complete listing packet

8/14/2019 Complete Listing Packet

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L I S T I N G P A C K E T " T h a n k Y o u f o r S h o w i n g " C a r d D r e s s Y o u r H o u s e f o r S u c c e s s " B u y e r ' s E y e D e s i g n " F R E E C o n s u l t a t i o n C e r t i f i c a t e P r o t e c t Y o u r F a m i l y / L e a d y o u r h o m e p a m p h l e t O k l a h o m a R e s i d e n t i a l P r o p e r t y C o n d i t i o n D i s c l o s u r e A c t ( Y e l l o w ) E q u a l H o u s i n g O p p o r t u n i t y ( G r e e n ) O k l a h o m a B r o k e r R e l a t i o n s h i p s A c t ( B l u e ) S t a t e O k l a h o m a U n i f o r m C o n t r a c t I n f o r m a t i o n P a m p h l e t L i s t i n g A g r e e m e n t p a g e s ) S e l l e r ' s N o t i c e A u t h o r i z a t i o n M L S P r o p e r t y D a t a F o r m s p a g e s ) E s t i m a t e d N e t S e l l e r R e s i d e n t i a l P r o p e r t y C o n d i t i o n D i s c l o s u r e S t a t e m e n t p a g e s ) S e l l e r A f f i l i a t e d B u s i n e s s A r r a n g e m e n t D i s c l o s u r e S t a t e m e n t R e s i d e n t i a l P r o p e r t y C o n d i t i o n D i s c l a i m e r S t a t e m e n t F o r m V i r t u a l T o u r S i n g l e - P a r t y B r o k e r D i s c l o s u r e c o p i e s ) D i s c l o s u r e a n d A c k n o w l e d g e m e n t L e a d B a s e d P a i n t c o p i e s ) S u p p l e m e n t a l A g r e e m e n t c o p i e s ) R e f e r r a l E x e m p t T r a n s f e r F o r m L i s t i n g A g r e e m e n t A d d e n d u m c o p i e s ) P r o p e r t y / H a z a r d I n s u r a n c e L o a n P a y o f f / A s s u m p t i o n R e q u e s t S e l l e r ' s C a u t i o n L e t t e r M o r t g a g e F i n a n c i n g L i s t i n g A s s o c i a t e : Y O U m u s t c a l l w a r r a n t y a p p l i c a t i o n I m p o r t a n t C o n t a c t s A m e r i c a n H o m e S h i e l d H o m e W a r r a n t y O l d R e p u b l i c H o m e W a r r a n t y H o m e W a r r a n t y A m e r i c a C r e a t i v e A l l i a n c e s R a i n y D a y F o u n d a t i o n

O r i g . B r o k e r a g e O r i g . t o B r o k e r a g e O r i g . t o B r o k e r a g e O r i g . B r o k e r a g e O r i g . B r o k e r a g e O r i g . B r o k e r a g e O r i g . t o B r o k e r a g e

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O r i g . t o B r o k e r a g e C o p y S e l lO r i g . B r o k e r a g e C o p y S e l lO r i g . B r o k e r a g e & C o p y S e l l

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D r e s s Y o u r H o u s e F o r S u c c e s s C h e c k l i s t U n c l u t t c r i n g m a k e s e v e r y r o o m l o o k l a r g e r a n d f e e l n e a t e r . I f h o u s e c l u t t e r e d , b u y e r s h a v e t r o u b l e i m a g i n i n g t h e m s e l v e s r e m o v i n g s t o r i n g t h i n g s y o u d o n ' t n e e d , y o u c r e a t e r o o m y c o m f o r t a b l e f e e l i n g t h a t w i l l i n v i t i n g p r o s p e c t i v e b u y e r s . R e m e m b e r , w h e n d o u b t , t h r o w o u t , s e l l o r g i v e a w a y ! C l e a n i n g m a k e s y o u r h o u s e e a s y f o r b u y e r s e x p l o r e a n d g i v e s t h e i m p r e s s i o n t h a t h a s b e e n w e l l c a r e d f o r . s u r e e v e r y r o o m s m e l l s g o o d l o o k s , p a y i n g s p e c i a l a t t e n t i o n p e t a r e a s , n u r s e r i e s a n d b a t h r o o m s . S o m e f r e s h p a i n t a n d o n e - t i m e p r o f e s s i o n a l

c l e a n i n g s e r v i c e c a n m a k e y o u r h o u s e l o o k l i k e n e w !

