“It is not only what we do, but also what we do not do, for which we are accountable.”
One of the many “sins” in real estate law are “sins of omission”, otherwise known as undisclosed faults. What rights do new owners have to pursue real estate litigation to protect themselves from purchasing a “lemon”? The State of Oklahoma has clear laws and regulations to protect both parties in real estate transactions.
Oklahoma Residential Property Condition Disclosure Act
According to the Oklahoma Residential Property Condition Disclosure Act, there are a several reasons the purchaser of a piece of real estate could have to take legal action against the seller if undisclosed faults are discovered after the purchase.
The purchaser may recover in a civil action only in the event of…
- “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.”
- “The failure of the seller to disclose in the disclosure statement or any amendment provided to the purchaser a defect which was actually known to the seller prior to acceptance of an offer to purchase.”
- “The failure of the real estate licensee to dis- close 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 purchase.”
Statute Of Limitations On Real Estate Litigation
If you have been victim of a violation of the Residential Property Condition Disclosure Act, don’t wait until it’s too late to file the appropriate lawsuit. This law defines the statute of limitations as being “2 years after the date of transfer of real property subject to this act.” Some of the issues that should be disclosed may include:
- Liens and title problems
- Roof damage, leaks, and issues
- Problematic pipe and sewage systems
- Drainage issues
- Erosion problems
- Critical foundation cracks
- Termite issues
- Roaches infestation
- Heating and air conditioning system defects
- HVAC issues
The Advocacy Of Robert R. Robles
When you have purchased property under the misapprehension that you were informed of all pertinent issues, you need an advocate who can do something about it. Robert R. Robles is prepared to offer the benefit of his three decades of real estate law experience for the benefit of your case. He is gifted at finding practical solutions for complex real estate challenges.
We offer free consultations to all of our clients, which are completely confidential. Call now at 405-232-7980 or fill out our contact form.