Contracts
In Oklahoma, a buyer's right to inspect a property under the purchase contract is typically exercised within the:
ADue diligence or inspection period specified in the contract✓ Correct
BFirst 48 hours after signing
CLast week before closing
DFirst 30 days after closing
Explanation
Oklahoma purchase contracts typically specify a due diligence or inspection period during which the buyer may conduct inspections and negotiate repairs. The buyer may terminate the contract if unsatisfied during this period.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
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