R e p a i r i n g e l i m i n a t e s b u y e r s ' o b j e c t i o n s b e f o r e t h e y a r i s e . y o u t h i n k s o m e t h i n g t o o m u c h t r o u b l e f i x , c h a n c e s a r e b u y e r s w i l l , t o o . B u y e r s t e n d t h i n k r e p a i r s w i l l c o s t m o r e t h a n t h e y d o .

N e u t r a l i z i n g h e l p s b u y e r s s e e t h e i r o w n t h i n g s y o u r h o u s e a n d p i c t u r e t h e m s e l v e s l i v i n g t h e r e . N e u t r a l p a i n t , d e c o r a n d c a r p e t i n g c r e a t e s h o m e f o r a n y l i f e s t y l e . E l i m i n a t i n g d i s t r a c t i n g c o l o r s a n d a c c e s s o r i e s l e t s b u y e r s c o n c e n t r a t e p o s i t i v e i m p r e s s i o n s .

D y n a m i z i n g m a k e s t h e e x t e r i o r a n d e v e r y r o o m o f y o u r h o u s e s p e c i a l . S i n c e c o m p e t i n g w i t h m a n y o t h e r h o u s e s t h e m a r k e t , y o u n e e d m a k e s t a n d o u t a n d m e m o r a b l e . L o o k m a g a z i n e s a n d c a t a l o g s f o r i d e a s . F r o m t h e f r o n t d o o r t h e b a s e m e n t , f r o m f r e s h f l o w e r s t o f r e s h s m e l l s , t h i s t h e f i n i s h i n g t o u c h !

S h o w t i m e ! t h e f i n a l s t e p b e f o r e e a c h t i m e y o u r h o u s e s h o w n . I d e n t i f y j o b s a n d a s s i g n t h e m m a k e t h i s s t e p q u i c k a n d e a s y . y o u k e e p d a i l y . S h o w t i m e ! W i l l e a s i e r f o r y o u a n d y o u r f a m i l y . P l a n f u n a c t i v i t y a w a y f r o m t h e h o u s e d u r i n g s h o w i n g s .


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U i i c l u l t e r i n n C o f & O e n d U l i l o s r e m o v e p a p e r s , H l C P u m i t u i e - r e a n a n g e f b r e f l i e n n a s a . r e m o v e a n d s t a t e * n e e d e d P l a n t s r e m o v e e x t r a i n r f i e a t t l i j p l a n t s B u o k s h d v c s / u t l i c e a r e a s S t r a i g h t e n , p a c t s t o r e _ _ _ _ _ _ _ _ _ _ _ _ _ _

C l e a n i n g C a r p e l s p o t c l e a n , c o n s i d e r p r o f e s s i o n a l s e r v i c e F u r n i t u r e a n d w o o d w o r k p o l i s h L i g h t i n g f i x t u r e s e l o a o p o l i s h s p v f c j e H a r d w o o d f l o o r s w a a h s h i n e _ _ _ _ _

R e p a i r i n g W a f l & e e l B j i g c r a c k s r e p a i r a n d p a i n !

