The Oklahoma Real Estate Contract Sale form is a crucial document developed by the Oklahoma Real Estate Contract Form Committee and sanctioned by the Oklahoma Real Estate Commission. It serves as a legally binding agreement between the seller and buyer, outlining the terms and conditions under which the property will be sold, including descriptions of the property, purchase price, closing details, and any additional agreements or stipulations. To ensure a seamless transaction and adherence to all legal requirements, parties involved are advised to review the contract thoroughly, possibly with legal assistance, before finalizing. For detailed assistance in filling out the form, click the button below.
Navigating the complexities of real estate transactions in Oklahoma requires a solid understanding of the Oklahoma Real Estate Contract Sale form. Conceived by the Oklahoma Real Estate Contract Form Committee and sanctioned by the Oklahoma Real Estate Commission, this legally binding document is integral to the real estate buying and selling process in the state. It encapsulates a comprehensive agreement between seller and buyer, spelling out the terms of the sale, included properties and fixtures, purchase price details, earnest money arrangements, and essential timeframes for actions such as closing and possession. Moreover, this contract underscores the importance of due diligence with stipulations for inspections, investigations, and reviews, ensuring that buyers are fully informed of the property condition and any potential environmental hazards. With a particular emphasis on the transfer and examination of title, ensuring a clear passage of property rights is critical. Additionally, the document outlines responsibilities related to taxes, assessments, prorations, and residential service agreements, providing a clear path forward for both parties involved. In the event of disputes, the form even details mediation and remedies for breach, emphasizing a proactive approach to conflict resolution. Understanding this contract is crucial for anyone involved in Oklahoma real estate transactions, as it sets the foundation for a successful and legally sound transfer of property.
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)
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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 critical step in the process of buying or selling real estate in Oklahoma. This form sets the legally binding terms and conditions for the transaction, ensuring both parties are clear on their obligations, rights, and expectations. The form requires detailed information about the property, the sale price, terms of the deal, and other essential elements of the real estate transaction. Careful attention to detail and accuracy is vital when completing this form to avoid any future disputes or misunderstandgments. Here are step-by-step instructions to guide you through the process:
Once completed, ensure that copies of the contract and any attachments are distributed to all parties involved, including any brokers or legal representatives. It is highly recommended that both the buyer and seller keep copies of the completed form for their records.
FAQ: Oklahoma Real Estate Contract of Sale
What constitutes the Oklahoma Real Estate Contract of Sale?
The Oklahoma Real Estate Contract of Sale consists of the initial document and may include various attachments, such as Conventional, FHA, VA Supplements, and others, depending on the nature of the property and the financing involved. These documents, once signed by both the buyer and the seller, create a legally binding agreement that outlines the terms and conditions of the sale, including the purchase price, property description, and obligations of both parties.
Who must sign the Oklahoma Real Estate Contract of Sale to make it valid?
For the contract to be valid, it must be executed by original signatures from both the buyer and the seller. This can include signatures on identical contract counterparts, such as carbon, photocopy, or facsimile copies. The contract becomes legally binding upon the delivery of these signed documents to their respective brokers, if applicable.
What items are included with the property?
The contract specifies that certain accessories, equipment, and systems will remain with the property at no additional cost to the buyer. These generally include fixed items such as ceiling fans, built-in appliances, and window treatments, among others. Any additional inclusions or exclusions must be clearly noted within the contract.
How are investigations, inspections, and reviews handled?
Buyers have a specified number of days, typically 10 if not otherwise stated, from the Time Reference Date to conduct various investigations, inspections, and reviews, ranging from property condition assessments to environmental risks. The seller is responsible for ensuring utilities are on for inspections, and any necessary reports or notices affecting the property must be delivered to the buyer within five days after the Time Reference Link.
What happens if there are issues with the property's title?
Buyers are responsible for examining the provided title evidence and delivering any objections to the seller. If issues are identified, the seller at their expense must make reasonable efforts to resolve these issues within a specified period, potentially extending the closing date to allow for these corrections. If the issues cannot be resolved within this time frame, the buyer may have the right to cancel the contract and receive a refund of the earnest money.
When filling out the Oklahoma Real Estate Contract Sale form, it is crucial to pay close attention to detail to ensure the process is completed correctly. However, mistakes can happen. Here are some common errors that people make:
In summary, while completing the Oklahoma Real Estate Contract Sale form, ensuring all sections are accurately filled in and clearly understood is critical to the success of the transaction. Overlooking crucial details can lead to misunderstandings, potentially invalidating the contract, or causing legal issues down the line.
When engaging in a real estate transaction in Oklahoma, the Oklahoma Uniform Contract of Sale of Real Estate is just the starting point. Several other documents often accompany this contract to ensure a smooth and legally compliant transaction. Knowing these documents can help participants understand the scope and detail of the process.
