contract forms committee - welcome to oklahoma's … change guide 02-15... · 2018-01-26 ·...
TRANSCRIPT
Contract Forms Committee
February 15, 2018
For questions, comments, or suggestions, please contact us at ORECHELP
OKLAHOMA REAL ESTATE COMMISSION
Residential Sale ContractFebruary 15, 2018
Acknowledgement and Confirmation Disclosures
The Acknowledgement and Confirmation of Disclosures page did not undergo changes for 2018 and its
revision date remains as 11-2014
Page 1
PARAGRAPH 3 – CLOSING, FUNDING, AND POSSESSION
(A New Revision Date of “02-2018” Applies to All Pages)
CURRENT (2017) VERSION
3. CLOSING, FUNDING AND POSSESSION. The Closing process includes execution of
documents, delivery of deed and receipt of funds by Seller and shall be completed on or before
___________________________________, (“Closing Date”) or not later than
__________________________________ days (five [5] days if left blank) thereafter caused by a delay
of the Closing process, or such later date as may be necessary in the Title Evidence Paragraph of the
Contract. Possession shall be transferred upon conclusion of Closing process unless otherwise
provided below:
____________________________________________________________________.
NEW (2018) VERSION
3. CLOSING, FUNDING AND POSSESSION. The Closing process includes execution of
documents, delivery of deed and receipt of funds by Seller and shall be completed on or before
_____________________, (“Closing Date”), or such later date as may be necessary in the Title
Evidence Paragraph of the Contract. Possession shall be transferred upon conclusion of Closing
process unless otherwise provided below:
______________________________________________________________.
1
Residential Sale Contract
PAGE 3
PARAGRAPH 7(C)(2)(I) – TREATMENTS, REPAIRS, AND REPLACEMENTS REVIEW
CURRENT VERSION
i. Buyer and Seller shall have __________ days (7 days if blank) after the Seller’s receipt of the
completed TRR form to negotiate the Treatment, Repair, or Replacement items. If a written
agreement is reached, seller shall complete all agreed Treatments, Repairs, or Replacements
prior to the closing date. If a written agreement is not reached within the time specified in this
provision, the Contract shall terminate and the Earnest Money returned to the Buyer.
NEW VERSION
i. Buyer and Seller shall have __________ days (7 days if blank) after the Seller’s, or Seller’s
Broker, if applicable, receipt of the completed TRR form to negotiate the Treatment, Repair, or
Replacement items. If a written agreement is reached, seller shall complete all agreed
Treatments, Repairs, or Replacements prior to the closing date. If a written agreement is not
reached within the time specified in this provision, the Contract shall terminate and the Earnest
Money returned to the Buyer.
Page 3
PARAGRAPH 7(D)(1) – EXPIRATION OF BUYER’S RIGHT TO CANCEL CONTRACT
CURRENT VERSION
D. EXPIRATION OF BUYER’S RIGHT TO CANCEL CONTRACT.
1) Failure of Buyer to complete one of the following shall constitute acceptance of the Property
regardless of its condition:
a. Perform any Investigations, Inspections, or Reviews;
b. Deliver a written list on a TRR form of items to be treated, repaired and replaced; or
c. Cancel the Contract within the time periods in Investigations, Inspections or Reviews
Paragraph.
2
Residential Sale Contract
NEW VERSION
D. EXPIRATION OF BUYER’S RIGHT TO CANCEL CONTRACT.
1) Failure of Buyer to complete one of the following within the time periods in Investigations,
Inspections, or Reviews Paragraph shall constitute acceptance of the Property regardless of its
condition:
a. Perform any Investigations, Inspections, or Reviews;
b. Deliver a written list on a TRR form of items to be treated, repaired and replaced; or
c. Cancel the Contract.
Page 4
PARAGRAPH 10 – TITLE EVIDENCE
CURRENT VERSION
10. TITLE EVIDENCE.
A. BUYER’S EXPENSE. Buyer, at Buyer’s expense, shall obtain:
(Check one)
□ Commitment for Issuance of a Title Insurance Policy based on an Attorney’s Title
Opinion which is rendered for Title Insurance purposes for the Owner’s and Lender’s Title
Insurance Policy.
OR
□ Attorney’s Title Opinion, which is not rendered for Title Insurance purposes.
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing Date,
agrees to make available to Buyer the following (collectively referred to as “the Title Evidence”):
1) A complete surface-rights-only Abstract of Title, last certified to a date subsequent to the
Time Reference Date, by an Oklahoma licensed and bonded abstract company;
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the
State of Oklahoma together with a supplement surface-rights-only abstract last certified to a
date subsequent to the Time Reference Date, by an Oklahoma licensed and bonded abstract
company;
2) A current Uniform Commercial Code Search Certificate; and
3) An inspection report (commonly referred to as a “Mortgage Inspection Certificate”) prepared
subsequent to the Time Reference Date by a licensed surveyor, which shall include a
3
Residential Sale Contract
representation of the boundaries of the Property (without pin stakes) and the improvements
thereon.
