Oklahoma Sale Contract With Trial Period
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How to fill out Oklahoma Sale Contract With Trial Period?
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FAQ
A lot of times at least, in my state of Oklahoma that money does go back to the buyer. But, check with your agent and find out for yourself. And, that is what an option period in a real estate contract is. Christi Gillentine is a Real Estate Agent with Keller Williams Realty in Tulsa, Oklahoma.
An option period is an agreed-upon period of time, after the buyer and seller have signed the real estate contracts, during which the buyer can terminate the contract for any reason without risking their earnest money.
What happens when the option period ends? As soon as the inspection period ends, the home purchase is binding. In other words, there is no way to terminate your contract after the option period without forfeiting your earnest money.
In Oklahoma, a seller can get out of a real estate contract if the buyer's contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.
Your sale and purchase agreement should include the following:Your name(s) and the names of the seller(s).The address of the property.The type of title (for example, freehold or leasehold).The price.Any deposit you must pay.Any chattels being sold with the property (for example, whiteware or curtains).More items...