Oklahoma Real Estate Rules and Regulations are in place to protect the public. However, these rules are not comprehensive and do not cover all of the issues that may arise. This guide provides a summary of some of the statutes that affect property owners, tenants, and landlords. These statutes can change from time to time, so it’s important to keep up with the latest Oklahoma laws.
Statutes Affecting Property Owners
Property owners and the individuals who deal with them face a variety of statutes that affect the property they own, lease, or sell. These include laws that limit how much money a landlord can charge for a security deposit, provide parameters for the terms of the lease agreement, and prohibit discrimination. There are also statutes that regulate the platting and subdividing of real estate. These regulations can be quite complicated, so buyers should be aware of them before entering into any real estate transaction. Often, a buyer will include in the real estate purchase agreement a time period for the buyer to evaluate the property before becoming contractually committed to close. This may help a buyer make a more informed decision and ensure that the purchase does not fall through due to unanticipated issues.
Statutes Affecting Tenants
As with many states, Oklahoma has statutes and regulations governing the legal, contractual relationship between property owners and tenants. These laws regulate the amount of money that a landlord can charge for a security deposit, provide parameters for certain terms of the lease agreement, prohibit discrimination, and more. In addition, there are a few unique statutes regarding liquidated damages in the purchase of real estate. These statutes are important to note, as they can make a significant difference in the outcome of any dispute that arises.
And although these issues can be complex and confusing, they should not prevent a buyer from purchasing commercial real estate in Oklahoma. The key is to recognize these nuances and address them prior to closing in order to minimize any unwelcome surprises that may occur. It is also essential to get local counsel and ensure that you understand the complexities of each state’s laws, regulations, and customary practices. This will help you to avoid any unnecessary expenses or potential liabilities.
Statutes Affecting Landlords
There are a number of state and federal laws that affect landlords and tenants. These laws regulate everything from security deposits to fair housing rights. In addition, landlords are responsible for making sure that their property is safe and that tenants do not violate state or local laws. This means that they must keep their rental units clean, make sure they follow health and safety laws, and ensure that there are no environmental hazards on the premises. Landlords must also be sure that they comply with the requirements of their tenancy agreements. This includes ensuring that rent is due on time and allowing tenants a certain amount of time (five days in Oklahoma) to pay overdue rent or move out. Additionally, landlords are required to keep their security deposits in a federally insured, interest-bearing account. They must also give tenants an itemized list of deductions taken from their deposits, such as for unpaid rent or damages caused by the tenant’s noncompliance.
Statutes Affecting Real Estate Agents
Oklahoma is one of the states that has a wide range of statutes affecting real estate agents. These statutes often result from specific state constitutional and statutory provisions, case law, or simply the development of customary practices over time. For example, there are statutes that prohibit the sale of real estate to a person who has been convicted of certain crimes, such as forgery, embezzlement and obtaining money under false pretense. These statutes can be very confusing and should not be ignored by those acquiring real estate in the state. It is recommended that anyone purchasing real estate in the state get advice from a real estate attorney before entering into any transaction.
Categorised in: Laws and Regulations