C. LAND OR BOUNDARY SURVEY. By initialing this space ____________, Buyer agrees to
waive Seller’s obligation to provide a Mortgage Inspection Report. Seller agrees that Buyer, at
Buyer’s expense, may have a licensed surveyor enter upon the Property to perform a Land or
Boundary (Pin Stake) Survey, in lieu of a Mortgage Inspection Report, that shall then be
considered as part of the Title Evidence.
D. BUYER TO EXAMINE TITLE EVIDENCE.
1) Buyer shall have ten (10) days after receipt to examine the Title Evidence and to deliver
Buyer’s objections to Title to Seller or Seller’s Broker, if applicable. In the event the Title
Evidence is not made available to Buyer within ten (10) days prior to Closing Date, said Closing
Date shall be extended to allow Buyer the ten (10) days from receipt to examine the Title
Evidence.
2) Buyer agrees to accept title subject to: (i) utility easements serving the property, (ii) building
and use restrictions of record, (iii) set back and building lines, (iv) zoning regulations, and (v)
reserved and severed mineral rights, which shall not be considered objections for requirements
of Title.
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute all
documents necessary to cure title requirements identified by Buyer; and
2) Delay Closing Date for ___________ days [thirty (30) days if blank], or a longer period as
may be agreed upon in writing, to allow Seller to cure Buyer’s title requirements. In the event
Seller cures Buyer’s objection prior to the delayed Closing Date, Buyer and Seller agree to
close within five (5) days of notice of such cure. In the event that title requirements are not
cured within the time specified in this subparagraph, the Buyer may cancel the Contract and
receive a refund of Earnest Money.
F. Upon Closing, any existing Abstract(s) of Title, owned by Seller, shall become the property of Buyer.
4
Residential Sale Contract
NEW VERSION
10. TITLE EVIDENCE.
A. BUYER’S EXPENSE. Buyer, at Buyer’s expense, shall obtain:
(Check one)
□ Commitment for Issuance of a Title Insurance Policy based on an Attorney’s Title Opinion
which is rendered for Title Insurance purposes for the Owner’s and Lender’s Title Insurance
Policy.
OR
□ Attorney’s Title Opinion, which is not rendered for Title Insurance purposes.
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing Date,
agrees to make available to Buyer the following (collectively referred to as “the Title Evidence”):
1) A complete and current surface-rights-only Abstract of Title, certified by an Oklahoma-
licensed and bonded abstract company;
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the
State of Oklahoma together with a supplemental and current surface-rights-only abstract
certified by an Oklahoma-licensed and bonded abstract company;
2) A current Uniform Commercial Code Search Certificate.
C. LAND OR BOUNDARY SURVEY OR REPORT. Seller agrees that Buyer, at Buyer’s expense
may have a licensed surveyor enter upon the Property to perform:
(Check one)
□ a Land or Boundary (Pin Stake) Survey, or
□ a Mortgage Inspection Report
that shall then be considered as part of the Title Evidence.
D. BUYER TO EXAMINE TITLE EVIDENCE.
1) Buyer shall have ten (10) days after receipt to examine the Title Evidence and to deliver
Buyer’s objections to Title to Seller or Seller’s Broker, if applicable. In the event the Title
Evidence is not made available to Buyer within ten (10) days prior to Closing Date, said Closing
Date shall be extended to allow Buyer the ten (10) days from receipt to examine the Title
Evidence.
2) Buyer agrees to accept title subject to: (i) utility easements serving the property, (ii) building
and use restrictions of record, (iii) set back and building lines, (iv) zoning regulations, and (v)
reserved and severed mineral rights, which shall not be considered objections for requirements
of Title.
5
Residential Sale Contract
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) At Seller’s option and expense, Seller may cure title requirements identified by Buyer; and
2) Delay Closing Date for ___________ days [thirty (30) days if blank], or a longer period as
may be agreed upon in writing, to allow Seller to cure Buyer’s title requirements. In the event
Seller cures Buyer’s objection prior to the delayed Closing Date, Buyer and Seller agree to
close within five (5) days of notice of such cure. In the event that title requirements are not
cured within the time specified in this subparagraph, the Buyer may cancel the Contract and
receive a refund of Earnest Money.
Page 5
PARAGRAPH 15 – BREACH AND FAILURE TO CLOSE
NEW VERSION
15. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in breach of this Contract if
either fails to comply with any material covenant, agreement, or obligation within the time limits required
by this Contract. TIME IS OF THE ESSENCE IN THIS CONTRACT.
Page 5
PARAGRAPH 17 – DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER
CURRENT VERSION17. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer and Seller
authorize their respective Brokers, if applicable, to receive delivery of an accepted offer or counteroffer.
NEW VERSION17. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer and Sellerauthorize their respective Brokers, if applicable, to receive delivery of an accepted offer or counteroffer,and any related addenda and/or documents.
