This is an Oklahoma Real Estate Commission (OREC) publication explaining the Act, including limitation of seller’s liability, duties of real estate licensees, exemptions from application of the Act, and remedies.
Sellers looking to complete their disclosure requirement can complete one of these State of Oklahoma forms:
- Disclosure Statement (2017) — used when you know about the property
- Disclaimer Statement (2014) — used when you know nothing about the property
- Exemption (2006) — infrequently used
Sellers complete the form applicable to them. Most often, it’s the Disclosure Statement, in which the seller writes commentary to disclose what they know about the property to a potential buyer. If the buyer has an issue with the property (e.g. roof leak) after closing, and it was fully disclosed by the seller on this form, the buyer doesn’t have much of a case to say the seller defrauded them.
Although some sellers get concerned completing this form, it’s really best to disclose everything you know about the property to protect yourself in the future. It can actually demonstrate to the buyer all the things you’ve done to the property and that you kept decent records, which can help buyers feel more comfortable buying your house instead of another one for sale.