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Oklahoma Residential Purchase Agreement

An Oklahoma residential purchase agreement allows two parties to establish an arrangement for the transfer of ownership of real property. The agreement outlines the conditions associated with the sale, such as the price, closing date, downpayment amount, financing procedures, and other contingencies.
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State Laws

Seller Duties – Prior to accepting an offer, the seller must provide to a buyer a property disclosure statement outlining all known defects on the property.[1] If there are no known defects or the seller has not resided in the property, they must provide a property disclaimer statement instead.[2]

The property disclosure or disclaimer statement must be signed within 180 days of the buyer’s receipt of the statement.[3]

Buyer Duties – The buyer must provide a signed and dated acknowledgment of receiving the property disclosure or disclaimer statement along with their offer to purchase.[4]

Seller’s Disclosures (5)

Property Disclosure Statement (Appendix A) (conditional) – If the seller is aware of known defects on the property, 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) (conditional) – If the seller does not reside or is not aware of any defects on the property, this disclaimer should be completed.

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Acknowledgment of Property Disclosures (required) – 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 (conditional) – Provides buyers with information about whether or not a home contains lead paint (legally required for the sale of any property built before 1978).[5]

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Lead-Based Paint Pamphlet (conditional) – Gives general information about lead-based paint for properties built before 1978.[6]

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Sample

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