The Oklahoma Real Estate Contract Sale form is a critical document, officially sanctioned by the Oklahoma Real Estate Commission, aimed at formalizing the sale and purchase of residential real estate in the state. It is meticulously crafted to cover essential details such as the identification of the parties involved, contractual terms, property details, and conditions for the transaction. Ensuring a legally binding agreement, this form requires a comprehension of its contents; seeking advice from a legal professional is advisable if there are uncertainties. Ready to make your home buying or selling in Oklahoma a smooth process? Click the button below to start filling out your Oklahoma Real Estate Contract Sale form today.
The intricacies of buying and selling real estate in Oklahoma are encapsulated within the Oklahoma Real Estate Contract Sale form, a document meticulously crafted by the Oklahoma Real Estate Contract Form Committee and sanctioned by the Oklahoma Real EState Commission. This comprehensive contract is a linchpin in real estate transactions, outlining the obligations and rights of both sellers and buyers to ensure clarity and protect all parties involved. Among its critical elements, it defines the property in question, specifies the terms of the sale including purchase price, earnest money details, and the financing arrangements. The form anticipates various scenarios, addressing closing, possession transfer, fixtures, and equipment included with the sale, alongside protocols for inspections, investigations, and addressing any discovered issues before finalizing the sale. Detailed provisions guide the parties through the process, addressing risk of loss, acceptance of property conditions, title evidence, taxes, assessments, prorations, and even the potential need for mediation in dispute scenarios. Designed to supersede all prior agreements and negotiations, this contract serves as a definitive agreement between buyer and seller, laying a solid foundation for a successful and legally sound real estate transaction in Oklahoma.
OKLAHOMA REAL ESTATE COMMISSION
This is a legally binding Contract;
if not understood seek advice from an attorney
OKLAHOMA UNIFORM CONTRACT
RESIDENTIAL CONTRACT OF SALE OF REAL ESTATE
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
CONTRACT DOCUMENTS. The Contract is deined as this document with the following attachment(s):
(check as applicable)
____ Conventional Supplemental
___ Single Family Mandatory Homeowners’ Association Supplemental
____ FHA Supplemental
___ Condominium Association Supplemental
____ VA Supplemental
___ Townhouse Association Supplemental
____ Assumption/Other
___ Supplemental Addendum
____ Seller Carry
___ ______________________
PARTIES. THE CONTRACT is entered into between:
___________________________________________________________________________________________________________“Seller”
and _________________________________________________________________________________________ “Buyer”.
The Parties’ signatures at the end of the Contract, which includes any attachments or documents incorporated by reference, with delivery to their respective Brokers, if applicable, will create a valid and binding Contract, which sets forth their complete understanding of the terms of the Contract. The Contract shall be executed by original signatures of the parties or by signatures as relected on separate identical Contract counterparts (carbon, photo or fax copies).All prior verbal or written negotiations, representations and agreements are superceded by the Contract, which may only be modiied or assigned by a further written agreement of Buyer and Seller.
Seller agrees to sell and convey by General Warranty Deed, and Buyer agrees to accept such deed and buy the Property described herein, on the following terms and conditions:
The Property shall consist of the following described real estate located in _____________________________ County, Oklahoma.
1. LEGAL DESCRIPTION. ____________________________________________________________________________
___________________________________________________________________________________________________
______________________________________________________________________________________________________________
Property Address
City
Zip
Together with all ixtures and improvements, and all appurtenances, subject to existing zoning ordinances, plat or deed restrictions, utility easements serving the Property, including all mineral and water rights owned by Seller unless expressly reserved by Seller in the Contract and excluding mineral rights previously reserved or conveyed of record (collectively referred to as “the Property”.)
2.PURCHASE PRICE, EARNEST MONEY AND SOURCE OF FUNDS. This is a CASH TRANSACTION unless a Financing Supplement Agreement is attached. The Purchase Price is $__________________________ payable by Buyer as follows: Buyer has paid $__________________________ as Earnest Money on execution of the Contract, and Buyer shall pay the balance of the purchase price and Buyer’s Closing costs at Closing. Upon execution of the Contract, the Earnest Money shall be deposited in the trust account of ______________________________________or if left blank, the Listing Broker’s trust account, as part payment of the purchase price and/or closing costs. If interest accrues on Earnest Money Deposit in Listing Broker’s trust account, said interest shall be paid to “Oklahoma Housing Foundation”.
