Contract Forms Committee - Welcome to Oklahoma's … Change Guide 02-15... · 2018-01-26 ·...

Contract Forms Committee

February 15, 2018

For questions, comments, or suggestions, please contact us at ORECHELP

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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


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


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


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.



1) A complete and current surface-rights-only Abstract of Title, certified by an Oklahoma-

licensed and bonded abstract company;

OR


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







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


Page 6

EARNEST MONEY RECEIPT AND INSTRUCTIONS

CURRENT VERSION

7


NEW VERSION (“Earnest Money Receipt and Instructions”)

8


Page 7 – (NEW PAGE)

ASSOCIATE INFORMATION

End of Changes for the Residential Sale Contract

9


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


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;


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;


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)




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 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


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:



12


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


CURRENT VERSION

13


NEW VERSION (Prototype)


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


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


Farm, Ranch, and Recreational LandFebruary 15, 2018

Pages 1 and 2


Page 3

PARAGRAPH 6(A) – TITLE EVIDENCE


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


State of Oklahoma together with a supplemental surface-rights-only abstract last certified to a


company; and,


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


Page 3

PARAGRAPH 7(C)(1) – SURVEY AND TITLE REVIEW

CURRENT VERSION

C. SELLER TO CORRECT ISSUES WITH TITLE (IF APPLICABLE), POSSIBLE CLOSING





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





1) At Seller’s option and expense, may cure title requirements identified by Buyer;

Pages 4 and 5

NO CHANGE

16


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


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


Page 8


CURRENT VERSION

18


NEW VERSION







□ Other:____________________________________________________________________________________________________________________________________________________________________




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


Commercial ImprovedFebruary 15, 2018

Pages 1, 4, and 6


Page 2

PARAGRAPH 5(D) – INVESTIGATIONS, INSPECTION, AND REVIEWS


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


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


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.


Page 7


CURRENT VERSION (“EARNEST MONEY RECEIPT AND INSTRUCTIONS”)

22

Commercial Improved



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.



□ Other:

____________________________________________________________________________________________________________________________________________________________________





shown here.

End of Changes for the Commercial Improved Contract

23


Commercial LandFebruary 15, 2018

Pages 1 and 4


Page 2

PARAGRAPH 9(A)(1)(A) – TITLE EVIDENCE



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


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


CURRENT VERSION

14. BREACH AND FAILURE TO CLOSE.


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.


25

Commercial Land

Page 5


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


CURRENT VERSION

26

Commercial Land

NEW VERSION (PROTOTYPE)







□ Other:____________________________________________________________________________________________________________________________________________________________________



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


shown here.

End of Changes for the Commercial Land Contract

27


Vacant Lot / LandFebruary 15, 2018

Pages 1 and 2


Page 3

PARAGRAPH 11(B)(1) – 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


State of Oklahoma together with a supplement surface-rights-only abstract last certified to a


company;


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



1) A complete and current surface-rights only Abstract of Title, certified by an Oklahoma-

licensed and bonded abstract company,

OR


State of Oklahoma together with a supplemental and current surface-rights-only abstract

certified by an Oklahoma-licensed and bonded abstract company;


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)




Page 3 (continued)

PARAGRAPH 11(E)(1) – TITLE EVIDENCE

CURRENT VERSION






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






1) At Seller's option and expense, Seller may cure title requirements identified by Buyer; and

2) Delay Closing Date for…

Page 4


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:



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:



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


CURRENT VERSION

31

Vacant Lot / Land








□ Other:____________________________________________________________________________________________________________________________________________________________________





shown here.

End of Changes for the Vacant Lot / Land Contract

32


FHA Insured LoanFebruary 15, 2018

Page 1


Page 2

PARAGRAPH 4 – APPRAISAL REQUIREMENTS


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


VA Guaranteed LoanFebruary 15, 2018

Page 1


Page 2

PARAGRAPH 5 – APPRAISAL REQUIREMENTS


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


Estimated Cost to BuyerFebruary 15, 2018

Page 1


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


Estimated Net to SellerFebruary 15, 2018

Page 1


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


Contract Information BookletFebruary 15, 2018

Pages i and iiREVISION DATE


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

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