§ 60.832

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; orb.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

er 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; and12. '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.