3. CLOSING, FUNDING AND POSSESSION. The Closing process includes execution of documents, delivery of deed and receipt of funds by Seller and shall be completed on or before __________________________________________, (“Closing
Date”) or not later than __________________________________ days (ive [5] days if left blank) thereafter caused by a delay
of the Closing process, or such later date as may be necessary in the Title Evidence provision (reference Paragraph 10 D and E). Possession shall be transferred upon conclusion of Closing process unless otherwise provided below:
__________________________________________________________________________________________________.
In addition to costs and expenses otherwise required to be paid in accordance with terms of the Contract, Buyer shall pay Buyer’s Closing fee, Buyer’s recording fees, and all other expenses required from Buyer. Seller shall pay documentary stamps required, Seller’s Closing fee, Seller’s recording fees, if any, and all other expenses required from Seller. Funds required from Buyer and Seller at Closing shall be either cash, cashier’s check or wire transfer.
OREC RESIDENTIAL SALES (1-2011)
Page 1 of 6
PROPERTY ADDRESS___________________________________________________________________________________________________________
4.ACCESSORIES, EQUIPMENT AND SYSTEMS. The following items, if existing on the Property, unless otherwise excluded, shall remain with the Property at no additional cost to Buyer:
• Attic and ceiling fan(s)
• Fireplace inserts, logs, grates, doors
• Outside cooking unit(s), if attached
• Bathroom mirror(s)
and screens
• Propane tank(s) if owned
• Other mirrors, if attached
• Free standing heating unit(s)
• TV antennas/satellite dish system(s)
• Central vacuum & attachments
• Humidiier(s), if attached
and control(s), if owned
• Floor coverings, if attached
• Water conditioning systems, if
• Sprinkler systems & control(s)
• Key(s) to the property
owned
• Swimming Pool/Spa equipment/
• Built-in and under cabinet/counter
• Window treatments & coverings,
accessories
appliance(s)
interior & exterior
• Attached recreational equipment
• Free standing slide-in/drop-in
• Storm windows, screens & storm
• Exterior landscaping and lighting
kitchen stove
doors
• Entry gate control(s)
• Built-in sound system(s)/speaker(s)
• Garage door opener(s) & remote
• Water meter, sewer/trash
• Lighting & light ixtures
transmitting unit(s)
membership, if owned
• Fire, smoke and security system(s), if
• Fences (includes sub-surface
• All remote controls, if applicable
electric & components)
• Transferable Service Agreements
• Shelving, if attached
• Mailboxes/Flag poles
and Product Warranties
A.Additional Inclusions. The following items shall also remain with the Property at no additional cost to Buyer:
_______________________________________________________________________________________________
________________________________________________________________________________________________
B.Exclusions. The following items shall not remain with the Property: _____________________________________
___________________________________________________________________________________________.
5.TIME PERIODS SPECIFIED IN CONTRACT. Time periods for Investigations, Inspections and Reviews and Financing Supplement Agreement shall commence on __________________________________________ (Time Reference Date), regardless of the date the Contract is signed by Buyer and Seller.The day after the Time Reference Date shall be counted as day one (1). If left blank, the Time Reference Date shall be the third day after the last date of signatures of the parties.
6.RESIDENTIAL PROPERTY CONDITION DISCLOSURE. No representations by Seller regarding the condition of Property or environmental hazards are expressed or implied, other than as speciied in the Oklahoma Residential Property Condition Disclosure Statement (“Disclosure Statement”) or the Oklahoma Property Condition Disclaimer Statement (“Disclaimer Statement”), if applicable. A real estate licensee has no duty to Seller or Buyer to conduct an independent inspection of the Property and has no duty to independently verify accuracy or completeness of any statement made by Seller in the Disclosure Statement and any amendment or the Disclaimer Statement.
7.INVESTIGATIONS, INSPECTIONS and REVIEWS.
A.Buyer shall have ____________ days (10 days if left blank) after the Time Reference Date to complete any investigations, inspections, and reviews. Seller shall have water, gas and electricity turned on and serving the Property for Buyer’s inspections, and through the date of possession or Closing, whichever occurs irst. If required by ordinance, Seller, or Seller’s Broker, if applicable, shall deliver to Buyer, in care of Buyer’s Broker, if applicable, within ive (5) days after the Time Reference Date any written notices affecting the Property.
