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The Oklahoma Real Estate Contract Sale form is a crucial document in the home buying process, outlining the legal agreement between the buyer and seller. This form, developed by the Oklahoma Real Estate Commission, encompasses key elements that govern the sale of residential real estate. It begins with identifying the parties involved—namely the seller and the buyer—along with their respective signatures, which are essential for validating the contract. The form includes a detailed legal description of the property being sold, ensuring clarity about what is included in the sale. Financial terms are clearly stated, including the purchase price, earnest money, and the method of payment. The closing process is also addressed, specifying the timeline for finalizing the sale and transferring possession of the property. Additionally, it outlines the responsibilities of both parties regarding inspections, repairs, and any potential disclosures about the property's condition. The contract emphasizes that all prior negotiations are superseded by this document, establishing a clear understanding of the terms agreed upon. It also provides provisions for handling disputes and breaches, ensuring both parties are aware of their rights and obligations. Overall, this form serves as a comprehensive framework that facilitates a smooth transaction in Oklahoma's real estate market.
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Important Questions on Oklahoma Real Estate Contract Sale
What is the purpose of the Oklahoma Real Estate Contract Sale form?
The Oklahoma Real Estate Contract Sale form serves as a legally binding agreement between a seller and a buyer for the sale of real estate in Oklahoma. It outlines the terms and conditions of the sale, including the purchase price, earnest money, closing details, and responsibilities of both parties. This form is essential for ensuring that both parties have a clear understanding of their rights and obligations in the transaction.
What should I include in the legal description of the property?
The legal description of the property must provide specific details about the real estate being sold. This includes the property address, city, and zip code, as well as any additional legal identifiers that describe the property boundaries. It is crucial to ensure that this description is accurate, as it defines the exact property involved in the transaction.
How is earnest money handled in the contract?
Earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. According to the contract, the buyer must specify the amount of earnest money paid upon execution of the contract. This money is typically held in a trust account and applied toward the purchase price or closing costs. If the transaction does not proceed as planned, the handling of earnest money will depend on the circumstances outlined in the contract.
What are the buyer's rights regarding inspections and investigations?
The buyer has the right to conduct various inspections and investigations of the property within a specified time frame after the contract's reference date. This includes home inspections, environmental assessments, and reviews of the property's condition. The seller is responsible for ensuring utilities are available for these inspections. If the buyer finds unsatisfactory results, they may have the option to cancel the contract or negotiate repairs.
What happens if there is a breach of contract by either party?
If the seller fails to fulfill their obligations, the buyer may cancel the contract and receive a refund of their earnest money. Alternatively, the buyer can pursue legal remedies, including specific performance, to enforce the contract. Conversely, if the buyer breaches the contract after the seller has met their obligations, the seller may retain the earnest money as liquidated damages or seek other legal remedies.
How are closing costs and responsibilities divided between the buyer and seller?
Closing costs are typically divided between the buyer and seller as specified in the contract. The buyer is generally responsible for their closing fees, recording fees, and any other expenses incurred during the transaction. The seller, on the other hand, is responsible for documentary stamps, their closing fees, and any other costs associated with the sale. The contract outlines these responsibilities to avoid confusion at closing.
How to Write Oklahoma Real Estate Contract Sale
Filling out the Oklahoma Real Estate Contract Sale form requires careful attention to detail. Each section must be completed accurately to ensure that both the buyer and seller understand their obligations. After completing the form, it is important to review it thoroughly before signing to avoid any misunderstandings.
- Read the entire contract to understand its terms and conditions before filling it out.
- Check the applicable attachments by marking the boxes next to any supplemental agreements that apply, such as FHA or VA supplements.
- Identify the parties involved by filling in the names of the Seller and Buyer in the designated spaces.
- Provide the legal description of the property, including the address, city, and zip code.
- Fill in the purchase price and specify the amount of earnest money already paid.
- Indicate the closing date and any conditions regarding possession of the property.
