Jennifer is selling her home in Edmond, Oklahoma through a licensed broker. The buyer submits an offer on Friday, but the broker realizes the Property Condition Disclosure Statement has not yet been delivered. The statement is delivered the following Tuesday, before the seller accepts. What is the compliant next step under the current RPCDA?
Correct Answer
B) The buyer should acknowledge receipt and confirm the offer in writing before the seller accepts
Under 60 O.S. §834, if a disclaimer or disclosure statement is delivered after an offer has been made, the offer may be accepted only after the purchaser acknowledges receipt and confirms the offer in writing. This replaces the prior unsupported five-business-day rescission framing in the old item.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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