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Oklahoma Real Estate Purchase Agreement Templates - Legal

This document is an Oklahoma real estate purchase agreement between a buyer and seller. It details the property being sold, including address and tax information. It specifies a purchase price and terms of payment. The seller provides various warranties about the property and transaction. The agreement establishes a closing date and outlines conduct before closing. It allows for termination if warranties are violated or conditions not met. The document also specifies how transfer fees and taxes will be paid and which state's laws will govern any disputes.

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Dane Sinclair
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© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
1K views

Oklahoma Real Estate Purchase Agreement Templates - Legal

This document is an Oklahoma real estate purchase agreement between a buyer and seller. It details the property being sold, including address and tax information. It specifies a purchase price and terms of payment. The seller provides various warranties about the property and transaction. The agreement establishes a closing date and outlines conduct before closing. It allows for termination if warranties are violated or conditions not met. The document also specifies how transfer fees and taxes will be paid and which state's laws will govern any disputes.

Uploaded by

Dane Sinclair
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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OKLAHOMA REAL ESTATE PURCHASE AGREEMENT

This Real Estate Purchase Agreement, effective on the ___th day of _____________, 202__
(“Effective Date”), is entered into between the Buyer and Seller as follows:

Buyer Details

Buyer Name:
____________________________________________________________________________
Buyer Address:
__________________________________________________________________________
Buyer Entity Type (if not an individual):
_________________________________________________

Seller Details

Seller Name:
___________________________________________________________________________
Seller Address:
_________________________________________________________________________
Seller Entity Type (if not an individual):
________________________________________________

1. Offer and Acceptance. Buyer hereby agrees to purchase the real property of the Seller,
comprised of land and all improvements and structures contained therein, and further described
hereunder as follows (hereinafter “Property”):

A. Real Property Details

Property Address:
______________________________________________________________________

Title No:
______________________________________________________________________________
__

Tax Information:
________________________________________________________________________

B. Personal Property

Seller shall also include and transfer the following personal property to the Buyer as part of the
sale:
_______ All personal property within the Property.
_______ Others: (list and describe)

2. Purchase Price. The total purchase price for the Property is


$_______________________________ (“Purchase Price”).

The said Purchase Price shall be (choose one):


_______________ paid in full on the Closing Date.
_______________ paid in installments as follows:

(describe installment payments)

1) $________________ upon signing of this Agreement (Earnest Money).


2) $________________ at the completion of due diligence and inspection.
3) $________________ at the Closing Date.

3. Warranties. The Seller warrants that it is the legal and beneficial owner of the Property and
agrees to transfer to the Buyer the Property on the terms and conditions of this Agreement. The
Seller does not provide any other warranties, except the following (Seller to sign on the space for
those applicable):

Warranties

___________ The Property is free of any liens, charges, or encumbrances.


___________ All required validation, approval, or authorization (including corporate approvals
where applicable) on the Seller’s end for the transfer of the Property have been executed and
obtained.
___________ The execution and performance of the Seller of the sale will not violate any laws
or regulations.
___________ The Property is in a good condition or state, and in compliance with relevant laws
and regulations.
___________ There are no illegal tenants occupying the Property.
___________ No incidents or conditions exist prior to Closing which may adversely affect the
standing or condition of the Property.
___________Seller has not concealed nor withheld any material information concerning the
Property, or any information which may impact the Buyer’s evaluation of the Property.
____________All real estate taxes concerning the Property are paid and updated.
____________All utility bills concerning the Property are paid and updated.
____________Where applicable, all association or property management fees concerning the
Property are paid and updated.

Claim/Litigation Warranties
_________The Property is not the subject of any governmental or regulatory investigation.
_________The Property is not the subject of any arbitration or litigation proceedings.
_________There are no claims or threatened claims from third parties against the Property.

The Buyer warrants that it has obtained all required validation, approval, or authorization
(including corporate approvals where applicable) on its end for the Buyer’s purchase of the
Property, and that the Buyer’s execution and performance of this Agreement will not violate any
laws or regulations.

4. Closing Date. The Closing shall take place at _______________ A.M./PM. on the __th day of
__________, 202_ at ______________________ (“Closing Date”).

5. Pre-Closing Conduct. Until Closing, the Seller must in good faith carry on with the regular
care, maintenance, or operations of the Property, and ensure that the Property shall not materially
change, nor shall the Seller sell or encumber the Property to parties other than the Buyer, or enter
into any transaction which would adversely and materially affect the condition of the Property.

6. Condition Precedents. The Parties Agree that this Agreement is conditional upon:

1. The Buyer being afforded the opportunity to reasonably conduct due diligence, with
cooperation of the Seller concerning the Property, and inspect the Property prior to the
Closing Date;
2. The Seller’s compliance with all warranties stated herein;
3. The Seller’s compliance with all pre-completion conduct stated herein.

7. Closing. Closing, subject to fulfillment of all Condition Precedents and Seller’s Warranties,
must take place on the Closing Date at the agreed upon ___location and time between the Buyer and
the Seller, and as described under this section (“Closing”). In good faith, the Buyer and the
Seller agree to execute all documents necessary to conclude this transaction, including the Seller
and Buyer executing a warranty deed, or equivalent, to transfer the Property to the Buyer. The
Buyer shall pay the Purchase Price in accordance with the terms of this Agreement.

The Seller will also provide the keys to the Property.

8. Termination. The Buyer may terminate or void this Agreement if any Condition Precedent is
not satisfied, or if there is a violation in any of the Seller’s Warranties. Upon the Buyer sending a
notice of its claim in writing to the Seller based on this paragraph, the Seller shall return to the
Buyer any Purchase Price paid.

The Seller may terminate this Agreement if, without any stated justifiable reason or that is
permitted under this Agreement, the Buyer delays in the payment of the Purchase Price or if the
Buyer has breached any of its warranties. For termination under this paragraph, the Seller shall
be entitled to keep the Earnest Money paid by the Buyer.

The remedies mentioned above shall be in addition to the rights of the innocent party to seek
compensation or damages.
9. Transfer Fees and Taxes. Taxes related to this transaction shall be paid by ___________ the
Seller ______________ the Buyer ____________ both the Seller and the Buyer (choose one).

Property transfer, titling, and recording fees related to this transaction shall be paid by:
___________ the Seller ______________ the Buyer ____________ both the Seller and the
Buyer (choose one).

10. Governing Law and Dispute Resolution. This Agreement shall be governed and interpreted
in accordance with the laws of the State of Oklahoma, and all disputes arising from this
Agreement shall be commenced within the Courts of the same State.

11. Assignment. The Seller or the Buyer shall not assign its rights and obligations under this
Agreement without the consent of the other.

12. Disclosures. The Seller attaches the following Disclosure form(s) in relation to Seller’s
disclosures as may be required by law:

I. Lead-based Paint Disclosure Form


II. ___________________________________
III. ___________________________________

The Seller also makes the following Disclosure(s) as may be required by law:
______________________________________________________________________________
___
______________________________________________________________________________
___

13. Severability. If any provision of this Agreement is held to be illegal, invalid or


unenforceable under any present or future law, then the remaining provisions of this Agreement
shall remain in full force and effect, and the said offending provisions shall be deemed
automatically modified, limited, or increased as may be necessary in order to remove the said
illegality, invalidity, or unenforceability.

_______________________
Seller Signature
_______________________
Printed Name
_______________________
Date
_______________________
Buyer Signature
_______________________
Printed Name
_______________________
Date

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