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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 60. PROPERTY

  § 60-832. Definitions.  

Latest version.

  • 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.

Added by Laws 1994, c. 198, § 2, eff. July 1, 1995.