The Oklahoma Real Estate form, officially known as the Oklahoma Uniform Contract of Sale of Real Estate (Surface Rights Only), is a pivotal document designed by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission. It serves as a legally binding agreement between the seller and buyer, stipulating the conditions under which the sale and conveyance of real property are to be executed. Through its comprehensive nature, the form ensures all involved parties have a clear understanding of their rights and obligations within the transaction.
In essence, this form plays a crucial role in guiding both parties through the legal intricacies of a real estate sale, safeguarding their interests every step of the way. If you’re ready to take the next step in your real estate transaction, click the button below to start filling out the form with confidence.
The Oklahoma Real Estate Commission's Uniform Contract of Sale of Real Estate (Surface Rights Only) serves as a comprehensive foundation for the buying and selling of real estate in Oklahoma, specifically focusing on transactions that do not include mineral rights. Crafted and approved by the Oklahoma Real Estate Contract Form Committee, this legally binding document outlines the contractual obligations and rights of both the seller and the buyer, ensuring clarity and mutual understanding throughout the transaction process. The document comprehensively covers various critical aspects, including but not limited to the identification of the parties involved, the legal description of the property, the purchase price, earnest money and the source of funding, closing, funding and possession details, along with specific conditions regarding accessories, equipment, and systems included with the property. Additionally, it specifies conditions for inspections, investigations, and the resolution of any discovered issues prior to closing. The contract emphasizes the importance of time periods for executing different phases of the agreement, delineates the responsibilities concerning residential property condition disclosures, and outlines procedures for the final walk-through, risk of loss, and acceptance of property conditions by the buyer. The document also addresses title evidence, existing encumbrances and the responsibilities of both parties in addressing these pre-closing. Notably, it includes provisions for handling disputes through mediation and outlines consequences for breach of contract, thus ensuring a framework for resolution should disagreements arise. This contract serves not only as a guide but as a protective measure for both parties, underscoring the significant legal and financial considerations involved in real estate transactions.
OKLAHOMA REAL ESTATE COMMISSION
This is a legally binding Contract;
if not understood seek advice from an attorney
OKLAHOMA UNIFORM CONTRACT OF
SALE OF REAL ESTATE
(SURFACE RIGHTS ONLY)
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 Homeowner’s Association Supplemental
____ FHA Supplemental
___ Condominium/Townhouse Association Supplemental
____ VA Supplemental
___ Supplemental Addendum
____ Assumption/Other
___ ______________________
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, (collectively referred to as “the Property”); less and except all the oil, gas and other minerals in and under and that may be produced from 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 ive (5) days 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 CONTRACT OF SALE (11-2009-R)
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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 service/administration fee for the referral and processing of 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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Understanding and accurately completing an Oklahoma Uniform Contract of Sale of Real Estate is essential for both the buyer and the seller in a real estate transaction in Oklahoma. This form, approved by the Oklahoma Real Estate Commission, lays out the terms and conditions under which the sale of property will occur. Correct completion of this document helps ensure a smooth transition of property ownership, adherence to legal requirements, and clarity in the obligations of both parties involved. Now, let's review the steps needed to fill out this form accurately.
Once the form has been accurately completed and reviewed, both the buyer and the seller should sign and date the contract in the presence of their respective legal counsel or real estate agents. It is advisable to seek legal advice or clarification from a real estate attorney if any portion of the contract is not clearly understood before executing the agreement.
What constitutes the Oklahoma Real Estate Commission Contract?
The Oklahoma Real Estate Commission Contract, approved by the Oklahoma Real Estate Contract Form Committee, is a legally binding document that outlines the terms and conditions agreed upon between the buyer and seller for the sale of real estate (surface rights only) in Oklahoma. This contract includes various components such as the purchase price, earnest money, property description, closing and possession details, and obligations regarding property conditions, inspections, and title evidence. Any supplements or addendums to the contract should be attached and considered integral parts of the agreement.
How are earnest money deposits handled in the contract?
Upon execution of the contract, the buyer pays a specified amount as earnest money, which is part of the purchase agreement. This earnest money must be deposited into the trust account of the entity listed in the contract or, if unspecified, the listing broker's trust account. The earnest money serves as partial payment towards the purchase price and/or closing costs. Should interest accrue on this deposit, it is typically payable to the "Oklahoma Housing Foundation" according to the contract.
What are the buyer's rights regarding inspections and investigations of the property?
The buyer is granted a defined period, typically 10 days if unspecified, from the Time Reference Date to conduct investigations, inspections, and reviews of the property. The seller is required to ensure utilities are functional for these inspections, which can include general home inspections, environmental risks, structural evaluations, and more. Buyers may engage qualified professionals of their choice for these activities. If inspection results are unsatisfactory, the buyer may choose to cancel the contract or request repairs, treatments, or replacements for issues discovered.
What happens if there are disagreements about the property's condition after inspections?
If, based on inspections, the buyer decides the property’s condition is unsatisfactory, they may cancel the contract and have their earnest money refunded. Alternatively, the buyer may submit a list of requested treatments, repairs, and replacements via a Notice of Treatments, Repairs, and Replacements form (TRR form). The seller then has a specified period to respond with cost estimates. Negotiations may ensue if the cost of these exceeds a pre-agreed cap. In case of failure to reach an agreement, the contract may become void, or specific terms can be renegotiated to facilitate closure.
