

in new carpet and they never occupied the property, a disclaimer disclosure might be

appropriate.  However in most cases, the investor makes improvements like plumbing

repairs, broken windows, damaged roof and other such “defects”.  When a seller does

these types of repairs, a disclaimer disclosure does not apply and the seller must complete

a property condition disclosure.

The seller is to deliver the disclaimer or disclosure statement to the purchaser as soon as

it is practical but before acceptance of an offer to purchase.

The Oklahoma Residential Property Condition Disclosure Act is a state law, not a rule of

the Oklahoma Real Estate Commission, any local real estate board or a local brokerage

firm.

Failure to comply with the law is a civil matter, handled in the local court of jurisdiction.

Any action brought under this act shall commence within two years after the date of

transfer of real estate.

There are exemptions to the Act. Common exemptions in Oklahoma are foreclosed

properties, transfer by a fiduciary who is not an owner occupant of the subject property in

the course of the administration of a decedent’s estate and new construction.

For additional information about the Property Condition Act, you can down load a

brochure at http://www.orec.gov or call Charlotte Greganti at 405-209-8597 or email

charlottegreganti@gmail.com.

About Charlotte Greganti

I'm a licensed Broker/Associate. in Oklahoma. We have been in real estate for since 1996 and specialize in residential sales in the Greater Oklahoma City Metro Area. We love to help people find the perfect home for them! I also own a real estate school in Oklahoma City.
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