This bill authorizes municipalities, counties, and the state of Oklahoma to enter into real estate contracts that include a contingency period of up to one hundred eighty (180) days. This contingency is intended to allow these entities to secure necessary permits, make lot changes, obtain zoning changes, and acquire any other land use approvals required for the use and operation of the real property involved in the contract. The new legal provisions will be codified in the Oklahoma Statutes under specific sections for municipalities, counties, and the state.

The bill establishes new sections in the Oklahoma Statutes: Section 43-116 of Title 11 for municipalities, Section 865.70 of Title 19 for counties, and Section 110.6 of Title 74 for the state. Each section outlines the same terms regarding the real estate contracts and the associated contingency period. The act is set to take effect on November 1, 2025.