The purchase contract for a house is a legally binding contract that must be signed by both parties for the sale of the Tulsa house. The contract should include important terms and conditions. Below is a broad list of things you will fill out on a contract. It can look overwhelming to fill out a real estate contract but overall it is a pretty straight forward document. Some parts have extra legalese and we do not provide legal advice, so we recommend you get help from a real estate attorney or agent to walk you through it. Since we buy houses as-is, our contracts are a little simpler since you don’t have to fix anything. If you’re looking for a simple way to sell your house in Tulsa Oklahoma, then give us a call and we will do our best to get you the price you need so you can be done with the property!
If you sell by owner or with an agent, below are common things you or your realtor will need to fill out in the contract.
Things to fill out on a Tulsa Real Estate Contract
- Check off if the buyer is using a conventional, or FHA loan. Sometimes a buyer uses an VA loan or seller financing. In Oklahoma, keep in mind that as a seller you don’t have to accept the offer from a buyer with an FHA loan. You can wait for conventional offers to come in which are cleaner usually. FHA inspections can cause you to have to make little repairs all over the place. When we buy houses for cash you don’t have to be concerned either way since we are ok with the house having damaged walls, peeling paint, old roof, etc.
- Fill out both buyers and sellers legal names. May sure everyone on the mortgage is signing. If you are selling a house and you are divorced, but you x-wife is on the mortgage, it is likely she will have to sign at the closing table. That can get touchy if your relationship with your X is not good. Make sure to talk things out and do your best to keep the peace so the house will close with no hiccups.
- The house’s legal description will need to be filled out. Usually this consists of a subdivision, lot, block, section, and township. You can find this on your Tulsa County Assessor website.
- The purchase price along with how much earnest money the seller will put down. I would recommend if you are a buyer in a competitive market to put down a decent earnest money amount. Some people literally will do $10. I know that’s hard to believe but it happens when people try to take advantage of fsbo’s.
- List where the earnest money will be kept. This is usually at the closing company.
- Put down the closing date. In certain times of year Tulsa closing companies can be so swamped, so put down a realistic date.
- List items that will stay with the property like appliances or an awesome TV hanging on the wall that you don’t want the seller to take with them. If you’re a buyer then you can literally ask for anything to stay with the house. Now the buyer may not agree but it’s worth a try. If you are selling a hoarder’s house in Tulsa then you may want to leave everything. That’s ok with us because we buy hoarders’ houses in Oklahoma and clean them out ourselves.
- Usually the Tulsa home inspection period is 10-15 days but this is something the buyer and seller can agree on. Keep in mind that a good Tulsa home inspector will find several items that may need to be repaired. You will need to repair these items in a timely manner as the closing is just around the corner and the buyer will want to make sure the work was completed correctly. If you sell your house to us we will make all repairs and you do nothing but wait for the title work to go through and get your money at closing!
- You will need to fill out the disclosure statement. This usually is where you list if there has been flood or water damage and well as a few other things.
- The termite inspection will likely be at the expense of the buyer but the seller will probably be expected to cover any remediation if termites are found.
- Disclose if you are in a flood zone. This should come up in the title work but it’s best to let the buyers know upfront so you don’t waste anyone’s time. Flood insurance is so expensive and many will not buy a house if they find out it’s in a flood zone.
- Many buyers request a Residential Service Agreement which is also known as a home warranty. This is usually $500-700. This is negotiable but usually the buyer gets their way with this and who can blame them for expecting it.
These are some of the major parts of a real estate contract. If you feel like you don’t want to mess with it then you should look to hiring a real estate agent. The other option is to consider not paying a commission or any closing costs and sell to us. You will make no repairs and we can close very quickly. So weigh your options and we wish you the best as you get your house sold fast!
Call today for help with selling your home quickly!
This website does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact an attorney directly.