§60-832. Definitions.
345 words·~2 min read·
/ok/title-60-property/60-832·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.