A buyer in Durant, Oklahoma submits an offer for a residential property on Monday. The seller’s agent delivers the Property Condition Disclosure Statement on Thursday before the seller accepts. Under the current Oklahoma Residential Property Condition Disclosure Act, what should happen before the seller accepts the offer?
Correct Answer
B) The buyer must acknowledge receipt of the disclosure and confirm the offer in writing
Under 60 O.S. §834, when a disclaimer or disclosure statement is delivered after an offer to purchase has been made, the offer may be accepted only after the purchaser acknowledges receipt and confirms the offer in writing. The current OREC 2025 booklet does not support the prior five-business-day rescission framing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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.
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