Be careful when selling a house in Oklahoma. Real estate laws and local regulations must be followed, or you could end up with considerable legal problems. Before selling your house, there are things you need to know and consider.
Value of a Real Estate Agent
A seller's real estate agent can accurately assess the current value of comparable homes in your area and effectively market your house to willing and able buyers. You can find licensed real estate agents at Cutaboverealtyagents.com
Types of Listings
There are three types of real estate listings:
- Open listing: Owners retain the right to sell the home and pay no commissions.
- Exclusive agency listing: Owners execute a listing agreement with a broker and pay a commission only if the broker is the procuring cause of the sale.
- Exclusive right to sell listing: The seller pays a commission to the listing broker regardless of who brings in the buyer.
Your agent determines the selling price by comparing prices of similar homes that have been listed in your immediate area.
What Is in a Listing?
- Price and commission
- Items included or not included in the sale
- Duties and obligations of seller and agent
Mandatory Seller's Disclosures
The seller is required to give the buyer a disclosure form, which includes disclosing known material defects, along with the following:
- Water and sewer
- Hazardous conditions
- House systems
- Structural integrity
- Wood-destroying organisms
- Land use matters
Disclosures must be on a form established by the Oklahoma Real Estate Commission. Sellers can use the Residential Property Condition Disclosure Statement.
When an Offer Is Made
An offer to purchase property is made by a potential buyer pursuant to a written contract. It becomes a legally binding contract when the seller accepts the offer and notifies the buyer of its acceptance. A counteroffer is one that rejects the original offer and presents a new offer.
Once an offer is agreed upon, it will go into escrow where the buyer deposits certain funds into an escrow account along with instructions.
Oklahoma Purchase Agreements Contents
A purchase agreement is a legally binding contract that includes the following:
- Identity of the parties
- Price and financing terms
- Guarantee of clear title
- Date of closing and inspection
Post-Contract Issues and Negotiations
Generally, if an inspection turns up material defects, the buyer can insist that you pay to remedy the defect or lower the purchase price.
What Is Close of Escrow?
At the close of escrow, the following events occur:
- The buyer signs a promissory note
- Costs and fees are paid
- All documents are signed and transferred
- The deed is recorded
Sellers need not be present at the closing so long as all costs are paid and documents are signed. You will typically have to turn over the keys to the buyer the same day as the closing or when you get occupancy.
Ask an Oklahoma Real Estate Lawyer
State-specific real estate laws are too numerous to be fully discussed in this article. As real estate laws vary considerably in each state, you should consult an Oklahoma real estate attorney about house selling.