A buyer and seller in Norman, Oklahoma are negotiating a purchase agreement. The seller delivers the Property Condition Disclosure Statement after the buyer has made an offer but before the seller accepts it. What must occur before the offer may be accepted under the current Oklahoma Residential Property Condition Disclosure Act?
Correct Answer
B) The purchaser must acknowledge receipt of the statement and confirm the offer in writing before acceptance
Under 60 O.S. §834, if the disclaimer or disclosure statement is delivered after an offer to purchase has been made, the offer may be accepted only after the purchaser has acknowledged receipt and confirmed the offer in writing. The current OREC 2025 booklet does not state a five-business-day rescission window for this situation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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