B.Buyer, together with persons deemed qualiied by Buyer and at Buyer’s expense, shall have the right to enter upon the Property to conduct any and all investigations, inspections, and reviews of the Property. Buyer’s right to enter upon the Property shall extend to Oklahoma licensed Home Inspectors and licensed architects for purposes of performing a home inspection. Buyer’s right to enter upon the Property shall also extend to registered professional engineers, professional craftsman and/or other individuals retained by Buyer to perform a limited or specialized investigation, inspection or review of the Property pursuant to a license or registration from the appropriate State licensing board, commission or department. Finally, Buyer’s right to enter upon the Property shall extend to any other person representing Buyer to conduct an investigation, inspection and/or review which is lawful but otherwise unregulated or unlicensed under Oklahoma Law. Buyer’s investigations, inspections, and reviews may include, but not be limited to, the following:
1)Disclosure Statement or Disclaimer Statement unless exempt
2)Flood, Storm Run off Water, Storm Sewer Backup or Water History
3)Psychologically Impacted Property and Megan’s Law
4)Hazard Insurance (Property insurability)
5)Environmental Risks, including, but not limited to soil, air, water, hydrocarbon, chemical, carbon, asbestos, mold, radon gas, lead-based paint
6)Roof, structural members, roof decking, coverings and related components
7)Home Inspection
8)Structural Inspection
9)Fixtures, Equipment and Systems Inspection. All ixtures, equipment and systems relating to plumbing (including sewer/septic system and water supply), heating, cooling, electrical, built-in appliances, swimming pool, spa, sprinkler systems, and security systems
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10)Termites and other Wood Destroying Insects Inspection
11)Use of Property. Property use restrictions, building restrictions, easements, restrictive covenants, zoning ordinances and regulations, mandatory Homeowner Associations and dues
12)Square Footage. Buyer shall not rely on any quoted square footage and shall have the right to measure the Property.
13)_________________________________________________________________________________________
C. TREATMENTS, REPAIRS AND REPLACEMENTS (TRR).
1)TERMITE TREATMENTS AND OTHER WOOD DESTROYING INSECTS. Seller’s obligation to pay treatment and repair cost in relation to termites and other wood destroying insects shall be limited to the residential structure, garage(s) and other structures as designated in Paragraph 13 and as provided in subparagraph C2b below.
2)TREATMENTS, REPAIRS, REPLACEMENTS AND REVIEWS. Buyer or Buyer’s Broker, if applicable, within 24 hours after expiration of the time period referenced in 7A, shall deliver to Seller, in care of the Seller’s Broker, if applicable, a copy of all written reports obtained by Buyer, if any, pertaining to the Property and Buyer shall select one of the following:
a.If, in the sole opinion of the Buyer, results of Investigations, Inspections or Reviews are unsatisfactory, the Buyer may cancel the Contract by delivering written notice of cancellation to Seller, in care of Seller’s Broker, if applicable, and receive refund of Earnest Money.
OR
b.Buyer, upon completion of all Investigations, Inspections and Reviews, waives Buyer’s right to cancel as provided in Paragraph 7, subparagraph C2a above, by delivering to Seller, in care of Seller’s Broker, if applicable, a written list on a Notice of Treatments, Repairs, and Replacements form (TRR form) of those items to be treated, repaired or replaced (including repairs caused by termites and other wood destroying insects) that are not in normal working order (deined as the system or component functions without defect for the primary purpose and manner for which it was installed. Defect means a condition, malfunction or problem, which is not decorative, that will have a materially adverse effect on the value of a system or component).
i.Seller shall have __________ days (5 days if blank) after receipt of the completed TRR form from Seller’s Broker, if applicable, to obtain costs estimates. Seller agrees to pay up to $________________ (“Repair Cap”) of costs of TRR’s. If Seller, or Seller’s Broker, if applicable, obtains cost estimates which exceed Repair Cap, Seller, or Seller’s Broker, if applicable, shall notify Buyer or Buyer’s Broker, if applicable, in writing, within two days after receipt of cost estimates.
If the amount of the TRR’s exceed the amount of the Repair Cap, Buyer and Seller shall have __________ days (3 days if blank) thereafter to negotiate the payment of costs in excess of Repair Cap. If a written agreement is reached, Seller shall complete all agreed TRR’s prior to the Closing Date. If an agreement is not reached within the time speciied in this provision, the Contract shall become null and void and Earnest Money returned to Buyer.
ii.If Seller fails to obtain cost estimates within the stated time, Buyer shall then have ___________ days (5 days if blank) to:
a)Enter upon the Property to obtain costs estimates and require Seller to be responsible for all TRR’s as noted on Buyer’s TRR form, up to the Repair Cap; and,
b)If the amount of the TRR’s exceed the amount of the Repair Cap, Buyer and Seller shall have __________
days (3 days if blank) thereafter to negotiate the payment of costs in excess of Repair Cap. If a written agreement is reached, Seller shall complete all agreed TRR’s prior to the Closing Date. If an agreement is not reached within the time speciied in this provision, the Contract shall become null and void and Earnest Money returned to Buyer.
