If you are buying or selling a home, the transaction is subject to the Residential Property Condition Disclosure Act found at 16 O.S. Sec. 831, which provides for a disclosure of defects to the property (the “Act”). The Act is an exception to the common law rule of “caveat emptor” or “buyer beware.”
Practitioners now have the benefit of The Non-Testamentary Transfer of Property Act, which provides an approved form for Transfer on Death Deeds. See 58 O.S. § 1253 (OK 2016).
Once the practitioner has drafted the Transfer on Death Deed in accordance with the statutory form, and determined that the client’s present situation is one contemplated by the Act, the hurdle to overcome is the beneficiary affidavit requirement.