A real estate purchase agreement for Oklahoma is a document that will outline everything both the buyer and seller must know about the real property.
The seller is generally responsible for drafting a property disclaimer statement/agreement, as they're the ones who want to submit an offer for their potential buyer.
If you're interested in creating a real estate purchase agreement for the state of Oklahoma, this article is for you. Here, we'll take a look at local laws, mandatory disclosures, and other important factors that you should include in your sale agreement.
First, it's vital to note that a sale agreement is supposed to be a legal contract with terms that satisfy the needs of all parties involved in the purchase.
In case both parties don't come up with a purchase agreement with the first draft of the document, they can negotiate to adjust some of the terms until they reach a better offer.
Once both parties sign the purchase agreement document, they must comply with each of the terms stated there if they want to avoid legal problems in the future.
Keep in mind that real property isn't to be confused with intellectual property, which refers to patents, copyrights, trademarks, and other similar rights surrounding someone's assets.
What to Include in an Oklahoma Residential Purchase Agreement
Also called an Oklahoma real estate commission, there are a few factors you must always include for the document to be legally compliant.
Let's address the key terms you should always include in your sale agreement:
- Buyer and Seller Data: State the basic contact information of all the parties involved.
- Property Information: Include a legal description of the property, including the location, floor/unit number, and any additional information.
- Purchase Price and Payment Method: State the final purchase price that both the buyer and seller agreed to. Moreover, you must state the manner of payment, which includes the "Earnest Money" payment and the remaining balance payment.
- Contingencies: Contingencies include the financing contingency, title contingency, property sale contingency, and inspection contingency.
- Surveys and Appraisals: This rule states that the buyer has the right to conduct a property survey within a particular period to ensure it's in good condition. As for the appraisal, it states all the buyer's obligations for the agreement are contingent upon the current property appraisal, which should be at least equal to the purchase price. If the appraised value is different from the purchase price, both parties should negotiate another agreement.
- Bankruptcy: The following clause states that if the seller gets named in bankruptcy between the effective and closing date, the buyer may either proceed with the purchase or terminate the agreement.
- Closing Date: Include the closing date that both parties agreed on, as well as the conditions for any extensions or modifications.
- Possession of the Property: State the specific date when the buyer will receive exclusive possession of the property.
- Governing Law: This clause states that all the terms of the agreement are compliant with the laws of the state of Oklahoma.
- Dispute Resolutions: Discuss how disputes will get resolved (if there are any).
Other factors you should also consider include:
- Assignments and Binding Effects
- Copies of the Document
- Additional Terms and Conditions
Finally, you must include a section for every party involved to sign the real estate purchase document, including the buyer, the seller, and the agent (if there's one).
Property Disclosure Statement
The state of Oklahoma requires sellers to include a property disclaimer statement (also known as a "Property Condition Disclosure Statement") for certain factors, including the following:
Known Defects: It lists all material defects the property has (if there are any).
No Known Defects: If the seller doesn't have knowledge about any material defects on the home or has never lived in the property, so they don't know about any defects, they must create and sign this clause with the buyer.
Mandatory Disclosures for Oklahoma
Aside from the property disclaimer statement, the seller must include the following in their Oklahoma real estate commission:
Lead-based Paint Disclosure
According to the 42 U.S. Code (§ 4852d), any property built before 1979 will require the seller to include a statement surrounding the presence of lead paint there.
These required disclosures will outline all of the health threats that lead paint can cause, as well as other circumstances that are important for the buyer to know.
Drafting an Oklahoma residential purchase agreement isn't as complicated as it seems. As long as you follow all of the terms on this page, you will create a legally compliant contract that will benefit both parties.
If you're having any issues with your property disclosure statement, your agreement, or any other real estate document, feel free to check DoorLoop's resources.
Extra Resources for Oklahoma Sellers
Oklahoma Eviction Laws: The Process & Timeline In 2023
Oklahoma Squatter's Rights & Adverse Possession Laws
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What Clauses Are Mandatory in an Oklahoma Residential Purchase Agreement?
Regardless of your real estate property type, your contract should always include:
- Buyer and seller information
- Property details
- Closing/possession dates
- Pricing and/or financing options
- Conflict resolutions
Can a Seller Walk Away from a Purchase Agreement?
Yes, you're right! If the buyer fails to comply with the insurance, inspection, financial, and appraisal contingencies, sellers can exit a Wisconsin residential purchase agreement.
What's an "Effective Date" in an Agreement?
It's the date that represents the moment when both parties agreed to all the terms within the contract and signed it. This is the moment that makes the document legally binding.
Are There Any Other Required Disclosures for a Real Estate Sale in Oklahoma?
Besides the property disclosure statement and the lead-based paint disclosure, there aren't other mandatory clauses for Oklahoma sellers to include.