Bill > SB198

This bill creates new legal provisions for municipalities, counties, and the state of Oklahoma regarding real estate contracts, allowing them to enter into sale, conveyance, exchange, or lease agreements with purchase options that include a contingency period of up to 180 days. The contingency is specifically designed to give these governmental entities time to secure necessary permits, make lot changes, obtain zoning changes, and acquire other land use approvals required to use and operate the real property. By establishing this provision, the bill provides flexibility for local and state governments in real estate transactions, enabling them to conduct due diligence and ensure the property meets their intended operational requirements before finalizing the transaction. The bill is set to become effective on November 1, 2025, and will be codified in different sections of the Oklahoma Statutes covering municipal (Title 11), county (Title 19), and state (Title 74) regulations.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb198&Session=2600