Buying a new home or property is a huge step for anybody. However, the problem is that the procedures for buying a home or property are not easy for civilians. The procedures are tough and complicated. For that reason, if you are going to buy any home or property in Oklahoma, you should contact a learned and experience real estate lawyer with good knowledge of Oklahoma real estate laws to get support and suggestions as well.
Before buying a home or property in Oklahoma, you have to know about the conditions or defects of the home or property. Under Oklahoma real estate laws, the buyer will receive information about the conditions or defects of the selling home or property from the disclosure statement provided by the home or property seller.
The seller is bound to disclose certain conditions or defects of the property to the buyer as per the Oklahoma Statutes.
Disclosure Law and Oklahoma Real Estate Laws
According to Title 60 Oklahoma Statutes Section 833, the seller must disclose the conditions of the selling property. This is also known as the Residential Property Condition Disclosure Act. It mandates that “A seller of the property located in this state shall deliver…to the purchaser either a disclaimer statement or a property condition disclosure statement”.
The goal of the legislation is to make the potential buyer aware of any defects before buying. The Oklahoma Real Estate Commission defines a defect as any “condition, malfunction, or problem that would have a materially adverse effect on the monetary value of the property, or that would impair the health or safety of future occupants of the property”.
If the seller chooses to provide the buyer with a disclaimer statement, then the seller has to acknowledge that the seller has “never occupied the property” and has “no actual knowledge of defect” in the selling home or property. If the seller provides the buyer with a disclaimer statement, then the responsibility of finding defects in the home or property falls upon the buyer. The buyer may appoint an inspector to find defects or may inspect himself.
On the other hand, if the seller is living or has lived in the home or property and has knowledge of the defects, then he has to provide the Disclosure Statement to the potential buyer according to Oklahoma real estate laws.
The disclosure items should be specific about the following:
- Water and sewer systems
- Structural systems, including the roof, walls, floors, foundation and any basement
- Plumbing, electrical, heating and air conditioning systems
- The presence of an infestation or damage of wood-destroying organisms (e.g. termites)
- Major fire or tornado damage; whether there is any landfill on the property
- Whether there are hazardous or regulated materials and other conditions having an environmental impact (i.e. asbestos) on the property
- If the seller is aware of any “prior manufacturing of methamphetamine” on the property
- Whether there are any other defects the seller knows about
An honest disclosure statement is very important to both the buyer and seller. It will help the seller to sell the home or property quickly. It will help the buyer to buy it with detailed knowledge about the home or property.
If you have any other queries about Oklahoma Real Estate Laws, then please do contact our learned and experienced lawyer.