STATE OF OKLAHOMA

1st Session of the 54th Legislature (2013)

HOUSE BILL 2095	By:	Jackson

AS INTRODUCED

An Act relating to property; amending 60 O.S. 2011, Section 832, which relates to the Residential Property Condition Disclosure Act; modifying definition; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     60 O.S. 2011, Section 832, is amended to read as follows:
Section 832.  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 3 833 of this act title; and
12.  “Disclosure statement” means the statement described in paragraph 2 of subsection A of Section 3 833 of this act title.
SECTION 2.  This act shall become effective November 1, 2013.

54-1-5577	LRB	12/14/12