Contracts
Oklahoma uses a standard residential purchase contract that typically includes a seller's property condition disclosure. This disclosure requirement is based on:
AFederal law only
BOklahoma's Residential Property Condition Disclosure Act, which requires sellers of residential property to disclose known material defects✓ Correct
COnly voluntary industry best practices
DOnly OREC administrative rules
Explanation
The Oklahoma Residential Property Condition Disclosure Act requires sellers of residential real property to complete a disclosure form revealing known material defects. This protects buyers from purchasing properties with hidden problems the seller knew about.
Related Oklahoma Contracts Questions
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