Under the Oklahoma Residential Property Condition Disclosure Act (Title 60 O.S. §§ 831-839), which of the following transactions is NOT exempt from the requirement to provide a Property Condition Disclosure Statement?
Correct Answer
D) A sale of a previously occupied residential home by an individual owner to an unrelated buyer
A sale of a previously occupied residential home by an individual owner to an unrelated buyer is the standard transaction to which the Oklahoma Residential Property Condition Disclosure Act fully applies. None of the statutory exemptions under Title 60 O.S. § 833 cover this type of arm's-length sale, so the seller is required to provide a completed Property Condition Disclosure Statement.
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Related Topics & Key Terms
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Related Concepts
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.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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