6
Residential Sale Contract
Page 6
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION
7
Residential Sale Contract
NEW VERSION (“Earnest Money Receipt and Instructions”)
8
Residential Sale Contract
Page 7 – (NEW PAGE)
ASSOCIATE INFORMATION
End of Changes for the Residential Sale Contract
9
OKLAHOMA REAL ESTATE COMMISSION
New Home ConstructionFebruary 15, 2018
Pages 1 and 2
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 3
PARAGRAPH 12(B)(1) – TITLE EVIDENCE
CURRENT (2016) VERSION
12. TITLE EVIDENCE.
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing
Date, agrees to make available to Buyer the following (collectively referred to as “the Title
Evidence”):
1) A complete surface-rights-only Abstract of Title, last certified to a date subsequent to
the Time Reference Date, by an Oklahoma licensed and bonded abstract company;
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer
licensed in the State of Oklahoma together with a supplement surface-rights-only
abstract last certified to a date subsequent to the Time Reference Date, by an
Oklahoma licensed and bonded abstract company;
2) A current Uniform Commercial Code Search Certificate; and
3) An inspection report (commonly referred to as a “Mortgage Inspection Certificate")
prepared subsequent to the Time Reference Date by a licensed surveyor, which shall
include a representation of the boundaries of the Property (without pin stakes) and the
improvements thereon.
C. LAND OR BOUNDARY SURVEY. By initialing this space ___________________,
Buyer agrees to waive Seller’s obligation to provide a Mortgage Inspection Report. Seller
agrees that Buyer, at Buyer’s expense, may have a licensed surveyor enter upon the Property
to perform a Land or Boundary (Pin Stake) Survey, in lieu of a Mortgage Inspection Report that
shall then be considered as part of the Title Evidence.
10
New Home Construction
NEW (2018) VERSION
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing
Date, agrees to make available to Buyer the following (collectively referred to as “the Title
Evidence”):
1) A complete and current surface-rights only Abstract of Title, certified by an
Oklahoma licensed and bonded abstract company,
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer
licensed in the State of Oklahoma together with a supplemental and current surface-
rights-only abstract certified by an Oklahoma-licensed and bonded abstract company;
2) A current Uniform Commercial Code Search Certificate.
C. LAND OR BOUNDARY SURVEY OR REPORT. Seller agrees that Buyer, at Buyer’s
expense, may have a licensed surveyor enter upon the Property to perform:
(Check one)
□ a Land or Boundary (Pin Stake) Survey, or
□ a Mortgage Inspection Report
that shall then be considered as part of the Title Evidence.
Page 4
PARAGRAPH 12(E)(1) – TITLE EVIDENCE
CURRENT VERSION
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE
CLOSING DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any
title requirements reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based
upon the standard of marketable title set out in the Title Examination Standards of the
Oklahoma Bar Association, the Parties agree to the following:
1) Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute all
documents necessary to cure title requirements identified by Buyer; and
2) Delay Closing Date for (…)
11
New Home Construction
NEW VERSION
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE
CLOSING DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any
title requirements reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based
upon the standard of marketable title set out in the Title Examination Standards of the
Oklahoma Bar Association, the Parties agree to the following:
1) At Seller's option and expense, Seller may cure title requirements identified by
Buyer; and
2) Delay Closing Date for (…)
Page 4
PARAGRAPH 17 – BREACH AND FAILURE TO CLOSE
CURRENT VERSION
17. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in Breach of Contract if
either fails to comply with obligations required by the Contract. Following a breach by either
Seller or Buyer of the Contract, and after an unsuccessful mediation, as set out in MEDIATION
Provision, the other Party shall have the following remedies:
A. UPON BREACH BY SELLER. No Change
B. UPON BREACH BY BUYER. No Change
NEW VERSION
17. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in Breach of Contract if
either fails to comply with any material covenant, agreement, or obligations within the time
limits required by the Contract. TIME IS OF THE ESSENCE IN THIS CONTRACT. Following a
breach by either Seller or Buyer of the Contract, and after an unsuccessful mediation, as set
out in MEDIATION Provision, the other Party shall have the following remedies:
A. UPON BREACH BY SELLER. No Change
B. UPON BREACH BY BUYER. No Change
12
New Home Construction
Page 5
PARAGRAPH 19 – DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER
CURRENT VERSION
19. DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER. The Buyer and Seller
authorize their respective Brokers, if applicable, to receive delivery of an accepted offer or
counteroffer.
NEW VERSION
19. DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER. The Buyer and Seller
authorize their respective Brokers, if applicable, to receive delivery of an accepted offer or
counteroffer, and any related addenda or documents.
Page 6
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION
13
New Home Construction
NEW VERSION (Prototype)
EARNEST MONEY RECEIPT AND INSTRUCTIONS
In accordance with the terms and conditions of the PURCHASE, PRICE, EARNEST MONEY, ANDSOURCE OF FUNDS Paragraph, $_____________________ Check Cash as Earnest Money Deposit,has been delivered to:
□ Listing Broker: Listing Broker acknowledges receipt of Earnest Money and shall deposit saidfunds in accordance with Paragraph 2 of this Contract. Listing Broker shall provide a copy ofreceipt to the Selling Broker.
□ Selling Broker: Selling Broker acknowledges receipt of Earnest Money and shall deliver saidfunds to the Title Company.
□ Selling Broker shall provide a copy of the receipt to the Listing Broker.