N e u t r a l i z i n g W a l l s n e u t r a l p a l m a n d w a l l p a p e r _ _ _ _ _

D y n a m i z i n g U s e l u g s f i r e p l a c e a c c e s s o r i e s P u t l i n e n s l a b l c a n d s e r v e r U s e f l o w e r a n d p o t p o u r r i D r a p e a n a f _ . h a n < i v e r a c h a i r t o u c h I _ r r n n ( ; e p i c t u r e s h i g h l i g h t s p e c i a l a r e a s

U n c t i e r i n g C h i l d r e n ' s p l a y a r e a s t r a i g h t e n , s t o r e e x t r a l o y s C l o s e t s S t r a i g h l e t i , b o x a n d s t o r e F u r n i t u r e r e m o v e O K t l B i t e m s r e a r r a n g e e n h a n c e e p a c e _ _ _ _ _ _

C l e a n i n g C ; i r p e t c l e a n d e o d o r i z e n u r s e r y D r u p e s c u r t a i n s m u b d i y c l e a n l . i u h t i r i H t W i u r c s - w u s h i e l e a n b u l h s

R e p a i r i n g W a l l f i c e i l i i i y c m c k s - r e p a i r n e e d e d

N e u t r a l i z i n g W a l l s u s e n e u t r a l p a i n t w a l l p a p e r B e d s p r e a d s u s e b a s i c c o l o r s p a t t e r n s G e n e r a l d e c o r r e m o v e d i s t r a c t i n g p u s l e r s . e l e .

D y n a m i z i n g A r T a n y e t o y s K i l o o k f u n a n d i n v i t i n g O p e n h o o k n i g h t s t a n d A d d f l o w e r i n g p l a n t A d d c u r t a i n s o r v a t o n c e s r o o m s w i t h o u t t h e m A r r a n t t : d t c u r a t i v e p i l l o w s o r s l m m s o n b e d

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L ' n c l u t t e r i n g T o o l , s h o p l a u n d r y a r e a s S t r a i g h t e n . b o x s t o r e R e c r o o m s t r a i g h t e n p l a y a r e a s , s t o t a c s l u i t o y s G a r a g e s t o r e l a w n / g a r d e n t o o L s e q u i p m e n t

C l e a n i n g r i m i r s s w e c | i . a l e t U I ( p r a M s p o t s W a l l ) o c i l i i i u r c i i i o v t o o b w e b s W n i d o H s - t k ' . i n P e l . i r t a s c l e n n t h o r o u g h l y . i n d d e o d o r i z e _ _ _ _ _ _ _ _ _ _ _ _ _

R e p a i r i n g A p p l i a n c e s s u r e f u r n a c e , v . J t e r h e a l e r , e t c . w o r k i n g o r d e r P i p e s , l a u n d r y c o n n e c t i o n s c l i c c k m a k e r e p a i r s n e e d e d

N e u t r a l i z i n g W a l l s l l o o r s c o n s i d e r s p r a y p a i n t i n g a n d t h r o w r u g s

D y n a m i z i n g A r r a n g e l a u n d r y s u p p l i e s s u g g e s t e a s e w o r k

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S H O W T I M E ! T h e f i n a l c h e c k t h e d e t a i l s t h a t c a n m a k e y o u r h o u s e m e m o r a b l e .

I n s i d e : O p e n s h a d e s a n d d r a p e s O p e n w i n d o w s f r e s h e n r o o m s A r r a n g e f r e s h ( l o w e r s t l i r o u g h o u l T u r n o n l i g h t s P r e p a r e a l i r e f o r u p o n h o u s e s S e t O U t g a m e , h o o k , h o b b y p r o j e c t S e t t a b l e s w i l t i l l o w e r s a n d l i n e n s S e t o u t s h o w t o w e l s M a k e s u r e r u g s a r e c l e a n a n d S t r a i g h t

E m p t y v w _ _ b _ _ _ t s P i c k d i r t y c l o t h e s D e o d o r i z e p e l a r e a s f l a y s o i l m u s i c a n d t u r n o t T l e l e v i s i o n S e l a c o a b l e l e m p e r a t u r e

" o n c e - o v e r " c l e a n i n g v a c u u m , s w e e p , a n d d u s t F i n a l c h e c k e v e r y r o o m

O u t s i d e ; P i c k l a w n t o o l s a n d l o y s P i c k u p a l l c r p L ' t s K e m o v c o b s t r u c t i o n s f r u m c u r b v i e w C l e a r d r i v e w a y s a n d w a l k a r e a s

