Contracts
Under the Oklahoma Residential Property Condition Disclosure Act, the seller's disclosure form must be provided to the buyer:
AAfter the purchase contract is signed
BBefore or at the time of making an offer; if disclosure is received after offer, the buyer has the right to rescind within a specified period✓ Correct
CAt closing only
DOnly upon buyer's written request
Explanation
Oklahoma's Residential Property Condition Disclosure Act requires the seller to provide the disclosure form before or contemporaneously with the buyer's offer. If received after the offer, the buyer has the right to rescind the contract within a set period.
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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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