This is a multi-state form covering the subject matter of the title.
Oklahoma Standard Conditions of Acceptance of Escrow
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FAQ
How much earnest money do you actually need? Here in Oklahoma, we don't have a hard, set amount. What I do, as a real estate agent, generally I recommend that my clients do around 1%. If it's more or a little less, that's okay.
Legally speaking, there isn't a time frame sellers must respond to your offer. However, it's an unspoken rule in the industry that sellers and/or the listing agents should respond within a few days, with 48 hours the norm.
Oklahoma: Oklahoma Law requires a real estate attorney to conduct your title examination, but that is only one small aspect of the transaction and will be included as part of your closing services. They are welcome but not required for all other aspects of the transaction.
How Much Are Transfer Taxes in Oklahoma? In Oklahoma, the documentary stamps are $0.75 per $500 (or 0.15%) of the sales price of the property. For median value homes in Oklahoma worth $123,700, the transfer tax would be $185.55. The documentary stamps are affixed to the deed when it is recorded.
What Happens If A Home Seller Doesn't Respond To An Offer? Typically, the original offer will include a deadline that provides the seller with a date when you'd need a response. If there's no response to your home offer by that time, the offer expires. This means you can walk away without any contractual obligations.
Homebuyers typically anticipate a response after taking the time to write an offer. However, sellers are under no legal obligation to respond or otherwise entertain an offer. To improve your chances of gaining a seller response, follow the offer instructions precisely and make your offer competitive.
Usually, the seller has about 72 hours to decide what to do with your offer, but the default amount can vary by state, or be determined by adjusting this deadline in the purchase agreement your buyer's agent may submit on your behalf.
Review Contract ClausesThe seller might have a clause hidden deep in the contract that allows him to cancel the escrow without penalties for any reason he wishes to do so. Look for that carefully when going over the contract or you could get caught up in a mess down the road.
If that happens then technically, as per the Oklahoma real estate contract, you would receive a refund for your earnest money because you were denied a loan and you can't buy the house. However, both buyer and seller still have to agree.
In Oklahoma, your closing is usually handled through a title and escrow company. In large part, this is because of how title insurance is handled in this state.
