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January 24th, 2024
Thank you to the Contract Forms Committee, comprising members from the Oklahoma Real Estate Commission, the Oklahoma Association of Realtors, and the Oklahoma Bar Association for their invaluable work in enhancing these documents.
Key Highlights of the Video
Key Highlights of the Video
Updated Residential Sales Contract
Learn about the new language regarding earnest money, and changes in the termination process by the seller.Modifications in Land/Boundary Survey Language
Clarity in legal terms for when no survey report is required.Residential Property Condition Disclosure Statement Changes
Simplified termite extermination queries, added checkbox under zoning for non-zoned properties, and a new section for financed fixtures or improvements like solar panels.Broker Compensation Transparency
Expanded language in the exclusive right to sell listing agreement for clearer understanding of commission splits.
Vacant Lot or Land Contract
Renamed for clarity with expanded survey options.Farm, Ranch, and Recreational Land Contract
Enhanced mineral rights language and inclusion of farm-specific items.New Buyer Affidavit Compliance Language
In line with SB 212, this ensures compliance with state law on foreign ownership of property.Additional New Forms
Introduction of a blank addendum, broker compensation addendum for property management, separate disclosures of brokerage duties for buyers and sellers, and more.
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