- List any accessories, equipment, and systems that will remain with the property, along with any exclusions.
- Specify the time periods for investigations, inspections, and reviews, starting from the time reference date.
- Complete the Residential Property Condition Disclosure section, acknowledging any limitations on Seller’s representations regarding the property condition.
- Detail any treatments, repairs, and replacements that may be necessary and outline the process for handling them.
- Outline the title evidence requirements and indicate who will be responsible for obtaining it.
- Address taxes, assessments, and prorations to clarify financial responsibilities at closing.
- Decide on a Residential Service Agreement and indicate whether it will be covered by the Seller or Buyer.
- Add any additional provisions that may be necessary to clarify specific agreements between the parties.
- Sign and date the contract at the end, ensuring that all parties have signed where required.
Similar forms
The Oklahoma Real Estate Contract Sale form shares similarities with the Purchase Agreement commonly used in residential real estate transactions across the United States. Like the Oklahoma form, a Purchase Agreement outlines the terms and conditions under which a buyer agrees to purchase a property from a seller. Both documents typically include details about the property, the purchase price, and any contingencies that must be satisfied before the sale can be completed. Additionally, both forms require signatures from both parties to create a legally binding agreement, ensuring that the responsibilities and rights of each party are clearly defined.
As you navigate the various real estate purchase agreements, keeping track of necessary documentation is vital. If you’re considering a career in real estate or wish to explore opportunities within the industry, be sure to check out the Chick Fil A Job Application form—a great first step toward entering a customer-focused profession.
Another document that resembles the Oklahoma Real Estate Contract Sale form is the Residential Lease Agreement. While primarily used for rental agreements, a Residential Lease Agreement also details the terms of occupancy, including the duration of the lease, rental payments, and maintenance responsibilities. Similar to the Oklahoma form, it specifies the obligations of both the landlord and tenant, ensuring that both parties understand their rights. Both documents serve to protect the interests of the involved parties and establish clear expectations for the duration of the agreement.
The Buyer’s Agency Agreement is another document that aligns closely with the Oklahoma Real Estate Contract Sale form. This agreement establishes a formal relationship between a buyer and a real estate agent, outlining the agent's responsibilities in helping the buyer purchase a property. Both documents emphasize the importance of clear communication and mutual understanding between parties. They also typically include clauses that detail how commissions will be handled and the duration of the agreement, ensuring that both the buyer and agent are on the same page throughout the process.
Similarly, the Listing Agreement used by sellers to engage a real estate agent mirrors the Oklahoma Real Estate Contract Sale form in its purpose of formalizing a real estate transaction. The Listing Agreement outlines the terms under which the agent will market the property and negotiate on behalf of the seller. Just like the Oklahoma form, it includes details about the property, the listing price, and the duration of the agreement. This document ensures that both the seller and the agent have a mutual understanding of their roles and responsibilities in the sale process.
Lastly, the Closing Disclosure is akin to the Oklahoma Real Estate Contract Sale form in that it provides a detailed account of the financial aspects of a real estate transaction. This document is presented to buyers and sellers before closing and includes information about the final terms of the loan, closing costs, and any other financial obligations. Similar to the Oklahoma form, the Closing Disclosure aims to provide transparency and clarity, ensuring that both parties are aware of all costs associated with the transaction before finalizing the sale.
Example - Oklahoma Real Estate Contract Sale Form
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.
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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/ |
• |
• Window treatments & coverings, |
accessories |
appliance(s) |
interior & exterior |
• Attached recreational equipment |
• Free standing |
• Storm windows, screens & storm |
• Exterior landscaping and lighting |
kitchen stove |
doors |
• Entry gate control(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 |
• All remote controls, if applicable |
owned |
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,
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,
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PROPERTY ADDRESS___________________________________________________________________________________________________________
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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PROPERTY ADDRESS___________________________________________________________________________________________________________
E.INSPECTION OF TREATMENTS, REPAIRS AND REPLACEMENTS AND FINAL
1)Buyer, or other persons Buyer deems qualiied, may perform
2)Buyer may perform a inal
3)All inspections and
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.
