Sarah receives an offer on her Oklahoma home on Monday but has not yet given buyer Tom the Property Condition Disclosure Statement. She delivers the disclosure to Tom on Wednesday before accepting the offer. What must Tom do before Sarah may accept the offer under 60 O.S. §834?
Correct Answer
B) Acknowledge receipt of the disclosure and confirm the offer in writing
When a disclaimer or disclosure statement is delivered after an offer has been made, 60 O.S. §834 allows acceptance only after the purchaser acknowledges receipt and confirms the offer in writing. The current rule is not a five-business-day rescission deadline.
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Related Topics & Key Terms
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Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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