□ Title Company (Name/Address of Title Company):__________________________________
□ Other:____________________________________________________________________________________________________________________________________________________________________
_______________________________ ____________________________Selling Broker/Associate Signature Listing Broker/Associate Signature________________________________ _____________________________(Print Name) Selling Broker/Associate (Print Name) Listing Broker/Associate
ASSOCIATE INFORMATION
SELLING BROKER/ASSOCIATE: LISTING BROKER/ASSOCIATE:___________________________ ________________________________OREC Associate License Number OREC Associate License Number___________________________ ________________________________OREC Company Name OREC Company Name___________________________ ________________________________OREC Company License Number OREC Company License Number___________________________ ________________________________Company Address Company Address___________________________ __________________________________Company Phone Number Company Phone Number____________________________ __________________________________Associate Email Date Associate Email Date
NOTE: The final design of the Earnest Money Receipt page may differ from the
format shown here.
End of Changes for the New Home Construction Contract
14
OKLAHOMA REAL ESTATE COMMISSION
Farm, Ranch, and Recreational LandFebruary 15, 2018
Pages 1 and 2
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 3
PARAGRAPH 6(A) – TITLE EVIDENCE
CURRENT (2016) VERSION
6. TITLE EVIDENCE. Seller, within ________ days (Ten (10) days if left blank) prior to Closing Date,
agrees to make available to Buyer Title Evidence as follows:
A. Abstracting
1) Seller shall furnish a complete surface-rights-only Abstract of Title, last certified to a date
subsequent to the Time Reference Date as stated in Paragraph 9, by an Oklahoma licensed
and bonded abstract company;
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the
State of Oklahoma together with a supplemental surface-rights-only abstract last certified to a
date subsequent to the Time Reference Date, by an Oklahoma licensed and bonded abstract
company; and,
2) A current Uniform Commercial Code Search Certificate.
NEW (2018) VERSION
6. TITLE EVIDENCE. Seller, within ________ days (Ten (10) days if left blank) prior to Closing Date,
agrees to make available to Buyer Title Evidence as follows:
A. Abstracting
1) Seller shall furnish a complete and current surface-rights-only Abstract of Title, certified by an
Oklahoma-licensed and bonded abstract company;
OR
15
Farm, Ranch, and Recreational Land
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the State of
Oklahoma together with a supplemental and current surface-rights-only certified by an Oklahoma-
licensed and bonded abstract company, and
2) A current Uniform Commercial Code Search Certificate.
Page 3
PARAGRAPH 7(C)(1) – SURVEY AND TITLE REVIEW
CURRENT VERSION
C. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute all documents
necessary to cure title requirements identified by Buyer;
NEW VERSION
C. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) At Seller’s option and expense, may cure title requirements identified by Buyer;
Pages 4 and 5
NO CHANGE
16
Farm, Ranch, and Recreational Land
Page 6
PARAGRAPH 20 – DEFAULT
CURRENT VERSION
20. DEFAULT.
A. If Buyer fails to comply with this Contract…
NEW VERSION
20. DEFAULT. Seller or Buyer will be in default if either fails to comply with any
material covenant, agreement, or obligation within the time limits required by this
Contract. TIME IS OFTHE ESSENCE IN THIS CONTRACT.
A. If Buyer fails to comply with this Contract…
Page 7
PARAGRAPH 29 – DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER
CURRENT VERSION
29. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer and
Seller authorize their respective Brokers, if applicable, to receive delivery of an accepted offer
or counteroffer.
NEW VERSION
29. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer and
Seller authorize their respective Brokers, if applicable, to receive delivery of an accepted offer
or counteroffer and any related addenda or documents.
17
Farm, Ranch, and Recreational Land
Page 8
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION
18
Farm, Ranch, and Recreational Land
NEW VERSION
EARNEST MONEY RECEIPT AND INSTRUCTIONS
In accordance with the terms and conditions of the PURCHASE, PRICE, EARNEST MONEY, ANDSOURCE OF FUNDS Paragraph, $_____________________ Check Cash as Earnest Money Deposit,has been delivered to:
□ Listing Broker: Listing Broker acknowledges receipt of Earnest Money and shall deposit saidfunds in accordance with Paragraph 2 of this Contract. Listing Broker shall provide a copy ofreceipt to the Selling Broker.
□ Selling Broker: Selling Broker acknowledges receipt of Earnest Money and shall deliver saidfunds to the Title Company.
□ Selling Broker shall provide a copy of the receipt to the Listing Broker.
□ Title Company (Name/Address of Title Company):__________________________________
□ Other:____________________________________________________________________________________________________________________________________________________________________
_______________________________ ____________________________Selling Broker/Associate Signature Listing Broker/Associate Signature________________________________ _____________________________(Print Name) Selling Broker/Associate (Print Name) Listing Broker/Associate
ASSOCIATE INFORMATION
SELLING BROKER/ASSOCIATE: LISTING BROKER/ASSOCIATE:___________________________ ________________________________OREC Associate License Number OREC Associate License Number___________________________ ________________________________OREC Company Name OREC Company Name___________________________ ________________________________OREC Company License Number OREC Company License Number___________________________ ________________________________Company Address Company Address___________________________ __________________________________Company Phone Number Company Phone Number____________________________ __________________________________Associate Email Date Associate Email Date
NOTE: The final design of the Earnest Money Receipt page may differ from the format
shown here.
