Source: http://realestate.uslegal.com/sellers-disclosure/oklahoma-sellers-disclosure-law/
Timestamp: 2014-03-07 22:39:07
Document Index: 206163548

Matched Legal Cases: ['§ 831', '§ 1', '§ 832', '§ 2', '§ 833', '§ 3', '§ 834', '§ 4', '§ 835', '§ 5', '§ 836', '§ 6', '§ 837', '§ 7', '§ 838', '§ 8', '§ 839', '§ 9']

Oklahoma Seller’s Disclosure Law - Seller’s Disclosure - Real Estate
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Oklahoma Seller’s Disclosure Law
Real Property – Seller’s Disclosures – Oklahoma
§ 831. Residential Property Condition Disclosure Act.
This act shall be known and may be cited as the “Residential Property Condition Disclosure Act”.
Added by Laws 1994, c. 198, § 1, eff. July 1, 1995.
§ 832. Terms Defined.
1. “Offer to purchase” means an offer to purchase property made by a purchaser pursuant to a written contract;
2. “Seller” means one or more persons who are attempting to transfer a possessory interest in property and who are either:
b. not represented by a real estate licensee but receive a written request from the purchaser to deliver or cause to be delivered a disclaimer statement or disclosure statement as such terms are defined in paragraphs 11 and 12 of this section;
3. “Purchaser” means one or more persons who are attempting to acquire a possessory interest in property;
4. “Real estate licensee” means a person licensed under the Oklahoma Real Estate License Code;
5. “Transfer” means a sale or conveyance, exchange or option to purchase by written instrument of a possessory interest in property for consideration;
6. “Person” means an individual, corporation, limited liability company, partnership, association, trust or other legal entity or any combination thereof;
7. “Contract” means a real estate purchase contract for the sale, conveyance or exchange of property, option to purchase property, or a lease with an option to purchase property;
8. “Property” means residential real property improved with not less than one nor more than two dwelling units;
9. “Defect” means a condition, malfunction or problem that would have a materially adverse effect on the monetary value of the property, or that would impair the health or safety of future occupants of the property;
10. “Disclosure” means a written declaration required by this act based on actual knowledge of the seller regarding certain physical conditions of the property. A disclosure for purposes of this act is not a warranty, implied or express, of any kind;
11. “Disclaimer statement” means the statement described in paragraph 1 of subsection A of Section 3 of this act; and
12. “Disclosure statement” means the statement described in paragraph 2 of subsection A of Section 3 of this act.
Added by Laws 1994, c. 198, § 2, eff. July 1, 1995.
§ 833. Property Disclaimer or Disclosure Statement.
1. The disclosure statement shall include an identification of items and improvements which are included in the sale of the property and whether such items or improvements are in normal working order. The disclosures required shall also include a statement of whether the seller has actual knowledge of defects or information in relation to the following:
a. “The information and statements contained in this disclosure statement are declarations and representations of the seller and are not the representations of the real estate licensee.”,
b. “The information contained in this disclosure statement is not intended to be a part of any contract between the purchaser and the seller.”, and
c. “The declarations and information contained in this disclosure statement are not warranties, express or implied of any kind, and are not a substitute for any inspections or warranties the purchaser may wish to obtain.”
Added by Laws 1994, c. 198, § 3, eff. July 1, 1995.
§ 834. Delivery of Disclaimer or Disclosure Statement.
A. A seller should deliver either the disclaimer statement or disclosure statement to the purchaser as soon as practicable, but in any event it shall be delivered before acceptance of an offer to purchase.
B. If the disclaimer statement or disclosure statement is delivered to the purchaser after an offer to purchase has been made, the offer to purchase shall be accepted only after the purchaser has acknowledged receipt of the disclaimer statement or disclosure statement and confirmed the offer to purchase.
C. If the seller becomes aware of a defect after delivery to the purchaser of either a disclaimer statement or a disclosure statement, then the seller shall promptly deliver to the purchaser either a disclosure statement or an amended disclosure statement which discloses the newly discovered defect. The disclosure statement or any amendment shall be in writing and shall be signed and dated by the seller. However, if the required document is delivered to the purchaser after an offer to purchase has been made, the offer to purchase shall be accepted only after the purchaser has acknowledged receipt of the required document and confirmed the offer to purchase.
