An Oklahoma residential purchase and sale agreement allows two (2) parties to establish an arrangement for the sale 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 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.
Table of Contents
Realtor Version
Oklahoma Real Estate Commission – Adobe PDF
Required Disclosures
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).
Property Disclosure and Disclaimer Statements (§ 60-833) – Before a purchase agreement is signed, the seller must deliver to the buyer one (1) of the following documents: (choose one)
- Property Condition Disclosure Statement for Known Defects – Details the seller’s knowledge of the material condition of their home.
- Property Condition Disclaimer Statement No Known Defects – Indicates both the seller and buyer’s compliance to waive the abovementioned disclosure statement. The disclaimer can only be used if the seller produces no disclosures relating to the condition of the property, has never lived on the property and has no knowledge of material defects to the property.
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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