D.EXPIRATION OF BUYER’S RIGHT TO CANCEL CONTRACT.
1)Failure of Buyer to complete one of the following shall constitute acceptance of the Property regardless of its condition:
a.Perform any Investigations, Inspections or Reviews;
b.Deliver a written list on a TRR form of items to be treated, repaired and replaced; or
c.Cancel the Contract within the time periods in Investigations, Inspections or Reviews Paragraph.
2)After expiration of the time periods in Investigations, Inspections and Reviews Paragraph, Buyer’s inability to obtain a loan based on unavailability of hazard insurance coverage shall not relieve the Buyer of the obligation to close transaction.
3)After expiration of the time periods in Investigations, Inspections and Reviews Paragraph, any square footage calculation of the dwelling, including but not limited to appraisal or survey, indicating more or less than quoted, shall not relieve the Buyer of the obligation to close this transaction.
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E.INSPECTION OF TREATMENTS, REPAIRS AND REPLACEMENTS AND FINAL WALK-THROUGH.
1)Buyer, or other persons Buyer deems qualiied, may perform re-inspections of Property pertaining to Treatments, Repairs and Replacements.
2)Buyer may perform a inal walk-through inspection, which Seller may attend. Seller shall deliver Property in the same condition as it was on the date upon which Contract was signed by Buyer (ordinary wear and tear excepted) subject to Treatments, Repairs and Replacements.
3)All inspections and re-inspections shall be paid by Buyer, unless prohibited by mortgage lender.
8.RISK OF LOSS. Until transfer of Title or transfer of possession, risk of loss to the Property, ordinary wear and tear excepted, shall be upon Seller; after transfer of Title or transfer of possession, risk of loss shall be upon Buyer. (Parties are advised to address insurance coverage regarding transfer of possession prior to Closing.)
9.ACCEPTANCE OF PROPERTY. Buyer, upon accepting Title or transfer of possession of the Property, shall be deemed to have accepted the Property in its then condition. No warranties, expressed or implied, by Sellers, Brokers and/or their associated licensees, with reference to the condition of the Property, shall be deemed to survive the Closing.
10.TITLE EVIDENCE.
A.BUYER’S EXPENSE. Buyer, at Buyer’s expense, shall obtain: (Check one)
Attorney’s Title Opinion, which is not rendered for Title Insurance purposes.
Commitment for Issuance of a Title Insurance Policy based on an Attorney’s Title Opinion which is rendered for Title Insurance purposes for the Owner’s and Lender’s Title Insurance Policy.
B.SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing Date, agrees to make available to Buyer the following (collectively referred to as “the Title Evidence”):
1)A complete surface-rights-only Abstract of Title, last certiied to a date subsequent to the Time Reference Date, by an Oklahoma licensed and bonded abstract company;
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the State of Oklahoma together with a supplemental surface-rights-only abstract last certiied to a date subsequent to the Time Reference Date, by an Oklahoma licensed and bonded abstract company;
2)A current Uniform Commercial Code Search Certiicate; and
3)An inspection certiicate (commonly referred to as a “Mortgage Inspection Certiicate”) prepared subsequent to the Time Reference Date by a licensed surveyor, which shall include a representation of the boundaries of the Property (without pin stakes) and the improvements thereon.
C.LAND OR BOUNDARY SURVEY. By initialing this space ____________, Buyer agrees to waive Seller’s obligation to provide a Mortgage Inspection Certiicate. Seller agrees that Buyer, at Buyer’s expense, may have a licensed surveyor enter upon the Property to perform a Land or Boundary (Pin Stake) Survey, in lieu of a Mortgage Inspection Certiicate, that shall then be considered as part of the Title Evidence.
D.BUYER TO EXAMINE TITLE EVIDENCE.
1)Buyer shall have ten (10) days after receipt to examine the Title Evidence and to deliver Buyer’s objections to Title to Seller or Seller’s Broker, if applicable. In the event the Title Evidence is not made available to Buyer within ten (10) days prior to Closing Date, said Closing Date shall be extended to allow Buyer the ten (10) days from receipt to examine the Title Evidence.
