Tuesday, August 22, 2006
Most students, faculty or staff at SWOSU will purchase or sell a house at some point in their lives. If this occurs in Oklahoma, you may be interesting in an Oklahoma Document (R 500.5 U58p) entitled State of Oklahoma Uniform Contract Information Pamphlet. This 20 page jewel explains many legal terms in simple, easy to understand language. Terms include: contract, purchase price, earnest money, financing supplemental agreement, closing, funding, and possession, accessories, time periods, residential property condition disclosure act, investigations, inspections, and reviews, risk of loss, acceptance of property, title evidence, mediation, breach and failure to close.
Also listed are details about pitfalls of home buying - such as flood notice laws. For instance, the City of Tulsa makes it the buyers responsiblity to find out about floodng from storm run off, sewer backup or water history. A report may be purchased from the Corps of Eningeers by phone. Termite damage and inspections are also included, along with lead-paint disclosure. Megan's Law is an oklahoma law which requires sex offenders to register their address. Is the home you're looking at on the offender list? It would be a good idea to check these things out before purchasing a home. An hour of reading time might save you thousands of dollars in repair bills and a lot of headache later on.