End of Changes for the Farm, Ranch, and Recreational Land Contract
19
OKLAHOMA REAL ESTATE COMMISSION
Commercial ImprovedFebruary 15, 2018
Pages 1, 4, and 6
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
PARAGRAPH 5(D) – INVESTIGATIONS, INSPECTION, AND REVIEWS
CURRENT (2016) VERSION
D. EQUIPMENT. Within __________days (ten [10] if left blank) from the Time
Reference Date of this Contract, Buyer, at Buyer’s expense, shall have the right to
inspect all fixtures and equipment relating to plumbing, heating and cooling, electrical
systems and any other equipment or systems and shall report any item not in normal
working order, in writing, to Seller, in care of Seller’s Broker, if applicable, including a
copy of the estimated cost to repair such items. If the total estimated cost to Seller of
such repairs and replacement required by this paragraph exceeds $____________,
Seller shall have the option to cancel and terminate this Contract within forty-eight (48)
hours of being advised of such estimate unless Buyer agrees, in writing, to pay repair
and replacement costs in excess of such amount.
NEW (2018) VERSION
D. EQUIPMENT. Buyer and Seller shall have __________ days (7 days if blank) after
the Seller’s receipt of the completed TRR form to negotiate the Treatment, Repair, or
Replacement items. If a written agreement is reached, seller shall complete all agreed
Treatments, Repairs, or Replacements prior to the closing date. If a written agreement
is not reached within the time specified in this provision, the Contract shall terminate
and the Earnest Money returned to the Buyer.
20
Commercial Improved
Page 3
PARAGRAPH 9(A) – TITLE EVIDENCE
CURRENT VERSION
A. SURFACE RIGHTS ABSTRACT
1) Seller, at Seller’s expense, within thirty (30) days prior to Closing Date, agrees
to make available to Buyer the following (collectively referred to as “the Title
Evidence”):
a) A complete surface-rights-only Abstract of Title, last certified to a date
subsequent to the Time Reference Date, by an Oklahoma licensed and bonded
abstract company; and
b) A current Uniform Commercial Code Search Certificate
NEW VERSION
A. SURFACE RIGHTS ABSTRACT
1) Seller, at Seller’s expense, within thirty (30) days prior to Closing Date, agrees to
make available to Buyer the following (collectively referred to as “the Title
Evidence”):
a) A complete surface-rights-only Abstract of Title, certified by an Oklahoma-
licensed and bonded abstract company; and
b) A current Uniform Commercial Code Search Certificate.
21
Commercial Improved
Page 5
PARAGRAPH 14 – BREACH AND FAILURE TO CLOSE
CURRENT VERSION
14. BREACH AND FAILURE TO CLOSE.
A. UPON BREACH BY SELLER. If the Buyer…
NEW VERSION
14. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in breach of this
contract if either fails to comply with any material covenant, agreement, or obligation
within the time limits required by this Contract. TIME IS OF THE ESSENCE IN THIS
CONTRACT.
A. UPON BREACH BY SELLER. If the Buyer…
Page 7
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION (“EARNEST MONEY RECEIPT AND INSTRUCTIONS”)
22
Commercial Improved
NEW VERSION (Prototype)
EARNEST MONEY RECEIPT AND INSTRUCTIONS
In accordance with the terms and conditions of the PURCHASE, PRICE, EARNEST MONEY, ANDSOURCE OF FUNDS Paragraph, $_____________________ Check Cash as Earnest Money Deposit, hasbeen delivered to:
□ Listing Broker: Listing Broker acknowledges receipt of Earnest Money and shall deposit said
funds in accordance with Paragraph 2 of this Contract. Listing Broker shall provide a copy ofreceipt to the Selling Broker.
□ Selling Broker: Selling Broker acknowledges receipt of Earnest Money and shall deliver said
funds to the Title Company.
□ Selling Broker shall provide a copy of the receipt to the Listing Broker.
□ Title Company (Name/Address of Title Company):__________________________________
□ Other:
____________________________________________________________________________________________________________________________________________________________________
_______________________________ ____________________________Selling Broker/Associate Signature Listing Broker/Associate Signature________________________________ _____________________________(Print Name) Selling Broker/Associate (Print Name) Listing Broker/Associate
ASSOCIATE INFORMATION
SELLING BROKER/ASSOCIATE: LISTING BROKER/ASSOCIATE:___________________________ ________________________________OREC Associate License Number OREC Associate License Number___________________________ ________________________________OREC Company Name OREC Company Name___________________________ ________________________________OREC Company License Number OREC Company License Number___________________________ ________________________________Company Address Company Address___________________________ __________________________________Company Phone Number Company Phone Number____________________________ __________________________________Associate Email Date Associate Email Date
NOTE: The final design of the Earnest Money Receipt page may differ from the format
shown here.
