OK OREC Residential Sales 2011 free printable template

OKLAHOMA REAL ESTATE COMMISSION This is a legally binding Contract if not understood seek advice from an attorney OKLAHOMA UNIFORM CONTRACT Residential Contract OF SALE OF REAL ESTATE This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission. CONTRACT DOCUMENTS. The Contract is defined as this document with the following attachment s check as applicable Conventional Supplemental FHA Supplemental Assumption/Other Seller Carry...

How to fill out OK OREC Residential Sales

How to fill out OREC Residential Sales

1. Obtain the OREC Residential Sales form from the Oklahoma Real Estate Commission website.
2. Fill in your personal information, including name, address, phone number, and email.
3. Provide details about the property being sold, such as the address and property description.
4. Enter the sale price and any relevant buyer and seller information.
5. Sign and date the form to confirm all information is accurate.
6. Submit the completed form to the appropriate authority as per OREC guidelines.

Who needs OREC Residential Sales?

1. Real estate agents and brokers involved in residential sales.
2. Individuals or entities selling residential properties in Oklahoma.
3. Buyers and sellers who need to engage in a formal sale process.

• Who needs an ORES contract of sale?
• What is the purpose of the ORES contract of sale?
• What documents should be attached to the ORES contract of sale?
• When is the Contract of sale due?
• • What information should be provided in the Contract of sale?
  • What do I do with the contract after signing it?

Who needs an ORES contract of sale?

This contract is required if you want to sell your real estate property. It’s a legally binding document signed by the Seller and the Buyer.

What is the purpose of the ORES contract of sale?

This sale contract is used in Oklahoma when somebody decides to buy or sell real estate. The document has all the required information about the parties, terms of selling procedure, purchase price of the real estate, earnest money, property inspections, terms of the contract’s breach, etc. This contract is important in case any disputes arise.

What documents should be attached to the ORES contract of sale?

The contract may have the following attachments: Conventional supplemental; FHA supplemental; VA supplemental; Assumption; Single family Homeowner’s association supplemental; Condominium/Townhouse Association supplemental.

When is the Contract of sale due?

The contract is completed and signed before the purchase and sale transaction. The parties should agree upon all terms before signing the document. If they want to make any amendments or additional agreements, they should be attached to the contract.

What information should be provided in the Contract of sale?

There are the following sections in the contract which have to be completed:

• Parties (information about the Seller and the Buyer)

• Legal description of the property in Oklahoma

• Purchase price, earnest money and source of funds

• Closing, funding and possession

• Accessories, equipment and systems

• Additional inclusions and exclusions

• Time periods specified in the contract

• Investigations, inspections and reviews

• Treatment, repairs and replacements

• Title evidence

• Land or boundary survey

• Taxes, assessments and prorations

• Residential service agreement

• Earnest money receipt and instructions

The Seller and the Buyer are to sign the contract, print their legal names and date of signing.

What do I do with the contract after signing it?

The contract should be concluded in two copies, one for each party (or their representatives)

People Also Ask about

What is the official title of the residential sales contract used in Oklahoma?

OKLAHOMA REAL ESTATE COMMISSION This is a legally binding Contract; if not understood, seek advice from an attorney.

How much earnest money is required in Oklahoma?

So, how much earnest money (EM) is required? Ask 100 realtors, and you will probably get 100 answers, but a good rule of thumb is 1% of the purchase price. Don't expect to write an offer on a $500K home and put down $500 in EM.

What is a contract for deed in Oklahoma?

A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made.

What is the name of the agency disclosure form approved by the Oklahoma Real Estate Commission?

DISCLOSURE OF DUTIES AND RESPONSIBILITIES (1-1-2023) This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

What are the names for a real estate sales contract?

A purchase agreement, also referred to as a purchase contract, real estate sales contract, or real estate purchase contract, is an agreement between a buyer and seller that spells out the terms of a real estate transaction. As its name suggests, it's a contract to purchase a property.

What is a contract for the sale of a residence?

A real estate purchase agreement is a legally binding agreement that governs the purchase and sale of a property. Made between a buyer and seller, it defines the terms of the transaction and the conditions under which a sale will occur.

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What is OREC Residential Sales?

OREC Residential Sales refers to the report required by the Oklahoma Real Estate Commission (OREC) that provides information about residential real estate transactions in the state of Oklahoma.

Who is required to file OREC Residential Sales?

Real estate licensees who represent the sale of residential properties in Oklahoma are required to file the OREC Residential Sales report.

How to fill out OREC Residential Sales?

To fill out the OREC Residential Sales report, licensees must provide details about the property, including sale price, property type, buyer and seller information, and the closing date, using the official form provided by OREC.

What is the purpose of OREC Residential Sales?

The purpose of OREC Residential Sales is to collect data on real estate transactions to monitor the market, ensure compliance with regulations, and maintain accurate records for analysis and future planning.

What information must be reported on OREC Residential Sales?

Information that must be reported includes the property address, sale price, date of sale, names of the buyer and seller, and details about the licensee involved in the transaction.