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L I S T I N G A G R E E M E N T E X C L U S I V E R I G H T S E L L T h i s l e g a l l y b i n d i n g c o n t r a c t ; n o t u n d e r s t o o d s e e k a d v i c e f r o m a n a t t o r n e y .

c o n s i d e r a t i o n t h e s e r v i c e s r e n d e r e d t h e u n d e r s i g n e d R E A L T O R * , t h e u n d e r s i g n e d ( " S e l l e r " ) h e r e b y e x c l u s i v e l y l i s t s w i t h R E A L T O R * t h e P r o p e r t y d e s c r i b e d a s : P r o p e r t y A d d r e s s L e g a l D e s c r i p t i o n _ _ _ ^ t o g e t h e r w i t h a l l i m p r o v e m e n t s d e s c r i b e d t h e P r o p e r t y D a t a F o r m a t t a c h e d a n d t h i s r e f e r e n c e m a d e p a r t t h i s A g r e e m e n t ( t h e " P r o p e r t y " ) , a n d g r a n t s R E A L T O R * t h e e x c l u s i v e r i g h t t o s e l l t h e P r o p e r t y a n d a c c e p t d e p o s i t t h e r e o n , w i t h i n t h e t e r m t h i s l i s t i n g ,

p r i c e o f S a n d o n t h e t e r m s h e r e i n s t a t e d , s u c h o t h e r p r i c e a n d t e r m s s h a l l a c c e p t a b l e S e l l e r . T h i s l i s t i n g s h a l l s u b j e c t t o t h e f o l l o w i n g :

T h i s A g r e e m e n t b e g i n s a n d t e r m i n a t e s ( e x c e p t f o r t h e p r o v i s i o n s o f P a r a g r a p h m i d n i g h t

S e l l e r a g r e e s p a y c o m m i s s i o n e q u a l t h e t o t a l s a l e p r i c e t h e P r o p e r t y h e r e i n d e s c r i b e d p l u s $ 3 2 5 a n d f o r t h e c o m p e n s a t i o n R E A L T O R * , a n y t h e f o l l o w i n g e v e n t s :

T h e s a l e e x c h a n g e t h e P r o p e r t y d u r i n g t h e t e r m t h i s A g r e e m e n t , w h e t h e r p r o c u r e d R E A L T O R * , S e l l e r , o r a t h i r d p e r s o n . T h e s a l e e x c h a n g e o f t h e P r o p e r t y w i t h i n 1 8 0 d a y s a f t e r t h e t e r m i n a t i o n t h i s A g r e e m e n t , w i t h a n y o n e w h o m R E A L T O R * h a s s h o w n t h e P r o p e r t y , w i t h w h o m t h e R E A L T O R * h a s n e g o t i a t e d c o n c e r n i n g t h e P r o p e r t y p r i o r t h e t e r m i n a t i o n t h i s A g r e e m e n t ; p r o v i d e d t h a t t h i s c l a u s e s h a l l n o t a p p l y S e l l e r r e - l i s t s t h e P r o p e r t y t h e t e r m i n a t i o n t h i s A g r e e m e n t w i t h a n o t h e r l i c e n s e d r e a l e s t a t e b r o k e r .

R E A L T O R * p r o c u r e s a B u y e r w h o r e a d y , w i l l i n g , a n d a b l e p u r c h a s e t h e P r o p e r t y , t h e p r i c e a n d t h e t e r m s s e t f o r t h h e r e i n , s u c h o t h e r p r i c e a n d t e r m s s h a l l a c c e p t a b l e t o S e l l e r . T h e s a l e e x c h a n g e o f t h e P r o p e r t y d u r i n g , a f t e r , t h e t e r m t h i s A g r e e m e n t a n y p a r t y w h o m t h e P r o p e r t y r e n t e d l e a s e d d u r i n g t h e t e r m t h i s A g r e e m e n t , w i t h i n d a y s t h e r e a f t e r .

