The Oklahoma purchase and sale agreement is a legal document used to determine all the terms and conditions connected to the sale and purchase of a certain item. In that way, the parties are preventing any potential misunderstandings and disputes in the future since all the terms and conditions are provided in the purchase agreement.
You should use the purchase agreement when buying or selling any item with a purchase price of over $500.
Oklahoma Purchase and Sale Agreement Form
Although the purchase agreement itself doesn’t directly transfer any legal rights between the parties, it serves to provide the framework under which they will complete their transfer.
The Oklahoma purchase agreement is also known as:
Other Names for Oklahoma Purchase and Sale Agreement Form
Oklahoma purchase and sale agreement
Oklahoma sale and purchase agreement
Oklahoma sale and purchase contract
Oklahoma purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Oklahoma.
Purchase Agreement Oklahoma Laws & Requirements
The form of the Oklahoma purchase agreement is not mandated by any specific legislation. However, if you are involved in a real estate transaction in Oklahoma, you must make sure that certain disclosures are included in your purchase agreement template.
Purchase Agreement Required Disclosures in Oklahoma
Here, you can find the list of disclosures you must include in your Oklahoma real estate purchase agreement:
Lead-Based Paint Disclosure: As mandated by 42 U.S. Code § 4852d, the seller is required to disclose to the buyer if there is any lead-based paint hazard at the property. This is mandatory for properties with known lead-based paint hazards and for properties built before 1978.
The Property Disclosure Statement provides information about the property’s condition in case the seller lives at the property and is aware of the damages that the property has. Otherwise, the seller should submit the Property Disclaimer Statement.
Common Types of Purchase Agreements in Oklahoma
This section provides all the types of purchase agreements used in Oklahoma:
Types of Purchase Agreements
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Oklahoma.
Purchase Agreement in Oklahoma FAQ
Yes, a purchase agreement is a legally binding document in Oklahoma. However, it becomes legally binding only after both the seller and the buyer have signed it.
Yes, an Oklahoma sales agreement needs to state the purchase price. The purchase price is the main obligation of the buyer, and it must be included in the document. Otherwise, it won’t produce any legal effects.
No, purchase and sales agreements in Oklahoma don’t need to be notarized. This is due to the fact that the purchase agreement doesn’t directly transfer any legal rights between the seller and the buyer.
A seller can back out of a purchase agreement in Oklahoma without compensating the buyer only if the buyer fails to meet the contingencies set in the purchase agreement.