SB 350 Summary

• Requires sellers and their agents offering real property in Oklahoma to disclose in writing any known hazards, features, or defects that could impact safety, valuation, or insurability prior to entering into a sales contract.

• Mandates disclosure of specific hazards including flood hazard areas, dam inundation, high fire potential, sinkholes, earthquake fault zones, radon gas, airport influence areas, waste dump sites, oil/natural gas wells, and subterranean features.

• Establishes that selling property without required written disclosure is unlawful and makes violators liable for treble damages to purchasers.

• Allows suspension or revocation of licenses for licensed sellers or agents who violate the disclosure requirements.

• Becomes effective November 1, 2015, and does not replace any other disclosure statements required by law or rule.