End of Changes for the Commercial Improved Contract
23
OKLAHOMA REAL ESTATE COMMISSION
Commercial LandFebruary 15, 2018
Pages 1 and 4
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
PARAGRAPH 9(A)(1)(A) – TITLE EVIDENCE
CURRENT (2016) VERSION
A. SURFACE RIGHTS ABSTRACT
1) Seller, at Seller’s expense, within thirty (30) days prior to Closing Date, agrees
to make available to Buyer the following (collectively referred to as “the Title
Evidence”):
a) A complete surface-rights-only Abstract of Title, last certified to a date
subsequent to the Time Reference Date, by an Oklahoma licensed and bonded
abstract company; and
b) A current Uniform Commercial Code Search Certificate
NEW (2018) VERSION
A. SURFACE RIGHTS ABSTRACT
1) Seller, at Seller’s expense, within thirty (30) days prior to Closing Date, agrees to
make available to Buyer the following (collectively referred to as “the Title
Evidence”):
a) A complete surface-rights-only Abstract of Title, certified by an Oklahoma
licensed and bonded abstract company; and
b) A current Uniform Commercial Code Search Certificate.
24
Commercial Land
Page 3
PARAGRAPH 9(A)(4)(A) – TITLE EVIDENCE (SELLER TO CORRECT ISSUES WITH TITLE…)
CURRENT VERSION
a) Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute
all documents necessary to cure Title requirements identified by Buyer; and…
NEW VERSION
a) At Seller’s option and expense, cure Title requirements identified by Buyer; and…
Page 5
PARAGRAPH 14 – BREACH AND FAILURE TO CLOSE
CURRENT VERSION
14. BREACH AND FAILURE TO CLOSE.
A. UPON BREACH BY SELLER. If the Buyer…
NEW VERSION
14. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in breach of this
contract if either fails to comply with any material covenant, agreement, or obligation
within the time limits required by this Contract. TIME IS OF THE ESSENCE IN THIS
CONTRACT.
A. UPON BREACH BY SELLER. If the Buyer…
25
Commercial Land
Page 5
PARAGRAPH 16 – DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER
CURRENT VERSION16. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer
and Seller authorize their respective Brokers, if applicable, to receive delivery of an
accepted offer or counteroffer.
NEW VERSION
16. DELIVERY OF ACCEPTANCE OF OFFER OR COUNTEROFFER. The Buyer
and Seller authorize their respective Brokers, if applicable, to receive delivery of an
accepted offer or counteroffer, and any related addenda or documents.
Page 6
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION
26
Commercial Land
NEW VERSION (PROTOTYPE)
EARNEST MONEY RECEIPT AND INSTRUCTIONS
In accordance with the terms and conditions of the PURCHASE, PRICE, EARNEST MONEY, ANDSOURCE OF FUNDS Paragraph, $_____________________ Check Cash as Earnest Money Deposit,has been delivered to:
□ Listing Broker: Listing Broker acknowledges receipt of Earnest Money and shall deposit saidfunds in accordance with Paragraph 2 of this Contract. Listing Broker shall provide a copy ofreceipt to the Selling Broker.
□ Selling Broker: Selling Broker acknowledges receipt of Earnest Money and shall deliver saidfunds to the Title Company.
□ Selling Broker shall provide a copy of the receipt to the Listing Broker.
□ Title Company (Name/Address of Title Company):__________________________________
□ Other:____________________________________________________________________________________________________________________________________________________________________
_______________________________ ____________________________Selling Broker/Associate Signature Listing Broker/Associate Signature________________________________ _____________________________(Print Name) Selling Broker/Associate (Print Name) Listing Broker/Associate
ASSOCIATE INFORMATION
SELLING BROKER/ASSOCIATE: LISTINGBROKER/ASSOCIATE:___________________________ ________________________________OREC Associate License Number OREC Associate License Number___________________________ ________________________________OREC Company Name OREC Company Name___________________________ ________________________________OREC Company License Number OREC Company License Number___________________________ ________________________________Company Address Company Address___________________________ __________________________________Company Phone Number Company Phone Number____________________________ __________________________________Associate Email Date Associate Email Date
NOTE: The final design of the Earnest Money Receipt page may differ from the format
shown here.
End of Changes for the Commercial Land Contract
27
OKLAHOMA REAL ESTATE COMMISSION
Vacant Lot / LandFebruary 15, 2018
Pages 1 and 2
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 3
PARAGRAPH 11(B)(1) – TITLE EVIDENCE
CURRENT (2017) VERSION
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing Date,
agrees to make available to Buyer the following (collectively referred to as “the Title Evidence”):
1) A complete surface-rights-only Abstract of Title, last certified to a date subsequent to the
Time Reference Date, by an Oklahoma licensed and bonded abstract company;
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the
State of Oklahoma together with a supplement surface-rights-only abstract last certified to a
date subsequent to the Time Reference Date, by an Oklahoma licensed and bonded abstract
company;
2) A current Uniform Commercial Code Search Certificate; and
3) An inspection report (commonly referred to as a “Mortgage Inspection Certificate") prepared
subsequent to the Time Reference Date by a licensed surveyor, which shall include a
representation of the boundaries of the Property (without pin stakes) and the improvements
thereon.
