Oklahoma Laws
Requirement to Record: Not legally required but does not establish notice to third parties unless it is recorded.[1]
Expiration: Constructive notice established by recording a lease with an option does not expire by statute.
Maximum Term: Oklahoma does not set a maximum term for a lease with an option to purchase.
No Duration: If no duration is defined in the lease, the option expires automatically at the end of the lease.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (3)
1. Flood Disclosure Form – Any flooding events in the last five years should be disclosed to the tenant.[3]
2. Landlord/Manager/Agent Disclosure – A lease agreement must include the names and addresses of the landlord and persons authorized to act on the landlord’s behalf.[4]
3. Lead-Based Paint Disclosure & EPA Pamphlet – Federal law requires landlords of properties built before 1978 to disclose to tenants the possibility of the presence of lead-based paint.
Seller’s Disclosures (3)
1. Property Disclosure Statement (Appendix A) – 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.[5]
2. Property Disclaimer Statement (Appendix B) – If the seller does not reside or is not aware of any defects on the property, this disclaimer should be completed.[6]
3. 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).[7]