Statement Receipt and Review
Under Oklahoma law, the seller must complete, sign and provide to the buyer an Oklahoma Real Estate Commission (OREC) Residential Property Condition Disclosure Statement. This Disclosure Statement concerns the condition of the property and must be delivered to the buyer prior to acceptance by the seller of the buyer's offer to purchase.
The real estate broker is obligated to disclose to the buyer any defects in the property actually known to broker which are not included in the seller's disclosure.
If the seller has never lived in the property AND has no knowledge of any defects, the law provides that the seller can deliver an OREC Disclaimer Statement in lieu of the Disclosure Statement.
The Disclosure or Disclaimer Statement does not apply to residential new construction or vacant land. It also does not apply to certain properties (such as government owned or foreclosure properties).
(Seller's Disclosure/Disclaimer Statement Receipt and Review is an excerpt from the GTAR Contract Guide.)
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