Okla. Stat. tit. 60 § 832

Current through Laws 2024, c. 453.

Section 832 - Definitions

As used in this act:

1. "Offer to purchase" means an offer to purchase property made by a purchaser pursuant to a written contract;

2. "Seller" means one or more persons who are attempting to transfer a possessory interest in property and who are either:

a. represented by a real estate licensee; or

b. not represented by a real estate licensee but receive a written request from the purchaser to deliver or cause to be delivered a disclaimer statement or disclosure statement as such terms are defined in paragraphs 11 and 12 of this section;

3. "Purchaser" means one or more persons who are attempting to acquire a possessory interest in property;

4. "Real estate licensee" means a person licensed under the Oklahoma Real Estate License Code;

5. "Transfer" means a sale or conveyance, exchange or option to purchase by written instrument of a possessory interest in property for consideration;

6. "Person" means an individual, corporation, limited liability company, partnership, association, trust or other legal entity or any combination thereof;

7. "Contract" means a real estate purchase contract for the sale, conveyance or exchange of property, option to purchase property, or a lease with an option to purchase property;

8. "Property" means residential real property improved with not less than one nor more than two dwelling units;

9. "Defect" means a condition, malfunction or problem that would have a materially adverse effect on the monetary value of the property, or that would impair the health or safety of future occupants of the property;

10. "Disclosure" means a written declaration required by this act based on actual knowledge of the seller regarding certain physical conditions of the property. A disclosure for purposes of this act is not a warranty, implied or express, of any kind;

11. "Disclaimer statement" means the statement described in paragraph 1 of subsection A of Section 3 of this act; and

12. "Disclosure statement" means the statement described in paragraph 2 of subsection A of Section 3 of this act.

Okla. Stat. tit. 60, § 832

Added by Laws 1994, HB 1621, c. 198, § 2, eff. 7/1/1995.