Oklahoma Contract for Deed
Also known as Land Contract, Installment Land Agreement or Contract or Agreement for Deed Forms
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U.S. Legal Forms™, Inc. provides Contract for Deed forms for Oklahoma, including Contract, Assignment of Contract and other related forms. Free previews are available before you purchase. Download your form in Word format.
Oklahoma Contract and Initial Forms
Contract for Deed Form
»This is the form for creation
of the contract for deed agreement between Seller and Purchaser. This form
allows the Seller and Purchaser to elect specific requirements concerning
purchase price, interest, and payment terms. Also, fees related to insurance
and taxes can be set in the direction of Seller or the Purchaser at their
option before the signing of the agreement.
Real
Estate Disclosure Statement
» This form is used
when the property being transferred subject to the contract for deed contains
a residence. Sellers that wish, or are required, to disclose the residential
property conditions should use this form to describe conditions as they
exist at the time of the contract signing.
Seller
Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the
property being transferred subject to the contract for deed contains a
residence. Lead based paint could be present in less modern structures
and pose a potentially lethal health hazard to children and sometimes adults.
A Seller wishing to inform Purchasers of the risks associated with lead
paint may do so with this form.
Seller's
Disclosure of Financial Terms for Contract for Deed
» This form is similar to
the annual accounting statement in that it provides information regarding
payment and financing terms of the contract for deed. This form is used
at the time of signing rather than as a yearly update of payments.
Accounting
Seller
Annual Accounting Statement for Contract for Deed
» This form is used by the
Seller to provide an annual accounting of the payments made toward the
contract for deed by the Purchaser. This form provides a basic description
of the payments made and the payments remaining due under the Agreement.
Buyer's
Request for Annual Accounting Statement
» Should a Purchaser desire
an accounting statement be prepared by the Seller at any time during the
term of the agreement, this form would be used for that request. In order
to maintain reasonable use of this form, it is discouraged for Purchasers
to use this form more than once per year.
Assignment
Assignment
of Contract for Deed
» This form is used when the
Seller wishes to transfer his or her rights under the contract for deed
to another person or entity. An example would be when the Seller's right
to receive payments from the Buyer is transferred to a bank or similar
establishment.
Notice
of Assignment for Contract for Deed
» This form is provided to
the Purchaser by the Seller when a Seller assignment has occurred. This
form notifies the Purchaser of the new Assignee and provides any new addresses
where payments should be sent.
Default and Forfeiture
General
Notice of Default for Contract for Deed
» This is a general default
notice that can be used by the Seller to notify Purchaser of being in default.
This form allows the Seller to notify the purchaser of the reason why the
contract for deed is in default, the performance required to cure the default,
and the Seller's planned remedy in case the Purchaser does not cure.
Notice
of Default - Past Due Payments Under Contract for Deed
» This is a notice of default
provided by the Seller to the Purchaser when the circumstances of the default
concern delinquent payments toward the purchase price of the contract for
deed.
Final
Notice of Default for Past Due Payments under Contract for Deed
» This is
the same notice as the Notice of Default - Past Due Payments, but provides
a more stern warning to Purchaser that if payment terms are not met by
the given deadline then the Seller will resort to the available actions
against the Seller to either cure the default or cancel the agreement and
receive damages.
Notice
of Default for Breach of Contract Terms Other than Non-Payment
» This form is used by the
Seller when Purchaser may not be in compliance with specific requirements
of the contract for deed that are not related to payments. This form is
used to point out those terms of the contract that are not being met by
the Purchaser and show the Purchaser what must be done in order to regain
compliance.
Notice
of Intent to Enforce Forfeiture Provisions Under Contract for Deed
» When a Seller wishes to
enforce the forfeiture provisions of the contract for deed notice of the
such intention should be provided to the Purchaser. Since forfeiture often
is the best remedy, this form should be used in almost all cases where
a default is imminent. If you are unfamiliar with the remedy of forfeiture
and the process of using this form an attorney consultation is recommended.
Final
Notice of Forfeiture and Demand Buyer Vacate Premises Under Contract for
Deed
» This form
is used to notify the Purchaser that all grace periods to cure default
have expired and Seller has now exercised his contractual right to pursue
forfeiture of all past payments by the Purchaser and repossession of the
property that was subject to the Agreement. Sellers should be careful to
follow any specific jurisdictional requirements regarding forfeiture before
the use of this form.
