Contracts
The Oklahoma Uniform Vendor and Purchaser Risk Act provides that risk of loss passes to the buyer when:
AThe contract is signed
BLegal title or possession is transferred to the buyer✓ Correct
CThe earnest money is deposited
DThe inspection is completed
Explanation
Under Oklahoma's Uniform Vendor and Purchaser Risk Act, risk of loss passes to the buyer when either legal title or possession of the property transfers to the buyer.
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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.
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