you’re buying or selling a residential property in oklahoma and you just want a basic form – you want to keep real estate agents out of the transaction and save everyone 3 to 6 percent. the basic residential sale form contract is used in almost every sale of residential real estate in oklahoma. if you hire a realtor, they will more than likely fill in the blanks on this form.
if you plan to sell by owner (for sale by owner, or fsbo) without a realtor, an attorney can review any contracts or offers and provide legal advice for a basic hourly rate. if you plan to buy or sell an fsbo property, and you want some help with the transaction process, feel free to reach out to us. here are some (but not all) of the key terms you should understand when using the basic orec residential property sale contract: problems frequently arise when parties use a purchase contract form without reading it or understanding it. you should always know the terms of any contract you sign, and especially the contracts involving your biggest financial investment (a home).
new oklahoma real estate commission contracts and forms were released on november 1. while the response to changes on these forms has been overwhelmingly positive, we’ve received several questions we’d like to clarify for oklahoma licensees. remember, the residential property condition disclosure form is required by law, and the new form must be used for any residential property subject to the residential property condition disclosure act listed after november 1. otherwise, all of the orec contracts and forms, including the new listing agreement, are optional. what is the “entity” number? listing the entity number on the contract is not a requirement in our code & rules; however it is a trid (tila-respa integrated disclosure) requirement. the repair cap language was removed from the residential sales contract as a result of an industry request, as some licensees felt removing the cap would help in the negotiation process.
if a written agreement is not reached within the time as stated in the contract, the contract shall terminate and the earnest money should be returned to the buyer. a new question (question #4) on the residential property condition disclosure form is “what is the floodway status of the property?” a more common-sense definition provided by the oklahoma water resources board is the area needed to carry the base flood. specific addresses can be typed in and show if the property is in a floodplain or a floodway. as always, the orec contract and forms committee appreciates and welcomes any questions or suggestions you might have – please contact the orec offices (orec.help@orec.ok.gov).
all contract forms listed below are approved by the commission for 2021- 2022 use. summary of contract form changes – effective orec confirmation of disclosures (11-2020). this form was created by the oklahoma real estate contract form committee and approved by the oklahoma real most people are searching for the standard oklahoma real estate commission (orec) residential property sale contract. orec hosts all of their forms here., orec login, orec login, oklahoma for sale by owner contract, oklahoma real estate contract, orec phone number.
who needs an orec 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 fill orec forms, edit online. sign, fax and printable from pc, ipad, tablet or mobile with fill oklahoma purchase contract real estate: try risk free. more information. faqs contact us orec calendar. copyright © 2022 state of oklahoma ok.gov help desk | ok.gov policies | about oklahoma’s web portal, oklahoma real estate contract pdf, orec supplement, oklahoma real estate contract law, real estate license oklahoma, orec license lookup, for sale by owner real estate contract form free, oklahoma earnest money laws, simple real estate contract oklahoma, real estate license oklahoma online, oklahoma real estate rules and regulations.
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