Oklahoma Summary Disclosure Statement(.pdf)
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FAQ
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.
In general, property condition disclosure forms are completed by the seller prior to or at the time the seller enters into the listing agreement.
Under the Act, a seller has an obligation to complete and provide to a buyer a Disclosure Report. This Disclosure Report answers questions and includes information about the condition of the real estate during the time the seller owned it. The seller must disclose known material defects to a prospective buyer.
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.
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.
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.
§ 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.
Commonly, there aren't definite disclosure laws and the sale prices will only reflect on public records if the seller submits one. These states are the following: Alabama, Arkansas, Louisiana, Nevada, North Carolina, Oklahoma, Rhode Island, and Tennessee.
