Mark is selling a newly constructed home in Tulsa, Oklahoma. The home has never been occupied, and Mark's builder provided a one-year written warranty covering all major systems and structural components. A buyer asks Mark's agent whether the Oklahoma Residential Property Condition Disclosure Act requires Mark to complete a Property Condition Disclosure Statement. Which response is most accurate?
Correct Answer
A) No, a newly constructed, previously unoccupied dwelling is exempt from the RPCDA disclosure requirement
60 O.S. §838 exempts transfers of newly constructed, previously unoccupied dwellings. The statutory basis is the new-construction/previously-unoccupied exemption, not a warranty-length test.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
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.
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