Free Oklahoma Real Estate Form

How to Write Oklahoma Real Estate

Filling out the Oklahoma Real Estate form requires careful attention to detail. The process involves providing essential information about the transaction, including parties involved, property details, purchase price, and closing conditions. Follow these steps to complete the form accurately.

1. Identify the Contract Type: Check the appropriate boxes for any attachments that apply, such as Conventional Supplemental or FHA Supplemental.
2. Enter Party Information: Fill in the names of the Seller and Buyer in the designated spaces.
3. Provide Legal Description: Write the legal description of the property, including the address, city, and zip code.
4. Specify Purchase Price and Earnest Money: Indicate the total purchase price and the amount paid as earnest money.
5. Detail Closing Information: State the closing date and any conditions regarding possession of the property.
6. List Accessories and Exclusions: Include any items that will remain with the property and those that will not.
7. Set Time Periods: Specify the time reference date for investigations, inspections, and reviews.
8. Complete Disclosure Statements: Acknowledge any disclosures regarding the condition of the property.
9. Outline Investigations and Inspections: Indicate the number of days allowed for inspections and any specific requirements.
10. Address Title Evidence: Indicate whether the buyer or seller will obtain the title evidence and provide necessary details.
11. Detail Taxes and Assessments: State how taxes and assessments will be prorated at closing.
12. Include Additional Provisions: Write any additional terms or conditions relevant to the contract.
13. Signatures: Ensure that both parties sign the contract at the end of the document.

When filling out the Oklahoma Real Estate form, it is essential to follow certain guidelines to ensure accuracy and compliance. Here are eight things to do and avoid:

• Do read the entire form carefully before filling it out.
• Do provide accurate information about the parties involved, including full names and addresses.
• Do check the boxes for any applicable attachments to the contract.
• Do ensure all required signatures are present at the end of the contract.
• Don't leave any sections blank unless specifically indicated.
• Don't use abbreviations or shorthand when filling out the form.
• Don't alter the text of the form without consulting a legal professional.
• Don't forget to include the correct purchase price and earnest money amount.

1. Incomplete Legal Description: Failing to provide a complete and accurate legal description of the property can lead to serious complications. Ensure that the legal description matches the official documents.

2. Missing Signatures: Not signing the contract can invalidate the agreement. Both the seller and buyer must provide their original signatures. Double-check that all required parties have signed.

3. Incorrect Earnest Money Amount: Entering an incorrect amount for earnest money can create confusion and delay the transaction. Verify that the amount matches what was agreed upon.

4. Neglecting to Specify Closing Date: Leaving the closing date blank or unclear can lead to misunderstandings. Clearly state the closing date to avoid potential disputes.

5. Omitting Required Attachments: Failing to attach necessary documents, such as financing supplements or disclosures, can compromise the contract's validity. Review the checklist and ensure all required attachments are included.

Understanding the Oklahoma Real Estate form is crucial for both buyers and sellers. However, several misconceptions can lead to confusion. Here are seven common misconceptions about this form:

• It is not a legally binding contract. Many people believe that the Oklahoma Real Estate form is merely a suggestion. In reality, it is a legally binding contract. Once signed, both parties are obligated to adhere to its terms.
• Only the seller needs to sign. Some think that only the seller's signature is necessary for the contract to be valid. Both the seller and buyer must sign the contract for it to be legally binding.
• Earnest money is non-refundable. A common belief is that earnest money is automatically forfeited if the deal falls through. However, if the buyer cancels the contract within the specified time frames, they can often get their earnest money back.
• Buyers can skip inspections. Some buyers think they can waive inspections without consequences. In fact, the contract allows buyers a specific period to conduct investigations and inspections to ensure the property meets their expectations.
• Closing is just a formality. Many believe that closing is merely a formality. However, it is a critical step where all documents are signed, and funds are exchanged, making it essential to prepare thoroughly.
• All items in the home are included in the sale. It’s a misconception that everything in the home is automatically included in the sale. Buyers should clarify which items remain with the property and which do not, as exclusions must be specified in the contract.
• The seller is responsible for all repairs. Some buyers assume that sellers must fix all issues found during inspections. In reality, the contract allows for negotiations regarding repairs, and buyers may need to accept the property as-is or negotiate specific repairs.

Understanding these misconceptions can help both buyers and sellers navigate the real estate process more effectively. It is always advisable to seek professional guidance if there are uncertainties about the contract.