We entered into a "contract for deed" on a house a few months ago. I do understand what "Caveat Emptor" means... but there are many issues we have discovered with the house that were not disclosed. The major issue we discovered was that our house is located in a FEMA floodplane, and our house was under 6 feet of water in 1999 and 1991. This is a clear violation of Oklahoma law, which states that a landlord or seller must provide written documentation of property defects, including flooding history. We were never informed of this either verbally or in writing.

I'm not lawsuit-crazy... but how bad can I nail her on the FEMA floodzone thing? Should I ask for my deposit and payments back?

Thanks for any input you can offer.. google wasn't much help.

Go to the Okla. Bar Assoc. site - www. okbar.org, they have tenant/landlord rights/law etc. and from there you can do quite a lot of research.
HUD also has mountains of info online at www.hud.gov

Your 1st mistake is 'Contract for Deed' which is treated not much differently than a 'Lease Option'. The 'Seller' has not Sold and you did not Buy. You only have a 'Contract' if you do everything you are supposed to under the terms of the 'Contract' , then, if you can find the 'Other Party' when you've fullfilled your obligations to their satisfaction and if they have a 'Clear' title, they might sign it over to you, but then again they may not.
You could try to get your Monies back but your best bet is to consider yourself as a renter until you can find a Real Seller and Buy a home complete with title transfer. Then the disclosure laws will apply.