OR
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
OR
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
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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PROPERTY ADDRESS___________________________________________________________________________________________________________
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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PROPERTY ADDRESS___________________________________________________________________________________________________________
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.
19.EXECUTION BY PARTIES.
AGREED TO BY BUYER: |
AGREED TO BY SELLER: |
On This Date_____________________________________ |
On This Date_____________________________________ |
________________________________________________ |
________________________________________________ |
Buyer’s Printed Name |
Seller’s Printed Name |
________________________________________________ |
________________________________________________ |
Buyer’s Signature |
Seller’s Signature |
________________________________________________ |
________________________________________________ |
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 |
Date |
Listing Broker/Associate Signature |
________________________________________________ |
________________________________________________ |
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OREC RESIDENTIAL SALES |
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Documents used along the form
The Oklahoma Real Estate Contract Sale form serves as a foundational document in real estate transactions within the state. However, several other forms and documents often accompany this contract to ensure a comprehensive understanding of the transaction and to protect the interests of both buyers and sellers. Below is a list of these additional documents, along with a brief description of each.
- Residential Property Condition Disclosure Statement: This document requires sellers to disclose any known issues or defects related to the property. It aims to provide buyers with crucial information about the condition of the property before finalizing the sale.
- Title Evidence Document: This includes an abstract of title or title insurance commitment, ensuring that the buyer is aware of any claims or liens against the property. It is essential for verifying the seller's right to sell the property.
- Vehicle Sale Documentation: To facilitate your transaction, utilize the detailed Motor Vehicle Bill of Sale guidelines to ensure a smooth transfer of ownership.
- Earnest Money Agreement: This document outlines the amount of earnest money the buyer will provide to demonstrate their commitment to the purchase. It specifies how the earnest money will be handled in case the transaction does not proceed.
- Financing Supplement Agreement: If the buyer requires financing to complete the purchase, this document details the terms of the financing arrangement. It clarifies the buyer's obligations and the lender's requirements.
- Inspection Reports: These reports, generated by licensed inspectors, provide an assessment of the property's condition. They cover various aspects such as structural integrity, plumbing, and electrical systems, offering buyers a clearer picture of potential issues.
- Residential Service Agreement: This agreement outlines any warranties or service plans for the property, typically covering systems and appliances. It can provide peace of mind to buyers regarding future repairs and maintenance.
- Closing Disclosure: This document provides detailed information about the final terms of the loan, including the closing costs and any other fees associated with the transaction. It ensures that both parties are fully informed before closing.
Each of these documents plays a significant role in the real estate transaction process in Oklahoma. Together, they help to create a clear, transparent, and legally sound agreement between buyers and sellers, thereby reducing the potential for disputes and misunderstandings.
Key takeaways
- Understand the Purpose: The Oklahoma Real Estate Contract Sale form is a legally binding document that outlines the terms of a real estate transaction between a seller and a buyer.
- Parties Involved: Clearly identify the seller and buyer at the beginning of the contract. Their signatures create a valid agreement.
- Earnest Money: The buyer is required to pay earnest money, which shows commitment to the purchase. This amount is typically deposited in a trust account upon signing the contract.
- Closing Process: The closing date is specified in the contract, and possession of the property is usually transferred at that time, unless otherwise agreed.
- Property Condition: The seller must disclose the condition of the property, and the buyer has the right to conduct inspections to assess any potential issues.
- Investigations and Inspections: The buyer has a specified number of days to complete investigations and inspections after a designated reference date.
- Title Evidence: The buyer must examine the title evidence provided by the seller, which includes an abstract of title or title insurance policy.
- Risk of Loss: Until the transfer of title or possession, the seller bears the risk of loss. After that, the buyer assumes this risk.