2)Buyer agrees to accept title subject to: (i) utility easements serving the property, (ii) building and use restrictions of record, (iii) set back and building lines, (iv) zoning regulations, and (v) reserved and severed mineral rights, which shall not be considered objections for requirements of Title.
E.SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements relected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the parties agree to the following:
1)Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute all documents necessary to cure title requirements identiied by Buyer; and
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2)Delay Closing Date for ___________ days [thirty (30) days if blank], or a longer period as may be agreed upon in writing, to allow Seller to cure Buyer’s title requirements. In the event Seller cures Buyer’s objection prior to the delayed Closing Date, Buyer and Seller agree to close within ive (5) days of notice of such cure. In the event that title requirements are not cured within the time speciied in this subparagraph, the Buyer may cancel the Contract and receive a refund of Earnest Money.
F.Upon Closing, any existing Abstract(s) of Title, owned by Seller, shall become the property of Buyer.
11.TAXES, ASSESSMENTS AND PRORATIONS.
A.The following items shall be prorated to include the date of Closing: (i) General ad valorem taxes for the current calendar year, if certiied. However, if the amount of such taxes has not been ixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at the time of Closing; and (ii) Homeowner’s Association assessments and dues, if any, based on most recent assessments.
B.The following items shall be paid by Seller at Closing: (i) All special assessments against the Property (matured or not matured), whether or not payable in installments; (ii) Documentary Stamps; (iii) all utility bills, actual or estimated; (iv) all taxes other than general ad valorem taxes which are or may become a lien against the Property; (v) any labor, materials, or other expenses related to the Property, incurred prior to Closing which is or may become a lien against the Property.
C.At Closing all leases, if any, shall be assigned to Buyer and security deposits, if any, shall be transferred to Buyer. Prepaid rent and lease payments shall be prorated through the date of Closing.
D.If applicable, membership and meters in utility districts to include, but not limited to, water, sewer, ambulance, ire, garbage, shall be transferred at no cost to Buyer at Closing.
12.RESIDENTIAL SERVICE AGREEMENT. (CHECK ONE)
A. The Property shall not be covered by a Residential Service Agreement.
B. Seller currently has a Residential Service Agreement in effect on the Property. Seller, at Seller’s expense, shall transfer the agreement with one (1) year coverage to the Buyer at Closing.
C. The Property shall be covered by a Residential Service Agreement selected by the Buyer at an approximate cost of $______________. Seller agrees to pay $______________ and Buyer agrees to pay the balance.
The Seller and Buyer acknowledge that the real estate broker(s) may receive a fee for services provided in connection with the Residential Service Agreement.
Buyer acknowledges that a Residential Service Agreement does not replace/substitute Property inspection rights.
13.ADDITIONAL PROVISIONS.
__________________________________________________________________________________________________
_____________________________________________________________________________________________________
____________________________________________________________________________________________________
14.MEDIATION. Any dispute arising with respect to the Contract shall irst be submitted to a dispute resolution mediation system servicing the area in which the Property is located. Any settlement agreement shall be binding. In the event an agreement is not reached, the parties may pursue legal remedies as provided by the Contract.
15.BREACH AND FAILURE TO CLOSE.
A.UPON BREACH BY SELLER. If the Buyer performs all of the obligations of Buyer, and if, within ive (5) days after the date speciied for Closing under Paragraph 3, Seller fails to convey the Title or fails to perform any other obligations of the Seller under this Contract, then Buyer shall be entitled to either cancel and terminate this Contract, return the abstract to Seller and receive a refund of the Earnest Money, or pursue any other remedy available at law or in equity, including speciic performance.
B.UPON BREACH BY BUYER. If, after the Seller has performed Seller’s obligation under this Contract, and if, within ive
(5) days after the date speciied for Closing under Paragraph 3, the Buyer fails to provide funding, or to perform any other obligations of the Buyer under this Contract, then the Seller may, at Seller’s option, cancel and terminate this Contract and retain all sums paid by the Buyer, but not to exceed 5% of the purchase price, as liquidated damages, or pursue any other remedy available at law or in equity, including speciic performance.
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16.INCURRED EXPENSES AND RELEASE OF EARNEST MONEY.
A.INCURRED EXPENSES. Buyer and Seller agree that any expenses, incurred on their behalf, shall be paid by the party incurring such expenses and shall not be paid from Earnest Money.
