The Oklahoma Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential, also known as the Oklahoma Residential Real Estate Purchase Contract, is a legally binding document used for the transfer of residential property in the state of Oklahoma. This contract is specifically designed for transactions without the involvement of a real estate broker and provides options for seller financing or all-cash transactions. The contract includes several key sections that outline the terms and conditions of the sale. These sections include: 1. Parties: This section identifies the buyer and seller by their full legal names and addresses. 2. Property Description: It provides a detailed description of the residential property being sold, including the address, legal description, and any included fixtures or personal property. 3. Purchase Price and Terms: This section specifies the agreed-upon purchase price, earnest money deposit, and the method of payment (seller financing or all-cash). It also covers any closing cost allocations and the timeline for completing the transaction. 4. Financing: If the buyer opts for seller financing, this section outlines the terms of the loan, including interest rate, duration, and monthly payment amounts. It may include provisions for prepayment penalties and late payment consequences. 5. Title and Inspection: This section details the buyer's right to conduct inspections and any contingencies related to the property's condition or title. It may include provisions for repairs or resolutions if issues are identified during the inspection period. 6. Closing and Possession: This section outlines the closing date, location, and the party responsible for the cost of closing. It also states the agreed-upon possession date for the buyer. 7. Default and Dispute Resolution: This section covers the consequences of default by either party and the methods for resolving disputes, including mediation or arbitration. It's important to note that there may be variations of this contract in Oklahoma, depending on the specifics of the transaction or any additional terms negotiated between the buyer and seller. These variations may include specific clauses related to contingencies, disclosure requirements, or provisions related to special circumstances such as distressed properties or lease-purchase agreements. However, the general structure remains consistent in covering the essential elements required for a residential real estate transaction in Oklahoma.
Oklahoma Contract for the Sale and Purchase of Real Estate - No Broker - Seller Financing or All Cash - Residential
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How to fill out Oklahoma Contract For The Sale And Purchase Of Real Estate - No Broker - Seller Financing Or All Cash - Residential?
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