Later this week the state of Oklahoma will have a new law that will effect square footage and the real estate industry in our market. On August 26, 2011 House Bill Number 1598 becomes a law. Here’s the skinny;
Beginning Friday, an Oklahoma real estate licensee will not be required to provide square footage about a property. If it is provided it will not be considered a warranty or guarantee. If a licensee sites a third party as the source (like an appraisal, builder’s plan, tax records, or survey report) of the square footage information then they must be identified.
An Oklahoma real estate licensee has no duty to the seller or the buyer to verify square footage of a property.
In a nutshell, Realtors will not be required to disclose the size of a property. But if they do, they will have to share where the information came from.