{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-858-314","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-858-314","heading":"Wholesalers — Required disclosures — Right to","body":"cancellation.\n\nA. A wholesaler shall:\n\n1. Disclose in writing to the homeowner, before the execution\n\nof any contract or written agreement, his or her intent to assign or\n\nsell his or her equitable interest in the residential real estate\n\nfor a higher price than what is offered to the homeowner;\n\n2. Provide a prominent written disclosure to the homeowner in\n\nall written contracts between the parties stating that the homeowner\n\nshould seek legal advice before signing any contract concerning his\n\nor her home; and\n\n3. Disclose in writing to the homeowner that the homeowner has\n\nthe right to cancel the contract without penalty within two (2)\n\nbusiness days after the execution of the contract.\n\nB. A wholesaler shall not, directly or indirectly:\n\n1. Act as an advisor or consultant, or in any other manner\n\nrepresenting that the wholesaler is acting on behalf of the\n\nhomeowner; or\n\n2. Represent himself or herself as holding a certification or\n\nlicense, or being a member of a licensed profession, without\n\npossession of the certification or license.\n\nC. The homeowner shall have the right to cancel the contract\n\nwithout penalty within two (2) business days from the date of\n\nexecution of the contract.\n\nD. The wholesaler shall be prohibited from placing any lien or\n\nencumbrance on or otherwise clouding title of the property.\n\nE. Any contract or agreement used by a wholesaler shall contain\n\nthe following:\n\n1. The name, address, and telephone number of the wholesaler;\n\n2. The address of the residence involved in the transaction;\n\n3. The total consideration to be given by the wholesaler to the\n\nhomeowner;\n\n4. A complete description of the terms of payment or other\n\nconsideration including, but not limited to, any services of any\n\nnature which the wholesaler represents he or she will perform for\n\nthe seller before or after the sale; and\n\n5. The following notice shall appear on the contract in\n\nimmediate proximity to the space reserved for the seller’s signature\n\nand shall be in at least twelve-point bold type if the contract is\n\ntyped or in capital letters if the contract is printed. The notice\n\nshall contain the name of the wholesaler, the date and time by which\n\nthe contract shall be canceled, and the following language:\n\n“NOTICE REQUIRED BY OKLAHOMA LAW: You may cancel this contract\n\nat any time before midnight of ____________________ (Date).\n\n__________________________ (Name of Wholesaler) or anyone working\n\nfor ______________________ (Name of Wholesaler) CANNOT ask you to\n\nsign or have you sign any deed or any other document until your\n\nright to cancel this contract has ended. See the attached notice of\n\ncancellation form for an explanation of this right. You should\n\nalways consult an attorney or community organization before signing\n\nany legal documents concerning your home. It is advisable that you\n\nfind your own attorney. The law requires this contract to contain\n\nthe entire agreement. You should not rely upon any other written or\n\noral agreement or promise.”\n\nF. Failure to include any of the required disclosures under\n\nthis section shall render the contract invalid and unenforceable by\n\nthe wholesaler and shall entitle the homeowner to any earnest money\n\ndeposit involved in the transaction. Any earnest money deposit or\n\nsecurity deposit by a wholesaler shall be kept in an escrow account\n\nmaintained in this state with a federally insured financial\n\ninstitution. The homeowner may terminate the contract at any time\n\nif the wholesaler fails to comply with the provisions of this\n\nsection.\n\nG. The Oklahoma Real Estate Commission shall create, publish,\n\nand provide on its website a notice of cancellation form, which\n\nshall be included by the wholesaler with any contract. This form\n\nshall be provided to the homeowner at no cost.\n\nH. The Commission shall promulgate any rules necessary to\ns and Occupations Page 728\n\nif the wholesaler fails to comply with the provisions of this\n\nsection.\n\nG. The Oklahoma Real Estate Commission shall create, publish,\n\nand provide on its website a notice of cancellation form, which\n\nshall be included by the wholesaler with any contract. This form\n\nshall be provided to the homeowner at no cost.\n\nH. The Commission shall promulgate any rules necessary to\n\nimplement the provisions of this section.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"54e146b9cfe069cb7cc801441d89160243b99c3773a5745d348424a6bc255bd3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-858-313","next":"us-ok/okla.-stat.-tit.-59-59-858-351"},"notice":"GroundRules: Original legal text. Not legal advice."}