Contracts
Oklahoma's Residential Property Condition Disclosure form must be completed by the seller and delivered to the buyer:
AAfter the inspection period
BBefore the buyer makes an offer, or at the time of making an offer✓ Correct
COnly at closing
DOnly if the buyer specifically requests it
Explanation
Under the Oklahoma Residential Property Condition Disclosure Act, the seller must complete and deliver the disclosure form to the buyer before or during the offer process, allowing the buyer to consider the property's known condition before committing.
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Key Terms to Know
Contingency
A 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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Disclosure Requirements
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