D. The purchaser shall acknowledge in writing receipt of the disclaimer statement or the disclosure statement and any amendment to the disclosure statement. The purchaser shall sign and date any acknowledgment. Such acknowledgment should accompany the offer to purchase the property. If the purchaser confirms the offer to purchase, such confirmation shall be in writing, shall be signed and dated by the purchaser and shall be promptly delivered to the seller.
Added by Laws 1994, c. 198, § 4, eff. July 1, 1995.
§ 835. Liability of Seller.
2. The error, inaccuracy or omission was not within the actual knowledge of the seller; or
3. The disclosure was based on information provided by public agencies and the seller reasonably believed the information to be correct.
C. The delivery by a public agency of any information required to be disclosed by the seller of the property shall satisfy the requirements of this act as to the disclosures to which the information being furnished is applicable.
Added by Laws 1994, c. 198, § 5, eff. July 1, 1995.
§ 836. Duties of Real Estate Licensee Representing Seller or Purchaser.
A real estate licensee who has not complied with the requirements of subsections A, B and C of this section shall be subject to disciplinary action by the Oklahoma Real Estate Commission as set forth in paragraph 6 of Section 858-208 of Title 59 of the Oklahoma Statutes.
Added by Laws 1994, c. 198, § 6, eff. July 1, 1995.
§ 837. Remedies – Recovery by Purchaser.
3. The failure of the real estate licensee to disclose to the purchaser any defects in the property actually known to the real estate licensee prior to acceptance of an offer to purchase and which were not included in the disclosure statement or any amendment provided to the purchaser.
C. Any action brought under this act shall be commenced within two (2) years after the date of transfer of real property subject to this act.
D. In any civil action brought under this act, the prevailing party shall be allowed court costs and a reasonable attorney fee to be set by the court and to be collected as costs.
E. A transfer of a possessory interest in property subject to this act may not be invalidated solely because of the failure of any person to comply with this act.
F. This act applies to, regulates and determines rights, duties, obligations and remedies of the seller, the real estate licensee and the purchaser with respect to disclosure of defects in property.
Added by Laws 1994, c. 198, § 7, eff. July 1, 1995.
§ 838. Applicability and Construction of Act.
1. Transfers pursuant to court order, including, but not limited to, transfers pursuant to a writ of execution, transfers by eminent domain and transfers pursuant to an order for partition;
2. Transfers to a mortgagee by a mortgagor or successor in interest who is in default, transfers by any foreclosure sale after default in an obligation secured by a mortgage, transfers by a mortgagee’s sale under a power of sale after default in an obligation secured by any instrument containing a power of sale, or transfers by a mortgagee who has acquired the real property at a sale conducted pursuant to a power of sale or a sale pursuant to a decree of foreclosure or has acquired the real property by deed in lieu of foreclosure;
3. Transfers by a fiduciary who is not an owner occupant of the subject property in the course of the administration of a decedent’s estate, guardianship, conservatorship or trust;
4. Transfers from one co-owner to one or more other co-owners;
5. Transfers made to a spouse, or to the person or persons in the lineal line of consanguinity of one or more of the owners;
6. Transfers between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree;
7. Transfers made pursuant to mergers and from a subsidiary to a parent or the reverse;
8. Transfers or exchanges to or from any governmental entity; or
9. Transfers of a newly constructed, previously unoccupied dwelling.
B. Nothing in this act shall be construed to alter or change the requirements of Section 858-513 of Title 59 of the Oklahoma Statutes, regarding psychologically impacted real estate.
Added by Laws 1994, c. 198, § 8, eff. July 1, 1995.
§ 839. Form of Notices or Acknowledgments.
Any notices or acknowledgments required under this act need not be sworn to, verified or acknowledged.
Added by Laws 1994, c. 198, § 9, eff. July 1, 1995.