Regarding Oklahoma property disclosures, which statement best describes a seller's obligations related to tornadoes and storm damage?
Correct Answer
B) Known storm damage history and the presence of a storm shelter or safe room should be disclosed
Oklahoma lies in Tornado Alley, making storm-related disclosures highly material. Under Oklahoma's Residential Property Condition Disclosure Act, sellers must disclose known material defects, including prior storm or tornado damage. The presence of a storm shelter or safe room is also a material fact that adds value and must be disclosed to buyers.
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Related Topics & Key Terms
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Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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