B.RELEASE OF EARNEST MONEY. In the event a dispute arises prior to the release of Earnest Money held in escrow, the escrow holder shall retain said Earnest Money until one of the following occur:
1)A written release is executed by Buyer and Seller agreeing to its disbursement;
2)Agreement of disbursement is reached through Mediation;
3)Interpleader or legal action is iled, at which time the Earnest Money shall be deposited with the Court Clerk; or
4)The passage of thirty (30) days from the date of inal termination of the Contract has occurred and options 1), 2) or 3) above have not been exercised; Broker escrow holder, at Broker’s discretion, may disburse Earnest Money. Such disbursement may be made only after ifteen (15) days written notice to Buyer and Seller at their last known address stating the escrow holder’s proposed disbursement.
17.DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer and Seller authorize their respective Brokers, if applicable, to receive delivery of an accepted offer or counteroffer.
18.NON-FOREIGN SELLER. Seller represents that at the time of acceptance of this contract and at the time of Closing, Seller is not a “foreign person” as such term is deined in the Foreign Investments in Real Property Tax Act of 1980 (26 USC Section 1445(f) et. Sec) (“FIRPTA”). If either the sales price of the property exceeds $300,000.00 or the buyer does not intend to use the property as a primary residence then, at the Closing, and as a condition thereto, Seller shall furnish to Buyer an affidavit, in a form and substance acceptable to Buyer, signed under penalty of perjury containing Seller’s United States Social Security and/or taxpayer identiication numbers and a declaration to the effect that Seller is not a foreign person within the meaning of Section “FIRPTA.”
19.EXECUTION BY PARTIES.
AGREED TO BY BUYER:
AGREED TO BY SELLER:
On This Date_____________________________________
________________________________________________
Buyer’s Printed Name
Seller’s Printed Name
Buyer’s Signature
Seller’s Signature
TERMINATION OF OFFER. The above Offer shall automatically terminate on _______________________ at 5:00 p.m.,
unless withdrawn prior to acceptance or termination.
EARNEST MONEY RECEIPT AND INSTRUCTIONS
Receipt of $_____________________
Check
Cash as Earnest Money Deposit, to be deposited in accordance with
the terms and conditions of PURCHASE PRICE, EARNEST MONEY, AND SOURCE OF FUNDS Paragraph. Broker(s) acknowledges receipt of Earnest Money and Listing Broker, if applicable, shall deposit said funds in accordance with Paragraph 2 of this Contract. If deposited in an escrow account other than the Listing Broker, the Listing Broker, if applicable, shall provide a copy of receipt to the Selling Broker.
______
________________________________________
Date
Selling Broker/Associate Signature
Listing Broker/Associate Signature
(Print Name) Selling Broker/Associate
(Print Name) Listing Broker/Associate
Company Name
Address
Phone
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Filling out the Oklahoma Real Estate Contract Sale form is a crucial step in the process of buying or selling property in the state. It's essential to approach this task with attention to detail to ensure all the information is accurate and complete. This form encapsulates the agreement between the seller and buyer regarding the terms of the sale, including the purchase price, closing date, and any contingencies that must be met before the deal can finalize. Once this form is accurately filled out and signed by both parties, it sets the path forward towards closing, where the official transfer of ownership will occur. Following the outlined steps meticulously will help streamline this pivotal phase of the real estate transaction.
After completing these steps, the next phase involves ensuring all parties fulfill their contract obligations, leading towards the closing process. This part is crucial as it involves the official transfer of property ownership, fulfilling financial agreements, and concluding any final inspections or adjustments. Proper execution of this contract is foundational to a successful real estate transaction, ensuring that both buyer and seller's interests are protected and agreed expectations are met.
What constitutes the Oklahoma Real Estate Contract Sale form?
The Oklahoma Real Estate Contract Sale form includes the main document and any attachments or documents incorporated by reference, such as supplements for FHA, VA loans, Conventional loans, Homeowners’ Association, Condominium Association, Townhouse Association, Assumption/Other, Seller Carry, and Supplemental Addendums. It becomes legally binding once both the buyer and seller sign it, reflecting their full understanding and agreement of the terms.
How does the earnest money work in this contract?
As part of the purchase agreement, the buyer pays an earnest money deposit upon contract execution. This must be deposited in the designated trust account as partial payment of the purchase price and/or closing costs. If interest accrues on the earnest money deposit, it's paid to the "Oklahoma Housing Foundation". The remainder of the purchase price, along with the buyer's closing costs, is due at closing.
