HB2720 Summary

• Establishes the "Ryan and Cole Hamil Act" requiring sellers of Oklahoma residential property to provide either a written property disclaimer or a written property condition disclosure statement to purchasers.

• Disclaimer statement option allows sellers who have never occupied the property and have no actual knowledge of defects to provide no property condition information.

• Disclosure statement option requires sellers to report actual knowledge of defects in specific areas including water/sewer systems, structural systems, plumbing, electrical, heating/air conditioning, wood-destroying organisms, environmental hazards, prior methamphetamine manufacturing, storm shelters, and high-wind structural connectors.

• Requires either statement to be completed, signed, and dated by the seller no more than 180 days before delivery to purchaser, and mandates the Oklahoma Real Estate Commission develop forms by rule with required notices to purchasers in bold text.

• Effective date: November 1, 2012.