Updated September 20, 2023
An Oklahoma residential purchase and sale agreement allows two (2) parties to establish an arrangement for the transfer of ownership of real property. The agreement describes the parties involved in the transaction (the “buyer” and “seller”) and outlines the conditions associated with the sale. Using the agreement, the parties may decide on a sale price, closing date, downpayment amount, financing procedures, and personal items to remain on the premises after the property is sold.
Oklahoma statute § 60-833 mentions that, before an agreement is signed, the owner must provide the buyer with a Property Condition Disclosure (Appendix A) reporting any known defects to the dwelling. However, under certain circumstances, the parties may agree to waive the need for a condition report and instead complete a Property Condition Disclaimer (Appendix B).
Table of Contents |
OREC Version
Oklahoma Real Estate Commission
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Disclosures (4)
Acknowledgment of Property Disclosures – Required to be signed by the buyer to accept that they have received either Appendix A or Appendix B and the Lead-Based Paint Disclosure (if the property was built prior to 1978).
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Lead-Based Paint Disclosure – Provides buyers with information about whether or not a home contains lead paint (legally required for the sale of any property built before 1978).
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Property Disclosure Statement (Appendix A) (§ 60-833) – If the seller is aware of known defects on the property, then this statement must be completed and provided to the buyer before a purchase agreement is accepted.
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Property Disclaimer Statement (Appendix B) (§ 60-833(A)(2)) – If the seller does not reside or is not aware of any defects on the property, then this disclaimer should be completed.
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Commercial Property
Commercial Purchase Agreement – Use this document as a legal contract to buy or sell any type of commercial property.
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