C. LAND OR BOUNDARY SURVEY. By initialing this space ___________________, Buyer
agrees to waive Seller’s obligation to provide a Mortgage Inspection Report. Seller agrees that Buyer,
at Buyer’s expense, may have a licensed surveyor enter upon the Property to perform a Land or
Boundary (Pin Stake) Survey, in lieu of a Mortgage Inspection Report that shall then be considered as
part of the Title Evidence.
28
Vacant Lot / Land
NEW (2018) VERSION
B. SELLER’S EXPENSE. Seller, at Seller’s expense, within thirty (30) days prior to Closing Date,
agrees to make available to Buyer the following (collectively referred to as “the Title Evidence”):
1) A complete and current surface-rights only Abstract of Title, certified by an Oklahoma-
licensed and bonded abstract company,
OR
A copy of Seller’s existing owner’s title insurance policy issued by a title insurer licensed in the
State of Oklahoma together with a supplemental and current surface-rights-only abstract
certified by an Oklahoma-licensed and bonded abstract company;
2) A current Uniform Commercial Code Search Certificate.
C. LAND OR BOUNDARY SURVEY OR REPORT. Seller agrees that Buyer, at Buyer’s expense,
may have a licensed surveyor enter upon the Property to perform:
(Check one)
□ a Land or Boundary (Pin Stake) Survey, or
□ a Mortgage Inspection Report
that shall then be considered as part of the Title Evidence.
Page 3 (continued)
PARAGRAPH 11(E)(1) – TITLE EVIDENCE
CURRENT VERSION
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) Seller, at Seller’s expense, shall make reasonable efforts to obtain and/or execute all documents
necessary to cure title requirements identified by Buyer; and
2) Delay Closing Date for…
29
Vacant Lot / Land
NEW VERSION
E. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING
DELAY. Upon receipt by Seller, or in care of Seller’s Broker, if applicable, of any title requirements
reflected in an Attorney’s Title Opinion or Title Insurance Commitment, based upon the standard of
marketable title set out in the Title Examination Standards of the Oklahoma Bar Association, the Parties
agree to the following:
1) At Seller's option and expense, Seller may cure title requirements identified by Buyer; and
2) Delay Closing Date for…
Page 4
PARAGRAPH 15 – BREACH AND FAILURE TO CLOSE
CURRENT VERSION
15. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in Breach of Contract if either
fails to comply with obligations required by the Contract. Following a breach by either Seller or Buyer of
the Contract, and after an unsuccessful mediation, as set out in MEDIATION Provision, the other Party
shall have the following remedies:
A. UPON BREACH BY SELLER. No Change
B. UPON BREACH BY BUYER. No Change
NEW VERSION
15. BREACH AND FAILURE TO CLOSE. Seller or Buyer shall be in Breach of Contract if either
fails to comply with any material covenant, agreement, or obligations within the time limits required by
the Contract. TIME IS OF THE ESSENCE IN THIS CONTRACT. Following a breach by either Seller or
Buyer of the Contract, and after an unsuccessful mediation, as set out in MEDIATION Provision, the
other Party shall have the following remedies:
A. UPON BREACH BY SELLER. No Change
B. UPON BREACH BY BUYER. No Change
30
Vacant Lot / Land
Page 4
PARAGRAPH 17 – DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER
CURRENT VERSION
17. DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER. The Buyer and Seller authorize
their respective Brokers, if applicable, to receive delivery of an accepted offer or counteroffer.
NEW VERSION
17. DELIVERY OF ACCEPTED OFFER OR COUNTEROFFER. The Buyer and Seller authorize
their respective Brokers, if applicable, to receive delivery of an accepted offer or counteroffer, and any
related addenda or documents.
Page 5
EARNEST MONEY RECEIPT AND INSTRUCTIONS
CURRENT VERSION
31
Vacant Lot / Land
NEW VERSION (Prototype)
EARNEST MONEY RECEIPT AND INSTRUCTIONS
In accordance with the terms and conditions of the PURCHASE, PRICE, EARNEST MONEY, ANDSOURCE OF FUNDS Paragraph, $_____________________ Check Cash as Earnest Money Deposit,has been delivered to:
□ Listing Broker: Listing Broker acknowledges receipt of Earnest Money and shall deposit saidfunds in accordance with Paragraph 2 of this Contract. Listing Broker shall provide a copy ofreceipt to the Selling Broker.
□ Selling Broker: Selling Broker acknowledges receipt of Earnest Money and shall deliver saidfunds to the Title Company.
□ Selling Broker shall provide a copy of the receipt to the Listing Broker.
□ Title Company (Name/Address of Title Company):__________________________________
□ Other:____________________________________________________________________________________________________________________________________________________________________
_______________________________ ____________________________Selling Broker/Associate Signature Listing Broker/Associate Signature________________________________ _____________________________(Print Name) Selling Broker/Associate (Print Name) Listing Broker/Associate
ASSOCIATE INFORMATION
SELLING BROKER/ASSOCIATE: LISTING BROKER/ASSOCIATE:___________________________ ________________________________OREC Associate License Number OREC Associate License Number___________________________ ________________________________OREC Company Name OREC Company Name___________________________ ________________________________OREC Company License Number OREC Company License Number___________________________ ________________________________Company Address Company Address___________________________ __________________________________Company Phone Number Company Phone Number____________________________ __________________________________Associate Email Date Associate Email Date
NOTE: The final design of the Earnest Money Receipt page may differ from the format
shown here.
