What is an Oklahoma Real Estate Contract?
An Oklahoma real estate contract, commonly known as a Residential Purchase and Sale agreement, is a legally binding contract that is drafted when a buyer makes an offer on property that is for sale. If the seller accepts the offer, the terms of the contract are negotiated and then finalized in a real estate contract. The contract becomes legally binding once it is signed by both parties.
The purpose of a real estate contract is lay out the terms and conditions of the sale of real property. It will include tasks that must be completed by both parties before the sale is finalized. For example, buyers are required to secure financing for the property while sellers are required to provide required disclosures about the property to the buyer.
Disclosures are provided by using either the Oklahoma Appendix A Disclosure Statement or an Appendix B Disclosure Statement. These forms allow the seller to reveal any known defects about the property. Oklahoma is not a “buyer beware” state so disclosures a required part of an Oklahoma real estate contract.
Common Oklahoma Real Estate Contracts
There are several types of real estate contracts that are used in Oklahoma. The most common is the Oklahoma Real Estate Commission contract or “ OREC Version ”. This contract is template is approved by the Oklahoma Real Estate Commission and used for purchasing or selling residential property.
Other contracts are available for different kinds of property and purposes and include:
- Commercial real estate contract. Used when buying or selling commercial property that is zoned for business purposes only.
- Real estate assignment contract. Used when purchasing “distressed properties” as a wholesale investment strategy. This contract allows the buyer to assign the contract to a second buyer.
- Lease agreement. Use when a landlord wants to rent their property to a tenant for use.
4 Essential Elements of an Oklahoma Real Estate Contract
According to the Oklahoma statutes governing contracts, a valid real estate contract must include the following four essential elements:
- Parties capable of contracting. There needs to be at least two parties entering the contract who are of sound mind, not minors, and not under the influence of drugs or alcohol.
- Consent. Both parties must consent to be a part of the contract.
- A lawful object. The contract cannot violate any state or federal laws or public policy.
- Sufficient cause for consideration. Consideration is the exchange of items for value. In most real estate deals, consideration is when the buyer exchanges money for the title of the property.
Can You Back Out of a Real Estate Contract in Oklahoma?
Yes, it is possible to back out of a real estate contract in Oklahoma, but it typically requires specific conditions to be met. The most common way to back out of a contract is through the inclusion of a contingency clause.
A contingency clause is a provision in the contract that allows the buyer or seller to cancel the agreement if certain conditions are not met. For example, a common contingency clause is a home inspection contingency, which allows the buyer to cancel the contract if the home inspection reveals issues that the buyer is not willing to accept.
It should also be noted that in Oklahoma, there is a three-day right of rescission for buyers of residential property, which allows the buyer to cancel the contract within three days of signing without penalty.
Before entering a real estate contract, it is important to consult with a real estate attorney. An attorney will ensure that you understand all terms of the contract and know how to legally back out of the deal if an issue arises.
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Meet some of our Oklahoma Real Estate Contract Lawyers
Howard B.
Berkson is a dedicated, practical, and detail-oriented attorney licensed to practice in every state court of Oklahoma and the United States Northern and Eastern District Courts. He graduated from the University of Tulsa College of Law with Honors. While there, he received awards for highest grade in trial practice, legal research, and civil procedure. He was also the Executive Notes and Comments Editor for the Energy Law Journal, the official journal of the Energy Bar Association in Washington, D.C. The Energy Law Journal is one of the few peer-reviewed journals in the legal profession. Prior to becoming an attorney, Howard Berkson held executive positions involving a wide range of business and human resources management functions. He has in-depth knowledge of both business and HR practices. During his business career, Berkson negotiated, wrote, red-lined, and disputed contracts. He has answered charges, handled inspections, and supervised audits involving numerous agencies including the Department of Labor, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, and various state agencies. Berkson honed his analytical and writing skills while earning his Bachelor of Arts degree in Philosophy from the University of Washington. He went on to obtain a Master of Arts in Labor and Industrial Relations from the University of Illinois. Berkson’s work can be found in such publications as The Energy Law Journal, Human Resource Management Review and Personnel Psychology. He is a member of Phi Alpha Delta law fraternity and of Phi Kappa Phi honor society.
