Oklahoma Real Estate Contract Forms – Definitive Guide from Oklahoma Real Estate Attorney
The Oklahoma Real Estate Commission (OREC) has published standard Oklahoma contracts for residential and commercial real estate transactions on the OREC website. Licensed real estate agents use these form contracts in nearly every brokered transaction in Oklahoma; in fact, as real estate agents are not allowed to provide legal services or advice unless they are also licensed attorneys, so the typical agent is not allowed to use custom contracts unless an attorney is involved in the transaction.
Many people just want a form contract to use for their own real estate transactions and want to skip using a real estate agent and avoid paying a commission. Fortunately, the OREC contract templates are a great starting point and have basic contract language that is widely used throughout Oklahoma.
However, if you use these templates you must know that many times these form contracts alone are not sufficient to protect the interests of the buyer or seller; this can be especially true for primary residences, vacation properties, investment properties, commercial properties, wholesale transactions, or for sale by owner (FSBO) transactions. The substance of your transaction and the specific needs of the parties involved will determine what contract terms are needed to protect your interests.
You may be surprised to find out how affordable it can be to use an experienced Oklahoma real estate attorney to handle or advise on your transaction. The attorneys at Avenue Legal Group can help you effectively structure a residential or commercial real estate transaction from initial discussions and property condition disclosures through written offers, property inspections, due diligence, and closing. Our firm frequently prepares all types of transaction documents, including letters of intent (LOI), purchase and sale agreements (PSA), contracts for deed, lease to own and rent to own agreements, seller financing documents, statements of authority and proof of authority documents, and more.
In many cases, we may even be able to defer payment until your closing date to minimize your out-of-pocket and hard money expenses.
Contact Avenue Legal Group to discuss your real estate transaction and how we can help.
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