End of Changes for the Vacant Lot / Land Contract
32
OKLAHOMA REAL ESTATE COMMISSION
FHA Insured LoanFebruary 15, 2018
Page 1
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
PARAGRAPH 4 – APPRAISAL REQUIREMENTS
CURRENT (2015) VERSION
4. APPRAISAL REQUIREMENTS. If the total estimated costs to the Seller exceeds
$____________________ then Buyer and Seller shall have five (5) days from being so advised to
agree on an acceptable arrangement regarding those costs in excess of the stated amount. If a written
agreement is not reached within the time specified in this provision, this contract shall terminate and
earnest money will be returned to the Buyer.
NEW (2018) VERSION
4. APPRAISAL REQUIREMENTS. In the event repairs are required by the FHA appraisal that are not
otherwise mutually agreed upon, then Buyer and Seller shall have five (5) days from being so advised
to agree on an acceptable arrangement regarding the costs of those repairs. If a written agreement is
not reached within the time specified in this provision, this contract shall terminate and earnest money
will be returned to the Buyer.
End of Changes for the FHA Insured Loan Form
33
OKLAHOMA REAL ESTATE COMMISSION
VA Guaranteed LoanFebruary 15, 2018
Page 1
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
PARAGRAPH 5 – APPRAISAL REQUIREMENTS
CURRENT (2016) VERSION
5. APPRAISAL REQUIREMENTS. Seller shall meet all VA appraisal requirements provided, that if the
total estimated repair costs to the Seller exceeds $_______________ then Buyer and Seller shall have
five (5) days from being so advised to agree on an acceptable arrangement regarding those costs in
excess of the stated amount. If a written agreement is not reached within the time specified in this
provision, this contract shall terminate and earnest money will be returned to the Buyer.
NEW (2018) VERSION
5. APPRAISAL REQUIREMENTS. In the event repairs are required by the VA appraisal that are not
otherwise mutually agreed, then Buyer and Seller shall have five (5) days from being so advised to
agree on an acceptable arrangement regarding the costs of those repairs. If a written agreement is not
reached within the time specified in this provision, this contract shall terminate and earnest money will
be returned to the Buyer.
End of Changes for the VA Guaranteed Loan Form
34
OKLAHOMA REAL ESTATE COMMISSION
Estimated Cost to BuyerFebruary 15, 2018
Page 1
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
ADDITIONAL SETTLEMENT CHARGES
NEW (2018) VERSION
Addition of “Mortgage Inspection Report” to the Survey line under Additional Settlement Charges
End of Changes for the Estimated Cost to Buyer Form
35
OKLAHOMA REAL ESTATE COMMISSION
Estimated Net to SellerFebruary 15, 2018
Page 1
No Change (except for the revision date of “02-2018,” which applies to all pages)
Page 2
ADDITIONAL SETTLEMENT CHARGES
NEW (2018) VERSION
Addition of “Mortgage Inspection Report” to the Survey line under Additional Settlement Charges
End of Changes for the Estimated Net to Seller Form
36
OKLAHOMA REAL ESTATE COMMISSION
Contract Information BookletFebruary 15, 2018
Pages i and iiREVISION DATE
CURRENT (2016) VERSION
November 2016
NEW (2018) VERSION
November 2018
Pages 1 through 6
No Change
Page 7
LAND OR BOUNDARY (PIN STAKE) SURVEY
CURRENT VERSION
Land or Boundary (Pin Stake) Survey. Buyer can pay for a Pin Stake Survey instead of the
Seller paying for and providing the Buyer with a Mortgage Inspection Report; however, the
Buyer must initial the space provided in the Contract. A Pin Stake Survey is more expensive
and seldom used in today’s platted residential real estate transactions. Note: A Pin Stake
Survey shows boundaries of the Property with physically located stakes.
37
Contract Information Booklet
NEW VERSION
Land of Boundary (Pin Stake) Survey. Buyer can pay for a Pin Stake Survey or a Mortgage
Inspection Report. It is recommended that the Buyer consult with their Title Closing Company
regarding the appropriate choice for their transaction.
Page 8
TIME IS OF THE ESSENCE (NEW LANGUAGE)
NEW VERSION
Time is of the Essence [16] If a Breach of Contract occurs by either Party, the prevailing Party
shall have remedies as stated in the Contract.
Pages 9 through 21
No Changes
Page 22
GLOSSARY – TIME IS OF THE ESSENCE
NEW VERSION
Time is of the Essence—Parties must understand that failure to act within a time period set in
the Contract will create an incurable breach of the contract.
End of Changes for the Contract Information Booklet
38
CES 2018
This Concludes the Review of
Changes to the OREC Contract
Forms and Addendas
39