What inspections and investigations can the buyer conduct?
The buyer has a specified period, typically 10 days after the Time Reference Date, to conduct various inspections and reviews. This includes, but is not limited to, checking the condition of the property, environmental hazards, building restrictions, and the functionality of all systems and equipment. If unsatisfactory results are found, the buyer may cancel the contract and receive a refund of their earnest money or negotiate treatments, repairs, and replacements with the seller.
What happens if there are issues with the property title?
The buyer, at their own expense, is responsible for obtaining a Title Insurance Policy or an Attorney’s Title Opinion. The seller must provide the necessary title evidence at their expense before closing. If any title issues arise, the seller has the obligation to remedy these issues within a specified timeframe (usually 30 days). If not resolved, the buyer may cancel the contract and get their earnest money back.
Filling out the Oklahoma Real Estate Contract of Sale form can be daunting. Mistakes can delay or derail your home purchase or sale. Here are six common errors:
Review each section carefully to ensure all information is accurate and complete. This contract is a legally binding document, and both sellers and buyers should understand its contents fully. When in doubt, seek legal advice.
When engaging in the purchase or sale of real estate in Oklahoma, several forms and documents accompany the Oklahoma Real Estate Contract of Sale to ensure a comprehensive and legally binding agreement. These documents, often required to complete the transaction smoothly and legally, range from disclosures to supplemental agreements that adjust the contract based on the financing method or the specific type of property involved. Understanding each form's role can aid participants in navigating the complexities of real estate transactions efficiently.
Each of these documents plays an integral role in protecting the interests of both buyers and sellers in real estate transactions. By ensuring all relevant paperwork is completed and reviewed carefully, parties can help secure a smooth and legally sound transaction, safeguarding against future disputes or financial losses.
The Oklahoma Real Estate Contract Sale form shares similarities with a Residential Lease Agreement, primarily in the way it dictates the terms of use and control of real estate. Both documents serve to formalize the agreement between parties—whether it's buying and selling or leasing. While the real estate contract oversees the transfer of ownership rights from seller to buyer, the lease agreement governs the rental of property from a landlord to a tenant. However, both outline specific conditions, such as payment terms, responsibilities of each party, and duration of agreement, ensuring each party's rights are protected under the agreed conditions.
Comparable to a Bill of Sale, the Oklahoma Real Estate Contract Sale form legitimizes the transaction between a buyer and seller, but for real estate rather than personal property. A Bill of Sale typically accompanies the sale of tangible goods, like vehicles or equipment, detailing the transaction specifics—similar to the way the real estate contract outlines the property details, purchase price, and terms of sale. Both serve as critical evidence of the transaction, offering protection and clarity by explicitly stating the agreement reached between the parties involved.
Likewise, the form mirrors the function of a Title Deed in that it facilitates the transfer of real estate ownership. The Title Deed is a document that formally indicates the legal owner of the property. Similarly, the Oklahoma Real Estate Contract Sale form initiates this transfer process, specifying the terms under which the property will change hands and ensuring the seller’s intention to convey by General Warranty Deed. Both documents are integral to the process of ownership transfer, with the contract marking the agreement to transfer and the deed executing it.
Finally, the Oklahoma Real Estate Contract Sale form is akin to a Financing or Mortgage Agreement in aspects of real estate transactions that involve lending. When a property purchase is financed, a Mortgage Agreement outlines the borrower's promise to repay the lender, secured by the property itself. The real estate contract often includes or is augmented by financing supplements like FHA, VA, or Conventional Supplemental agreements, laying out the terms under which financing is provided and the responsibilities of each party. Both the contract and mortgage agreements ensure that all financial aspects of the property transfer are clearly defined and agreed upon by the parties.
Filling out the Oklahoma Real Estate Contract Sale form is a crucial step in the process of buying or selling property. To navigate this process effectively, it's important to be mindful of what you should and shouldn't do. Here's a comprehensive list to guide you:
Do:
Don't:
Remember, a real estate transaction is a significant undertaking, and the Oklahoma Real Estate Contract Sale form is legally binding. Careful attention to detail and adherence to these dos and don'ts will help ensure a smooth process and prevent potential legal issues down the line.
Understanding the Oklahoma Real Estate Contract of Sale can be tricky. Here are ten common misconceptions explained to help buyers and sellers navigate the process more effectively:
It’s just a standard form, so it doesn't need much attention. Every detail in the contract is crucial because it outlines the rights and obligations of both the buyer and seller. Skipping or overlooking these details can lead to significant legal and financial repercussions.
