OREC’s New Mandatory Disclosure Form Available This Week

October 30, 2017

A new mandatory Residential Property Condition Disclosure Form goes into effect on Wednesday, November 1st.  The form will be available on the OREC Web site on November 1, but in the meantime you can preview the changes here. Please note that this form must not be used prior to November 1; doing so would be a violation of the Residential Property Condition Disclosure Act.  Changes include:

  • Updated Question 4 will now read “Are you aware if the property is located in a floodway as defined in the Oklahoma Floodplain Management Act?” and will be answered with the yes/no check boxes.
  • New Question 37 will read “Are you aware of any wells located on the property?”
  • New Question 38 will read “Are you aware of any dams located on the property?  If yes, are you responsible for the maintenance of that dam?”

Traditionally, OREC releases updated to contracts and forms effective November 1; in fact, you may have already seen the change guide on the Web site.  However, at a special meeting, the Commissioners have temporarily delayed implementation of any changes or updates to the contracts and forms.  The Contract and Forms Committee will be further reviewing these changes. Until further notice, the current contracts will remain in place.  OREC will provide further updates as any changes are made to the contracts and forms.

 

source page: https://www.ok.gov/OREC/index.html