Oklahoma’s $7,500 fine for selling a home without a mortgage is a shocker to most people, but it’s also a reminder of how expensive it can be to buy a home in a market where median house prices are just $2,100 a year.
The Oklahoma Department of Finance said Wednesday that the maximum fine of $7.5 million will apply to the owners of the two properties listed in Oklahoma City.
In addition, the fine will be applied to any payments made to the sellers.
The department said the property owners have been issued a warning notice, and that it will consider whether to pursue criminal charges against the owners.
The fines are a result of a two-year investigation into the sale of the home in the 6500 block of Grandview Avenue in OklahomaCity.
It is the first time that a home has been fined for non-payment of taxes, which are the state’s property tax, and interest on the debt.
The home was listed for sale at $1.4 million in April 2016, and the Oklahoma City home was valued at $5 million by December that year.
However, the house was not built and the buyer never paid the tax.
The investigation revealed the buyer had failed to register the home with the Oklahoma Department for Taxation, a state agency.
The buyer was also required to pay $3,500 in taxes on the home, which the Oklahoma State Treasurer’s Office said was due in August 2016.
However the seller, who was listed as owner of the Oklahoma city home, did not pay the taxes and the home was sold to a third party.
The seller has been charged with three counts of tax evasion and is due to appear in court later this month.