Disclosures
Real
Estate Disclosure Statement
» This form is used
when the property being transferred subject to the contract for deed contains
a residence. Sellers that wish, or are required, to disclose the residential
property conditions should use this form to describe conditions as they
exist at the time of the contract signing.
Seller
Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the
property being transferred subject to the contract for deed contains a
residence. Lead based paint could be present in less modern structures
and pose a potentially lethal health hazard to children and sometimes adults.
A Seller wishing to inform Purchasers of the risks associated with lead
paint may do so with this form.
Seller's
Disclosure of Financial Terms for Contract for Deed
» This form is similar to
the annual accounting statement in that it provides information regarding
payment and financing terms of the contract for deed. This form is used
at the time of signing rather than as a yearly update of payments.
Misc.
Buyer's
Notice of Intent to Vacate and Surrender Premises Related to Contract for
Deed
» This form is beneficial
in the sense that it allows the Seller some notice of a Purchasers intent
to vacate. The Seller would still maintain his rights to sue for breach
of the Agreement, but sometimes the contract for deed Purchaser is judgment
proof in that nothing would come out of a lawsuit even if won by the Seller.
With Purchasers that may fall into this risk category, a Seller may benefit
from the use of this form by the Purchaser.
Learn more about Contract for Deed by using our Contract for Deed Questionnaire
Top Questions about Oklahoma Contract For Deed
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What are the risks of a contract for deed?
Risks associated with an Oklahoma Contract for Deed include the possibility of losing your investment if you default on payments, as the seller retains the property title. Additionally, buyers may encounter issues with property maintenance and taxes, since these responsibilities often fall on them. Understanding these risks helps you make informed decisions and choose the right agreements.
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Is a contract for deed a good idea?
An Oklahoma Contract for Deed can be a beneficial option for some buyers, especially those facing difficulties obtaining traditional financing. This arrangement allows buyers to build equity while making payments directly to the seller over time. However, it's crucial to assess your financial situation and understand the risks involved before deciding if this option suits your needs.
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What is the interest rate on a contract for deed?
Interest rates on Oklahoma Contracts for Deed can vary significantly depending on the seller's terms and market conditions. Typically, these rates may be higher than traditional mortgage rates, reflecting the more flexible nature of these agreements. It's essential to compare rates and ensure you fully understand the financial implications before entering any contract.
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What are the two disadvantages of a contract for deed?
Two key disadvantages of an Oklahoma Contract for Deed include the potential for forfeiture and limited buyer protections. If the buyer defaults on payments, the seller may terminate the contract without going through foreclosure. Furthermore, buyers may not gain full ownership until the final payment is made, which raises concerns about securing their investment.
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How to transfer property deed in Oklahoma?
To transfer a property deed in Oklahoma, you must first prepare a new deed document, such as a warranty deed or quitclaim deed, and ensure it meets state requirements. Next, have the deed signed by the current owner in front of a notary public. Then, file the deed with the county clerk's office where the property is located. Utilizing an Oklahoma Contract for Deed may also facilitate the property transfer process.
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Does a contract for deed need to be notarized?
While a contract for deed does not necessarily need to be notarized to be valid in Oklahoma, having it notarized is strongly recommended. Notarization adds an extra layer of security by verifying the identities of the parties involved. For peace of mind and legality, consider including notarization as part of your contract process.
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Are contracts valid if not notarized?
Yes, contracts can be valid without notarization in many cases, including contracts for deed; however, notarization provides added legal protection. It can help prevent disputes about authenticity by providing a third-party verification of signatures. It is advisable to notarize important contracts to bolster their legitimacy.
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What are 2 disadvantages of a contract for deed?
One significant disadvantage is that the seller retains complete ownership until the contract is fulfilled, which could lead to disputes if payments are missed. Additionally, buyers may face challenges with property taxes and maintenance responsibilities during the payment term. Being aware of these potential pitfalls is vital when considering a contract for deed.
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What are two disadvantages of a contract for deed?
One disadvantage of a contract for deed is that the seller retains ownership until full payment is made, which means the buyer doesn't officially hold the title until then. Another disadvantage is that if the buyer fails to make payments, the seller could face challenges in reclaiming the property. Understanding these risks is essential before entering an agreement.
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Why do people do contracts for deed?
People choose contracts for deed for various reasons, such as avoiding the complications of traditional financing or making property ownership more accessible. This method can benefit those with less-than-perfect credit, as it often involves less stringent requirements. Additionally, sellers might appreciate the steady income during the payment period.
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