Get the free Oklahoma Uniform Contract of Sale of Real Estate

This document serves as a legally binding contract for the sale of real estate in Oklahoma, outlining the terms and conditions of the sale between the seller and buyer, including financing options,

How to fill out oklahoma uniform contract of

How to fill out Oklahoma Uniform Contract of Sale of Real Estate

1. Obtain a copy of the Oklahoma Uniform Contract of Sale of Real Estate from a reliable source.
2. Fill in the names of the buyer and seller at the top of the contract.
3. Provide the legal description of the property being sold.
4. Specify the sales price and payment terms, including any deposits required.
5. Outline any contingencies such as inspections or financing.
6. Indicate the closing date and any special provisions such as repairs or included appliances.
7. Review the contract for completeness and accuracy.
8. Both parties should sign and date the contract, making copies for their records.

Who needs Oklahoma Uniform Contract of Sale of Real Estate?

1. Individuals looking to buy or sell residential or commercial real estate in Oklahoma.
2. Real estate agents facilitating property transactions.
3. Investors purchasing properties for rental or resale.
4. Attorneys representing buyers or sellers in real estate transactions.

People Also Ask about

Is 5% earnest money too much?

The amount of earnest money deposit varies widely, but generally, it ranges from 1% to 5% of the purchase price. Usually, the buyer and seller agree on the amount that should be paid. A seller may suggest an amount, or they might wait to see what you offer.

Does Oklahoma require earnest money?

Earnest money is not required. However, most sellers will insist on at least a minimal amount of earnest money for their protection. For established residential properties (not a vacant lot, and not a new home build), a de minimis amount of $500 or $1,000 is often used for parties that are familiar with each other.

Does a real estate sales contract need to be notarized?

The answer is that real estate purchase agreements do not need to be notarized or witnessed in order to be legally binding.

Is $500 enough earnest money?

Some home buyers pay as little as $500, while others pay several thousand dollars. The amount is negotiable between you and the sellers. It depends on various factors, including the price of the home, the strength of the local real estate market, and your financial situation.

Can I write my own real estate contract?

Writing your own contracts is perfectly possible, and legal. But it's also an incredibly bad idea. There's two reasons for this: Property law is complicated. Because it's such a fundamental part of legislation, it's often lots and lots of different laws layered on top of each other.

What is a typical earnest money offer?

Earnest money deposits are usually 1% to 3% of a home's purchase price. For example, a $300,000 home will require an earnest money deposit between $3,000 to $9,000. Your real estate agent may recommend a different percentage depending on local practices and current market conditions.

How much earnest money is required in Oklahoma?

If parties are not personal acquaintances, which is the vast majority of transactions, the general practice is to use anywhere from 1 – 3% of the total purchase price; 1% is an extremely common earnest money amount in Oklahoma residential transactions.

What must a real estate sales contract contain to be legally binding?

The contract must contain a detailed description of the goods or property being sold. For real estate, this includes the property's legal description, physical address, and any fixtures or items included in the sale.

For pdfFiller’s FAQs

What is Oklahoma Uniform Contract of Sale of Real Estate?

The Oklahoma Uniform Contract of Sale of Real Estate is a standardized legal document used in the buying and selling of real estate in Oklahoma. It outlines the terms and conditions of the sale, including the rights and responsibilities of both the buyer and seller.

Who is required to file Oklahoma Uniform Contract of Sale of Real Estate?

Both the buyer and seller involved in a real estate transaction in Oklahoma are typically required to complete and file the Oklahoma Uniform Contract of Sale of Real Estate.

How to fill out Oklahoma Uniform Contract of Sale of Real Estate?

To fill out the Oklahoma Uniform Contract of Sale of Real Estate, both parties should provide accurate information regarding the property, sale price, payment terms, and any contingencies or conditions that apply to the sale. It is advisable to consult a real estate professional or attorney for assistance.

What is the purpose of Oklahoma Uniform Contract of Sale of Real Estate?

The purpose of the Oklahoma Uniform Contract of Sale of Real Estate is to create a legally binding agreement between the buyer and seller, ensuring that both parties understand their rights, responsibilities, and the specific terms of the real estate transaction.

What information must be reported on Oklahoma Uniform Contract of Sale of Real Estate?

The Oklahoma Uniform Contract of Sale of Real Estate must include details such as the legal description of the property, sale price, financing terms, closing date, any contingencies, and the names and contact information of both the buyer and seller.