Property Management
In Oklahoma, a written lease agreement for a term exceeding one year must be:
AApproved by OREC before it takes effect
BIn writing to be enforceable under the Statute of Frauds✓ Correct
CFiled with the county clerk
DNotarized by an Oklahoma notary
Explanation
Under Oklahoma's Statute of Frauds, lease agreements for a term exceeding one year must be in writing to be legally enforceable. Verbal leases for more than one year are unenforceable.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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.
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