Oklahoma Residential Real Property- Definition of Defect is a term used to describe any defect in a residential property that could significantly affect its value or use. This includes physical defects, such as structural damage or mold, as well as legal defects, such as zoning issues or title problems. Common types of Oklahoma Residential Real Property- Definition of Defect include: structural defects, water damage, mold, foundation problems, termite infestations, and title or legal issues.
Oklahoma Residential Real Property- Definition of Defect
State:
Oklahoma
Control #:
OK-JURY-30-2-CV
Format:
Word
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Residential Real Property- Definition of Defect
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§ 833, also known as the Residential Property Condition Disclosure Act. It says that Oklahoma property sellers must deliver to the purchaser either a "disclaimer statement" (indicating that you won't be making disclosures) or a "property condition disclosure statement," which lists defects.
Disclaimer / Disclosure Statement A Disclosure Statement shall include an identification of items and improvements which are included in the sale of the property and whether such items or improvements are in normal working order.
In Oklahoma, the Residential Property Disclosure Act has been in place since 1995. This essentially means that sellers need to inform buyers of any defects in the home that they are aware of.
Oklahoma statutes, title 60, sections 831- 839 section 831, short title this act shall be known and may be cited as the ?Residential Property Condition Disclosure Act.? existence of hazardous or regulated materials and other conditions having an environmental impact.
Although most of the responsibility of disclosure is on the seller, the buyer has obligations too. The buyer must do more than only rely the disclosures provided by the seller and agents. The buyer must also exercise reasonable due diligence to investigate the property being purchased.
A Seller must complete, sign and date this disclosure form and deliver it or cause it to be delivered to a purchaser as soon as practicable, but in any event no later than before an offer is accepted by the Seller.