Two co-owners of an Oklahoma residential property, Lisa and David, decide to dissolve their co-ownership. Lisa agrees to buy out David's interest, and David signs a deed transferring his undivided half interest to Lisa. Under the Oklahoma Residential Property Condition Disclosure Act, is David required to provide Lisa with a Property Condition Disclosure Statement?
Correct Answer
C) No, because transfers between co-owners are exempt from the disclosure requirement
Under the Oklahoma Residential Property Condition Disclosure Act (Title 60 O.S. § 833), transfers between co-owners are specifically listed as an exemption from the disclosure requirement. David's transfer of his undivided interest to Lisa, his co-owner, falls squarely within this exemption, and no Property Condition Disclosure Statement is required.
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