Oklahoma Real Estate Purchase Agreement

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The Oklahoma residential real estate purchase agreement (“residential sales contract”) is a written agreement that describes the parties involved in the transaction and outlines the conditions associated with the sale. Using the agreement, the parties may decide on a price, closing date, down payment amount, and financing procedures.

Do Sellers in Oklahoma Have to Disclose Property Defects?

Oklahoma does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Oklahoma

• Property Disclosure and Disclaimer Statements. Before a purchase agreement is signed, the seller must provide one of the following statements to the potential buyer:
  • Known Defects. Lists all of the material defects in the home known by the seller(s).
  • No Known Defects. This statement can be signed by both parties for a few purposes: to waive the above statement, to confirm that the seller has no knowledge of any material defects on the property, or to authenticate that the seller has never resided on the property and has no knowledge of any material defects on the property.
  • Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

  Frequently Asked Questions

  How Do You Write a Real Estate Contract in Oklahoma? In Oklahoma, a real estate contract should include all the following information: the buyer and seller’s information, property details, pricing and financing, closing and possession dates beside any property insurance and conflict resolution contingencies. Read more » How Can You Get Out of a Real Estate Contract in Oklahoma? You can get out of a real estate contract in Oklahoma during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded. According to Iowa law, buyers may also cancel their purchase for a full refund until midnight of the third business day after the sale. Read more » What Is the Effective Date of a Real Estate Contract in Oklahoma? The effective date of a real estate contract in Oklahoma is the date that both the buyer and seller have agreed to all terms of the contract and have executed the contract. At this time, all of the contractual obligations will be bound and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Oklahoma? In Oklahoma, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these 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. Read more » How Do I Fill Out a Real Estate Contract in Oklahoma? To fill out a real estate contract in Oklahoma, begin by filling in the names and addresses of both parties (the buyer and seller). Next, complete the property information, purchase price, along with the terms and conditions of the deal. Read more »