How is title evidence handled, and who bears the expense?
Title evidence must be provided by the seller at their expense before closing. This evidence includes an up-to-date abstract of title or an existing owner's title insurance policy and a mortgage inspection certificate unless waived by the buyer. The buyer, at their own expense, may choose to obtain an attorney’s title opinion or a commitment for issuance of a title insurance policy. Any objections to the title based on the evidence provided must be addressed by the seller to ensure a clear title can be transferred to the buyer.
What are the implications of breaching the contract?
If the seller breaches the contract by failing to convey clear title or fulfill other obligations by the specified closing date, the buyer may cancel the contract and receive a refund of the earnest money or pursue other legal remedies, including specific performance. Similarly, if the buyer fails to complete the purchase as agreed, the seller may retain the earnest money as liquidated damages up to 5% of the purchase price or seek other legal recourse. Both parties are encouraged to mediate any disputes before pursuing litigation.
When filling out the Oklahoma Real Estate form, it's important to pay close attention to detail and ensure accuracy throughout the process. Here are nine common mistakes that people often make:
Avoiding these common mistakes can help ensure a smoother real estate transaction. Always review each section carefully and consult with professionals when in doubt.
In the realm of real estate transactions, particularly within Oklahoma, completing the *Oklahoma Uniform Contract of Sale of Real Estate (Surface Rights Only)* is a crucial step. However, navigating through this process requires more than just this single document. To ensure a thorough and legally sound transaction, several other forms and documents often accompany this contract. These additional documents play vital roles, serving to clarify, detail, and secure the real estate transaction.
Together, these documents form a comprehensive framework that supports the Oklahoma Real Estate Contract. They ensure the transaction is based on full disclosure, clear title, fair value, and safeguarded investment. For anyone navigating an Oklahoma real estate transaction, understanding the importance and the role of these accompanying documents is crucial for a successful and smooth property transfer.
The Oklahoma Real Estate Commission Uniform Contract of Sale of Real Estate shares similarities with a Residential Lease Agreement. Both documents outline specific terms and conditions agreed upon by parties involved in a real estate transaction. A Residential Lease Agreement details the rental of property from a landlord to a tenant, including monthly rent, security deposit, and lease duration. Likewise, the Oklahoma Real Estate Contract lays out the terms of a property sale, like purchase price, earnest money, and closing details. Both documents ensure clear communication and legally binding obligations for the parties involved, but they differ in that one pertains to renting and the other to buying.
Another document resembling the Oklahoma Real Estate Contract is the General Warranty Deed. The contract mentions that the seller agrees to sell and convey by General Warranty Deed, which is crucial for transferring ownership with a guarantee against any previous claims or liens on the property. Both the General Warranty Deed and the Oklahoma Real Estate Contract serve to protect the buyer's interests. However, while the Real Estate Contract outlines the agreement to transfer property, the General Warranty Deed is the actual instrument that legally transfers the ownership from seller to buyer.
Similar to the Oklahoma Real Estate Contract is a Property Disclosure Statement. Such statements are crucial for a real estate transaction as they require the seller to disclose known defects about the property. The Oklahoma contract makes a specific reference to no representations beyond what is disclosed in the Oklahoma Residential Property Condition Disclosure Statement. Both documents are designed to provide transparency and honesty in real estate transactions, ensuring that buyers are fully informed about the property they are purchasing.
The Financing Supplement Agreement, which can be attached to the Oklahoma Real Estate Contract, is another related document. It details the financing terms necessary for completing the property purchase, such as loan amount, interest rate, and payment plans. This supplement is vital when the purchase is not a cash transaction, aligning with the main contract's terms and conditions regarding the sale's financial aspects. Both ensure a clear understanding of the financial obligations and support required to finalize the sale.
Last but not least, the Title Evidence provisions found within the Oklahoma Real Estate Contract bear resemblance to a Title Insurance Policy. While the contract stipulates that the seller must provide evidence of a clear title, the Title Insurance Policy offers protection to buyers (and lenders) against loss from defects in titles. Both documents are centered around the concept of title clarity but serve different purposes. The contract mandates the provision of title evidence as part of the sale process, whereas the insurance policy provides ongoing protection against future disputes.
When navigating the complexities of filling out the Oklahoma Real Estate Commission's Uniform Contract of Sale of Real Estate (Surface Rights Only), attention to detail is crucial. Here are ten insightful pointers to guide you through the process, ensuring clarity, compliance, and a smoother transaction.
Adhering to these dos and don’ts will streamline the process of completing the Oklahoma Uniform Contract of Sale of Real Estate. Careful attention to detail and proactive communication can help all parties navigate the transaction with confidence and ease.
When it comes to understanding the Oklahoma Real Estate form, there are several common misconceptions that can lead to confusion for both buyers and sellers. Here are four of these misconceptions and the truths behind them:
Understanding these nuances of the Oklahoma Real Estate form can help buyers and sellers navigate their real estate transactions more effectively. Engaging with legal counsel to clarify these and other aspects of the contract is key to a successful and smooth property transfer process.
When dealing with an Oklahoma Uniform Contract of Sale of Real Estate (Surface Rights Only), understanding the specifics will ensure a smoother transaction process. Below are key takeaways:
Understanding these components is crucial for both parties involved in a real estate transaction in Oklahoma. Buyers and sellers are encouraged to carefully review and seek legal advice if they do not fully understand any part of the contract.
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