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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Oklahoma, a property disclosure statement is a legal document that a seller of real property is typically required to provide to a prospective buyer. This document discloses important information about the property's condition, including any known material or significant defects. The Oklahoma Residential Property Condition Disclosure Act mandates that sellers of residential property disclose information on a wide range of subjects, such as the condition of the roof, foundation, electrical systems, plumbing, and the presence of hazardous materials like asbestos or lead-based paint. The disclosure must be made on a form prescribed by the state and provided to the buyer before the acceptance of a purchase offer. If a seller knowingly conceals a defect or provides false information, they may be held liable for damages. However, there are certain exceptions to this requirement, such as transfers between co-owners, transfers to a spouse or a direct descendant, and sales of new homes that have not been inhabited.

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Real property

property disclosure statement

Individual & Family Legal Plan

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Oklahoma State Code

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Real property

property disclosure statement

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