Oklahoma § 60-837 - Remedies

§ 60-837. Remedies

A. The purchaser may recover in a civil action only in the

event of any of the following:

1. The failure of the seller to provide to the purchaser a

disclaimer statement or a disclosure statement and any amendment

prior to acceptance of an offer to purchase;

2. The failure of the seller to disclose in the disclosure

statement or any amendment provided to the purchaser a defect which

Oklahoma Statutes - Title 60. Property

was actually known to the seller prior to acceptance of an offer to

purchase; or

3. The failure of the real estate licensee to disclose to the

purchaser any defects in the property actually known to the real

estate licensee prior to acceptance of an offer to purchase and

which were not included in the disclosure statement or any amendment

provided to the purchaser.

B. The sole and exclusive civil remedy at common law or

otherwise for a failure under subsection A of this section by the

seller or the real estate licensee shall be an action for actual

damages, including the cost of repairing the defect, suffered by the

purchaser as a result of a defect existing in the property as of the

date of acceptance by the seller of an offer to purchase and shall

not include the remedy of exemplary damages.

C. Any action brought under this act shall be commenced within

two (2) years after the date of transfer of real property subject to

this act.

D. In any civil action brought under this act, the prevailing

party shall be allowed court costs and a reasonable attorney fee to

be set by the court and to be collected as costs.

E. A transfer of a possessory interest in property subject to

this act may not be invalidated solely because of the failure of any

person to comply with this act.

F. This act applies to, regulates and determines rights,

duties, obligations and remedies at common law or otherwise of the

seller, the real estate licensee and the purchaser with respect to

disclosure of defects in property and supplants and abrogates all

common law liability, rights, duties, obligations and remedies

therefore.

Added by Laws 1994, c. 198, § 7, eff. July 1, 1995. Amended by Laws

2003, c. 52, § 2, eff. Nov. 1, 2003.