2024 New Contracts and Forms for Oklahoma Real Estate: Key Changes Explained

Welcome to our latest video where we delve into the significant changes to contracts and forms effective January 1st, 2024, essential for every real estate professional in Oklahoma. Thank you to the Contract Forms Committee, comprising members from the Oklahoma Real Estate Commission, the Oklahoma Association of Realtors, and the Oklahoma Bar Association for their invaluable work in enhancing these documents.

🔑 Key Highlights of the Video:
1. Updated Residential Sales Contract: Learn about the new language regarding earnest money, and changes in the termination process by the seller.
2. Modifications in Land/Boundary Survey Language: Clarity in legal terms for when no survey report is required.
3. Residential Property Condition Disclosure Statement Changes: Simplified termite extermination queries, added checkbox under zoning for non-zoned properties, and a new section for financed fixtures or improvements like solar panels.
4. Broker Compensation Transparency: Expanded language in the exclusive right to sell listing agreement for clearer understanding of commission splits.
5. Vacant Lot or Land Contract: Renamed for clarity with expanded survey options.
6. Farm, Ranch, and Recreational Land Contract: Enhanced mineral rights language and inclusion of farm-specific items.
7. New Buyer Affidavit Compliance Language: In line with SB 212, this ensures compliance with state law on foreign ownership of property.
8. Additional New Forms: Introduction of a blank addendum, broker compensation addendum for property management, separate disclosures of brokerage duties for buyers and sellers, and more.
and much more.

Read the full list of changes on our website. This video is a must-watch for all Oklahoma real estate practitioners to stay updated and compliant with the latest changes. For more detailed information, FAQs, and guides on these updates, visit the Commission’s website at https://oklahoma.gov/content/dam/ok/e...

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#OklahomaRealEstate #NewContractsAndForms #RealEstateUpdates #OREC #RealEstateProfessionals #2024RealEstateChanges #RealEstateEducation

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