What is a Residential Property Condition Disclosure?

 

What is a Residential Property Condition Disclosure?

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When an Oklahoma real estate professional is involved in a residential real estate transaction — on the list or sell side — the seller is required to complete the State of Oklahoma’s Property Condition Disclosure form.

It must be completed within the past 180 days and completed to the best of the seller’s knowledge.

A seller’s failure to disclose a known issue is considered fraud.

Bank owned properties and some other properties are excluded, via a Disclaimer instead of a Disclosure.

Additional information is available in the Oklahoma Real Estate Commission (OREC) publication “Oklahoma Residential Property Condition Disclosure Act”.


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