Oklahoma § 60-832 - Definitions

§ 60-832. 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;

Oklahoma Statutes - Title 60. 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.