The Contract Documents and Parties

Essential Information for Home Buyers Purchasing Residential Property in Oklahoma

Buyers and Sellers should read the pamphlet regarding our new contract forms. You can see this pamphlet online by clicking on the following link: Oklahoma Uniform Contract Information. Many changes in procedures and terms will be explained therein. Potential misunderstandings and problems will be avoided if you are somewhat familiar with this information.

COVER SHEET

The Contract is accompanied by a cover sheet which discloses the broker services being provided to the Buyer and the Seller, the presence or absence of a Property Condition Disclosure Statement, and the presence or absence of a Lead-Based Paint Disclosure Statement.

CONTRACT DOCUMENTS

The Contract is defined as the document labeled Oklahoma Uniform Contract of Sale of Real Estate plus the appropriate financing supplemental agreement (i.e., conventional, FHA, VA, Seller Carry, Assumption) and any other addenda that may be attached to the contract. These additional agreements are specifically noted by a check mark at the very top of the contract document.

If a mortgage loan is needed for the purchase of the Property, a Financing Supplemental Agreement will be attached to and become a part of the Contract.

If there is no financing supplemental agreement included with the contract, then it will be assumed that the Buyer is paying cash.

PARTIES

The Contract begins by naming the parties (Buyer and Seller). In the case of individuals, we also include the marital status of the Parties.

Buyers need to consider how they want their names to appear on the deed.

For example, if the Buyer’s are purchasing the property in the name of a Trust, they should provide the exact name of the trust, including the date of the Trust.  Then be ready to provide trust documents to the closer in order to make the transaction go more smoothly.

Or if the Buyer is purchasing the property in the name of an LLC or other corporate entity, please be able to provide the appropriate incorporation documents and tax I.D. numbers, etc. so that the closing isn’t delayed while waiting for documentation.