OREC Form Contract Updates 2024

Guide to changes to the Oklahoma Real Estate Commission’s standard real estate form contracts and supporting documents for 2024.

The Oklahoma Real Estate Commission (OREC) maintains multiple forms which real estate buyers, sellers, agents, and brokers can use to handle real estate transactions and leases. Each year, OREC makes a few changes to update forms as needed.

Here is the OREC published explanation of 2024 changes.

Here is a quick summary of top 2024 changes:

• Residential contract: clarified earnest money and contract termination process, clarified that written demand for termination required
• Residential property condition disclosure form: combined prior check-box numbers 19 and 20
• Vacant lot/land contract: expanded mineral rights options, added options for surveys
• Farm, ranch, and recreational land contract: expanded mineral rights options
• All contracts: buyer affidavit of compliance with new Oklahoma law 60 O.S. 120 (effective November 1, 2023)
• New forms: written notifications of condition removal demand and acceptance, written disclosure of beneficial relationship, land sale contract (with or without dwelling), listing agreement amendment or extension

Additional helpful information:

• Oklahoma real estate contract forms
• Oklahoma residential real estate transactions guide
• Real estate contract review and advice (for buyers, sellers, agents, brokers, or property managers)