Selling a House in Oklahoma

Selling a house is one of the most significant legal transactions you'll ever participate in. It's important to know your legal rights and understand the process.

Working With a Real Estate Agent

In Oklahoma, real estate brokers or sales associates, also known as real estate agents, may act as a single party broker or a transaction broker in a real estate sales transaction. A single party broker represents a seller or a buyer under a written brokerage agreement, and provides services for the benefit of the seller or buyer in a real estate sales transaction.

A transaction broker can provide a seller, a buyer or both parties assistance with a real estate sales transaction without being an advocate for a particular party's benefit. Oklahoma law requires real estate brokers or agents to provide you with disclosure statements concerning their role and responsibilities in a real estate sales transaction.

Single party and transaction brokers share common duties to the parties to a transaction including:

• Exercising reasonable care and skill towards all parties
• Receiving and presenting offers and counteroffers
• Accounting for money and property received in connection with a transaction
• Confidentiality as required under state law
• Disclosure of information about the property under Oklahoma's Residential Property Disclosure Act

A single party broker will have these additional duties to the party who they are representing, in this case, the seller, under a listing brokerage agreement or listing agreement:

• The single party broker works for the benefit of the seller
• The single party broker obeys specific directions of the seller, as long as the directions are not against the law or against the terms of the sales contract
• The single party broker keeps the seller informed regarding the transaction

Oklahoma's Residential Property Condition Disclosure Act requires sellers to provide buyers with a disclosure statement, which provides information about defects in your home, and is on a form issued by the Oklahoma Real Estate Commission. The disclosure law does provide buyers with the right to sue sellers for damages, including repair costs, if a disclosure form is not provided or if a known defect is not disclosed.

You should disclose the following potential house defects:

• Plumbing and sewage problems
• Water leakage of any type, including in basements
• Termites or other infestations
• Roof defects
• Heating or air conditioning system or electrical system problems
• Property drainage problems
• Foundation instabilities or cracks or other structural problems
• Problems with title to the property or other land use matters
• Substantial additions or alterations made without a building permit
• Hazardous materials or conditions, including prior manufacture of methamphetamine on the property
• Lead paint (required under the federal Residential Lead-Based Paint Hazard Reduction Act of 1992 for homes built prior to 1978)
• Major fire or tornado damage
• Any condition of the property that materially affects the physical health or safety of an individual
• Any other problems

Purchase Agreements

When you've got a serious buyer, you'll receive a written offer to purchase your home, sometimes called a "purchase agreement" or "contract of sale" which states the finalized terms and conditions for the sale. The Oklahoma Real Estate Commission has a standardized contract of sale form, which you are likely to see used in your sale.

You won't have very long to decide whether or not to take the offer or propose a counteroffer so it's important to be informed ahead of time.

Common counter-proposal items include:

• A higher purchase price
• A higher deposit
• Giving buyer less time to remove contingencies
• Excluding certain items from the sale
• Providing you move in time to vacate the house after the sale is closed
• A clause making it a contingency that your attorney approve the contract
• A "liquidated damages clause" that details how much money the buyer will owe you if the buyer backs out of the deal for reasons other than the contingencies listed in the contract

Legal Title Issues

Your Oklahoma real estate lawyer or title company will investigate the legal title of the property you want to sell, and may find issues you'll need to understand.

In Oklahoma, for example, an implied easement may be present where a person grants lands to which there is no accessible right-of-way except over her or his land or retains land that is inaccessible except over the land which the person conveys. In such instances a right-of-way is presumed to have been granted or reserved. Such an implied grant or easement in lands or estates exists where there is no other reasonable and practicable way of accessing the property, and it is reasonably necessary for the beneficial use or enjoyment of the part granted or reserved.

Your property may also be subject to a "lien," which is a charge on the property to satisfy a debt or other obligation owed by the current owner of the property. A lien encumbers property as long as it exists and has been recorded in the public records.

In Oklahoma, liens on a piece of property may include:

• Mortgages
• Deeds of Trust
• Land sale contracts
• Involuntary liens (includes workmen's liens, liens for unpaid taxes and liens filed by creditors holding judgments against the owner)

Closing Costs

In Oklahoma, you can expect to pay for some or all of the following charges - called "closing costs"-at the time you sell your home:

• Broker's commission
• Survey
• Title insurance
• Recorded release of mortgage
• Transfer taxes
• Attorney's fee
• Home inspections

Specific Performance

In Oklahoma, a seller who agrees to sell a particular property must do so unless the buyer fails to meet all the terms of the purchase agreement. This is called "specific performance," which is a legal action to compel performance of a contract. For this contract remedy, a court can order the parties to complete the contract. The buyer must then deliver the purchase price and the seller must then deliver the deed. If you have second thoughts on a particular sale, you'll want to immediately contact an attorney.