Oklahoma Residential Real Estate Sale Contract
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Residential Real Estate Sale Contract for use in Oklahoma. Can be used when selling or buying a free-standing residential home.
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The Residential Real Estate Sale Contract form is designed for use by a buyer and a seller of a free-standing residential home. The agreement provides for the traditional terms between a seller and buyer, including purchase price, financing contingencies, surveys, pest and other inspections, title matters and more. This contract is for use in transactions that do not involve a Broker and where the Buyer is obtaining a new loan or is assuming an existing loan.
When signed by one party, this signed contract constitutes a formal offer. The contract allows the person making the offer to designate a time and date by which the contract must be signed and returned before it expires.
These are just some of the important provisions included in this Oklahoma Residential Real Estate Sale Contract:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Property to be Sold: Specific property being sold, including a legal description;
- Price and Payment: The price for the property and when and how payments are to be made;
- Earnest Money and Other Deposits: How the earnest money is to be kept and handled ;
- Contingencies: Allows certain contingencies with regard to the property;
- Removal Of Contingencies: What happens if contingencies are not removed;
- Time For Acceptance And Effective Date: Time by which offer needs to be executed by both parties;
- Condition of the Property: Defines the condition of the property
- Inspection: Mechanical, Pest and other inspections ;
- Radon and Lead Paint Disclosure: Disclosure about Radon testing and Lead Paints;
- Utilities: How utilities will be handles;
- Casualty Loss: Defined who bears the risk of loss;
- Title: Transfer of title from seller to buyer;
- Existing Mortgages: Seller shall furnish to Buyer a statement from all mortgagee(s);
- Professional Survey Engineering Plans And Studies: Whether a survey shall be made and the furnishing of all plans;
- Delivery Of Deed: When and how the Deed will be transferred;
- Closing And Possession of Property: Time and manner of closing and when possession occurs;
- Restrictions, Easements, Limitations: The various easements, restrictions and limitations of the property - if any;
- Obligations at Closing: Seller's and Buyer's obligation at closing;
- Closing costs: checklist for who is responsible for which closing costs;
- Defaults And Remedies: What happens in case of defaults and the remedies thereto;
- Disputes: Sets forth how disputes may be settled
- Residential Real Estate Sale Contract Instructions and Checklist
- Information about Residential Real Estate Sale Contract
- Oklahoma Residential Real Estate Sale Contract
- Earnest Money Receipt
- Disclosure Of Information On Lead-Based Paint Or Lead-Based Paint Hazards.
Oklahoma Residential Real Estate Sale Contract
Product Details
| Product | Oklahoma Residential Real Estate Sale Contract |
| Country | United States |
| Pages | 23 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | New Loan or Loan Assumption Real Estate Sale Contract |
| Product number | #20965 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
This contract is a legal document used to outline the terms and conditions of a sale between a buyer and seller of a residential property in Oklahoma. It includes details such as the purchase price, financing arrangements, and contingencies.
This contract should be used when buying or selling a free-standing residential home in Oklahoma, especially in transactions that do not involve a broker. It ensures that all parties are aware of their rights and obligations.
If contingencies outlined in the contract are not met, the buyer or seller may have the right to terminate the contract or negotiate further terms. The specific consequences are detailed within the contract.
Yes, once signed by both parties, the Oklahoma Residential Real Estate Sale Contract becomes a legally binding agreement. It is essential that both parties understand and agree to the terms before signing.
While the contract can be modified, any changes must be agreed upon by both parties and documented in writing. It is advisable to consult with a legal professional before making modifications.
Is This Form Right For You?
Use This Form If:
- Individuals who are looking to buy a free-standing residential home in Oklahoma can utilize this contract to formalize their agreement with the seller. This document ensures that all terms, including price and contingencies, are clearly outlined and agreed upon.
- Situations requiring a written agreement for the sale of a residential property often arise when buyers and sellers wish to avoid misunderstandings. This contract serves as a comprehensive guide to the obligations and rights of both parties involved in the transaction.
- For those assuming an existing mortgage or obtaining a new loan, this contract provides the necessary framework to document the sale while addressing financing contingencies. It ensures that both parties are aware of their responsibilities regarding the mortgage and any associated costs.
- Real estate investors looking to purchase properties without the involvement of a broker can benefit from this contract. It allows them to negotiate directly with sellers while ensuring that all legal requirements are met.
- When a seller wants to ensure a smooth transaction and protect their interests, this contract is essential. It includes provisions for inspections, disclosures, and contingencies that safeguard the seller's rights throughout the sale process.
Do Not Use If:
- – This form is not appropriate for transactions involving commercial properties, as it is specifically designed for residential real estate sales. Commercial transactions have different legal requirements and considerations.
- – If either party is represented by a real estate broker, this contract may not be suitable. In such cases, broker-specific agreements should be utilized to ensure compliance with brokerage regulations.
- – In situations where the buyer or seller requires additional legal protections or complex terms, it may be better to consult with a real estate attorney to draft a custom agreement tailored to their needs.
- – For transactions involving properties with significant legal issues, such as liens or disputes, this contract may not adequately address the complexities involved. Legal counsel should be sought for such cases.
- – If the seller is not the legal owner of the property or does not have the authority to sell, this contract should not be used. Verification of ownership and authority is crucial before proceeding with any sale.
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