Travis D.
Travis counsels individuals and businesses on a broad range of complex topics. His practice centers on producing efficient, client-driven results. He concentrates his practice on real estate, construction, and general business matters with an emphasis on assisting clients both before and after problems occur by drafting contracts designed to best position clients to avoid disputes and litigating matters to a final resolution if problems emerge. Born and raised in Oklahoma, Travis is a triple graduate of the University of Oklahoma, having obtained his Bachelor of Arts, Master of Business Administration, and Juris Doctor degrees from OU. Prior to practicing law, Travis managed the finances and business operations of a successful construction supply company for several years. This insight into sophisticated business dealings, contractual issues, and strategic planning makes him uniquely qualified to handle a wide range of legal matters. Travis lives in Norman with his wife, Haley, dogs, Walter and Poppy, and cat, Ernest. Outside of the office, Travis enjoys playing golf and reading.
Max N.
Oklahoma attorney focused on real estate transactions, quiet title lawsuits, estate planning, probates, business formations, and all contract matters.
Elbert T.
Elbert Thomas is the founder of the Thomas Law Group, LLC. Elbert is proficient in contract creation, drafting, reviewing, and negotiating various business contracts and demand letters in industries such as construction, personal, professional services, non-profits, and real estate. Elbert typically represents small and large companies in drafting and negotiating countless agreements such as purchase sale agreements, interconnection agreements, lease agreements, demand letters, cease & desist letters, transfer of deeds in real property, and merger/acquisition agreements. In addition, Elbert is also experienced in start-ups, small business formation, drafting operating agreements, and estate planning.
September 22, 2022
Sarah S.
I have a background in Criminal Law, Family Law, Contract Law, and Environmental Law. I also have five (5) degrees in the following: Here are my degrees and background: 1) B.S. in Environmental, Soil, and Water Sciences 2) A.S. in Pre-Medical Sciences (anatomy, physiology, medical terminology) 3) A.S. in Aircraft Non-Destructive Inspection (science of x-rays, cracks in metal, liquid penetrant, magnetic particle inspections, ultrasonic inspections, and spectrophotometric oil analysis) 4) Master's in Natural Resources Law Studies (1 year focus in the environmental and pollution laws (Hazardous Waste Laws such as RCRA, CERCLA, FIFRA, Natural Resource laws such as ESA, CWA, CAA, FWPCA, Environmental Law, Sustainable Development, and Global Climate Change issues) 5) Juris Doctor and certificate in Native American Law
November 11, 2022
Nicole P.
Attorney Nicole B. Phillips is a northwestern Iowa native and devotes her practice to the area of Family Law. She is an experienced trial attorney with over 12 years of family law experience. Nicole graduated from The University of South Dakota with a degree in Criminal Justice, and attended Oklahoma City University School of Law to obtain her law degree. Prior to establishing Phillips Law Firm, P.C., Nicole built her first successful law practice in Oklahoma City, Oklahoma, where she focused on Family Law, Estate Planning and Personal Injury Law, and her second successful law practice in Sherman, Texas, focusing primarily on Family Law. Nicole has one daughter, Arabella. In addition to enjoying time with her daughter, Nicole enjoys reading, family dinners, traveling, spending time with friends, and game nights.
February 25, 2023
Alan A.
I have dedicated my professional career and practice to Federal Government Procurement Law. My practice includes experience as an Army JAG who specialized in Government Procurement Law who represented contracting commands and requiring activities both deployed and in the United States and now as a civilian attorney who represents clients in all aspects of Federal Government Procurement Law. My clients are people and firms that are developing technology through the SBIR/STTR programs, OT's, and businesses using Small Business Administration (SBA) contracting programs.
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Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
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