The contract is binding as soon as it is signed. While the contract becomes legally binding once both parties have signed, certain conditions, such as financing approval or home inspections, must be met to proceed to closing.
Earnest money is always non-refundable. Actually, there are conditions under which earnest money can be returned, such as when a buyer cancels the contract within the inspection period or if certain conditions aren’t met.
All fixtures and fittings will stay with the property. The contract specifies which items remain or are excluded. It’s vital to review the “Accessories, Equipment and Systems” section carefully to understand what is included in the sale.
Verbal agreements are binding. Only the written terms in the contract are enforceable. Any prior verbal agreements or promises are overridden by the contract’s stipulations unless they are formally included in the contract documents.
Buyers must accept the property in ‘as is’ condition. Buyers have the right to conduct inspections and request repairs or modifications based on those inspections. The contract details specific investigation and inspection rights for the buyer.
Sellers must fix all identified problems during the inspection. While the contract may allow for negotiation of repairs, sellers are not obligated to fix everything. Negotiations can lead to adjustments in price or terms but are subject to agreement by both parties.
The seller always pays for the closing costs. Closing costs are negotiable, and the contract specifies who pays for what. Both Buyer’s and Seller’s Closing Costs are outlined, with each party responsible for certain fees.
Title issues must be resolved by the seller before closing. While the seller typically must address title issues, the contract provides a timeframe for these matters to be resolved. If not resolved within this period, the buyer can decide to cancel or extend the closing date.
You don’t need a real estate attorney. In Oklahoma, while it’s not mandatory to have an attorney, seeking legal advice can ensure your interests are protected. The contract itself advises if not understood, seek advice from an attorney.
Going through the Oklahoma Real Estate Contract of Sale with a clear understanding of its terms and conditions is crucial for a successful transaction. Both buyers and sellers are encouraged to closely review each section of the contract and consult with professionals to avoid common misconceptions and ensure their interests are fully protected.
When completing the Oklahoma Uniform Contract of Sale of Real Estate, it's essential to recognize its status as a legally binding contract, underscoring the importance of consulting with an attorney if there are any aspects of it that are not clearly understood.
Attachments and supplements play a critical role in the contract's application to various types of financing and property-specific associations, necessitating accurate and comprehensive check-offs to ensure all pertinent documents are included and form part of the contract.
The contract meticulously enumerates the parties involved - the "Seller" and the "Buyer," establishing the foundation of the agreement and the necessity of their signatures to validate the contract. Acknowledgment that the contract supersedes all prior discussions, agreements, and representations is crucial for a clear understanding between the parties.
Details regarding the property, including its legal description, address, and the identification of included items, are fundamental to the contract, ensuring both buyer and seller have a mutual understanding of what is being sold and conveyed.
The structure of the purchase price, earnest money, and the specifics of the funding source are pivotal elements that need clear articulation in the contract to safeguard the interests of both buyer and seller, emphasizing the importance of earnest money and its management.
Closing, funding, and possession details including dates and responsibilities, highlight the importance of understanding the timeline and obligations leading up to, and including, the transfer of the property.
The contract provides a comprehensive list of items that are considered part of the property, inclusive of home systems, appliances, and other relevant fixtures, to prevent any ambiguity regarding what is included in the sale.
Time frames specified within the contract guide critical periods for inspections, reviews, and financial arrangements, underscoring the significance of adhering to these windows to maintain the contract's validity and progress.
The provision within the contract for investigations, inspections, and reviews prior to closing grants the buyer a predefined period to thoroughly assess the property and address any concerns, highlighting the importance of due diligence in real estate transactions.
Understanding the mechanisms for handling treatments, repairs, and replacements, including termite and other wood destroying insects inspections, is vital for navigating negotiations post-inspection and ensuring the property meets agreed-upon standards before closing.
The role of Titles in the transaction, encompassing the responsibilities of both buyer and seller regarding Title evidence, surveys, and resolution of any Title issues, is central to ensuring clear property ownership and the resolution of potential encumbrances prior to concluding the sale.
Oklahoma Veterans Tax Exempt Card - The form's design to include a contact person's details underscores the importance of accessible communication for filing inquiries.
Oklahoma Tax Extension 2022 - The option to file Form 504 reflects Oklahoma's commitment to accommodating taxpayers' varying circumstances.