An Oklahoma seller, Patricia, knowingly omits a history of basement flooding from the Property Condition Disclosure Statement she provides to buyer Greg. After closing, Greg discovers the flooding issue and suffers significant repair costs. Under the Oklahoma Residential Property Condition Disclosure Act, which statement best describes Patricia's potential liability?
Correct Answer
B) Patricia may be liable to Greg for damages resulting from the knowing omission of a material defect on the disclosure statement
Under the Oklahoma Residential Property Condition Disclosure Act (Title 60 O.S. §§ 835-836), a seller who knowingly makes a false statement or omits a material defect on the Property Condition Disclosure Statement may be liable to the buyer for resulting damages. Patricia's knowing omission of the basement flooding history is a material misrepresentation that exposes her to civil liability for Greg's repair costs and related damages.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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