Property Management
An Oklahoma property manager collects security deposits. Under Oklahoma law, security deposits for residential properties:
AMust be deposited in the property manager's personal account
BMust be held in a separate trust account and cannot be commingled with operating funds, and must be returned within 45 days after termination of tenancy✓ Correct
CCan be used by the manager for operating expenses
DHave no statutory requirements regarding holding or return timelines
Explanation
Oklahoma's Residential Landlord and Tenant Act requires security deposits to be held in a separate account, prohibits commingling with operating funds, and mandates return (less lawful deductions) within 45 days after the tenancy ends, along with an itemized statement of deductions.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Trust Account Rules
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