In conclusion, while the Oklahoma Uniform Contract of Sale of Real Estate is a fundamental document in real estate transactions in the state, several other documents are equally important. These documents work together to give a comprehensive picture of what the buyer is purchasing and any factors that might influence their decision. They help protect both the buyer and the seller by ensuring that all parties are fully informed and that the property meets certain standards before the transaction is completed.
The Oklahoma Uniform Contract of Sale of Real Estate shares similarities with the Residential Lease Agreement. Both documents set terms for the use of residential property, but while the Oklahoma Sale Contract is focused on the conditions surrounding the buying and selling of property, a Residential Lease Agreement outlines the terms under which a tenant leases a property from a landlord. Both include details regarding the property's description, the parties involved, and the financial arrangements, but they serve different purposes: one for sale and purchase transactions and the other for rental agreements.
Furthermore, this contract bears resemblance to a General Warranty Deed in its provision to convey property from the seller to the buyer with a guarantee against past encumbrances. Both documents ensure the buyer receives clear title to the property, protected from previous claims or liens against the property. While the General Warranty Deed is the actual instrument transferring ownership with guarantees from the seller, the contract outlines the intent to transfer ownership and conditions leading to the issuance of such a deed upon closing.
Also akin to the Oklahoma Real Estate Contract is the Earnest Money Agreement. This agreement, often a part of broader real estate transactions, signifies the buyer's good faith intention to proceed with the property purchase, paralleling the provision within the real estate contract concerning earnest money deposits. Both documents detail the commitment of the parties to proceed under agreed terms, using the earnest money as a form of security deposit to ensure the buyer's compliance with the contract terms and conditions.
The Title Insurance Commitment, while not a contract for sale itself, is closely related to the process delineated in the Oklahoma Real Estate Contract. This document commits a title company to issue a title insurance policy after closing, protecting against title defects. The real estate contract mandates the examination of title evidence, a step that ensures the buyer can obtain such a title insurance policy. Both documents are crucial for the successful transfer of clear and insurable title, protecting both buyer and seller interests.
Filling out the Oklahoma Real Estate Contract Sale form is a crucial step in purchasing or selling a property in Oklahoma. To navigate this process smoothly, there are several do's and don'ts to keep in mind:
By following these guidelines, both buyers and sellers can ensure a smoother and more transparent transaction process, minimizing potential stress and maximizing understanding and agreement between parties.
The Oklahoma Real Estate Contract Sale form, a vital document for executing real estate transactions in Oklahoma, is often misunderstood. Below are eight common misconceptions about this form and explanations to clarify each point.
Clarification: This contract is a legally binding document required for the sale and purchase of real estate in Oklahoma. Its use is endorsed by the Oklahoma Real Estate Commission (OREC) to ensure standardization and legal protection for both parties.
Clarification: While verbal agreements might hold some weight in discussions, only the written terms in the Oklahoma Real Estate Contract Sale form and any attached agreements or addendums are legally binding. The contract explicitly states that all prior verbal or written negotiations are superseded by the signed document.
Clarification: The contract stipulates that the buyer must deposit earnest money as part of the agreement. This deposit demonstrates the buyer's good faith and intention to proceed with the purchase. The terms regarding the earnest money, including the amount and the handling of these funds, are clearly outlined in the contract.
Clarification: Once the contract is signed by both the buyer and the seller and delivered to their respective brokers, if applicable, it becomes a valid and binding agreement. This means the seller cannot legally sell the property to another buyer without facing possible legal repercussions or having to negotiate an end to the existing contract.
Clarification: The Oklahoma Real Estate Contract Sale form encompasses much more than just the sale price and financing arrangements. It includes terms about property inspections, risk of loss, title evidence, taxes, assessments, and other vital details that govern the sale and transfer of the property.
Clarification: Although the contract specifies that buyers will bear certain closing costs, it also outlines expenses that the seller must pay. The allocation of closing costs is clearly defined, ensuring that both parties are aware of their financial responsibilities at closing.
Clarification: The contract specifies that any modifications or assignment of the agreement must be executed through a further written agreement between the buyer and seller. Changes are not uncommon and can be negotiated as needed, but they must be formally documented to be legally binding.
Clarification: The contract provides a period during which the buyer is entitled to conduct various inspections. Should these inspections uncover issues, the buyer has options, including the right to request repairs, renegotiate terms, or even cancel the contract within specified conditions. The impact of inspections on the contract is clearly defined in the relevant sections.
Understanding these aspects of the Oklahoma Real Estate Contract Sale form is crucial for anyone involved in real estate transactions within the state. It ensures that all parties are informed and can proceed with confidence and legal security.
When it comes to purchasing or selling a home in Oklahoma, understanding and correctly filling out the Oklahoma Real Estate Contract Sale form is crucial. Here are seven key takeaways to guide you through this process:
Thoroughly reviewing and understanding each part of the Oklahoma Real Estate Contract Sale form can make the process of buying or selling property more transparent and manageable. When in doubt, seeking clarification from a real estate professional or attorney is always advisable.
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