Under the Oklahoma Residential Property Condition Disclosure Act (Title 60 O.S. §§ 831-839), which of the following transactions is NOT exempt from the seller's obligation to provide a Property Condition Disclosure Statement?
Correct Answer
C) A sale of a single-family home by a seller who has lived there for three years
The sale of a single-family home by an owner-occupant seller is not exempt from the Oklahoma Residential Property Condition Disclosure Act. Under 60 O.S. §§833-834, the seller must deliver either the disclaimer statement or disclosure statement before acceptance of an offer unless an exemption applies. Current OREC guidance does not frame late delivery as a five-business-day rescission window.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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