I n t h e e v e n t C o n t r a c t f o r S a l e o r E x c h a n g e " C o n t r a c t " ) e n t e r e d i n t o w i t h B u y e r , S e l l e r a g r e e s t h a t : U n l e s s t h e C o n t r a c t p r o v i d e s o t h e r w i s e , R E A L T O R s h a l l r e c e i v e a n d h o l d a n y e a r n e s t m o n e y d e p o s i t , w h i c h m a y t h e f o r m o f t h e B u y e r ' s p e r s o n a l c h e c k e n d o r s e d f o r d e p o s i t w i t h o u t r e c o u r s e , R E A L T O R * ' s t r u s t e s c r o w a c c o u n t a c c o r d a n c e w i t h t h e t e r m s t h e C o n t r a c t , a p p l i c a b l e l a w , r u l e s , a n d r e g u l a t i o n s g o v e r n i n g s u c h f u n d s ; P r i o r t h e " C l o s i n g D a t e , " S e l l e r , a t S e l l e r ' s e x p e n s e , a g r e e s f u r n i s h B u y e r o r B u y e r ' s l e n d e r a c u r r e n t U n i f o r m C o m m e r c i a l C o d e S e a r c h C e r t i f i c a t e ( a n d , t h e P r o p e r t y c o n d o m i n i u m , f u r n i s h a c o p y t h e D e c l a r a t i o n U n i t O w n e r s h i p E s t a t e s t h e P r o j e c t , B y l a w s t h e P r o j e c t ' s O w n e r ' s A s s o c i a t i o n ) . S e l l e r , a t S e l l e r ' s e x p e n s e s h a l l a l s o f u r n i s h a b s t r a c t t i t l e c e r t i f i e d t o d a t e s h o w i n g m e r c h a n t a b l e t i t l e S e l l e r , s u b j e c t o n l y u t i l i t y e a s e m e n t s s e r v i n g t h e P r o p e r t y a n d b u i l d i n g r e s t r i c t i o n s r e c o r d , a n d o t h e r e x c e p t i o n s s p e c i f i e d t h e C o n t r a c t a n d , P r o p e r t y c o n d o m i n i u m , s u b j e c t a l l t e r m s , p r o v i s i o n s , r e s t r i c t i o n s , a n d c o v e n a n t s c o n t a i n e d t h e D e c l a r a t i o n U n i t O w n e r s h i p E s t a t e s a n d B y l a w s t h e O w n e r ' s A s s o c i a t i o n t h e " P r o j e c t , " a n d , r e q u i r e d l e n d e r , " M o r t g a g e I n s p e c t i o n C e r t i f i c a t e " p r e p a r e d a l i c e n s e d s u r v e y o r , c e r t i f i e d d a t e a t l e a s t w i t h i n 1 8 0 d a y s t h e " C l o s i n g D a t e " ;

t h e t i m e p r e s c r i b e d t h e C o n t r a c t , c o n v e y t h e P r o p e r t y G e n e r a l W a r r a n t y D e e d B u y e r , f r e e a n d c l e a r a l l l i e n s a n d e n c u m b r a n c e s , e x c e p t t h o s e s p e c i f i c a l l y r e s e r v e d t h e C o n t r a c t ; U n l e s s o t h e r w i s e p r o v i d e d t h e C o n t r a c t , a l l a d v a l o r e m t a x e s , i n t e r e s t , r e n t s , a n d o t h e r c o n t i n u i n g i t e m s s h a l l p r o r a t e d t h e d a t e t r a n s f e r , e x c e p t p e r s o n a l p r o p e r t y t a x e s f o r t h e e n t i r e y e a r , a n y , s h a l l p a i d S e l l e r ; P r o p e r t y s i n g l e f a m i l y , c o n d o m i n i u m o r m u l t i - f a m i l y , p a y s u c h c l o s i n g c o s t s a n d m i s c e l l a n e o u s f e e s e x c e s s w h a t B u y e r

a l l o w e d F H A p a y ; P r o p e r t y s i n g l e f a m i l y , c o n d o m i n i u m m u l t i - f a m i l y a n d t h e C o n t r a c t , l e n d e r g o v e r n m e n t a g e n c y r e q u i r e s : f i x t u r e s a n d

e q u i p m e n t r e l a t i n g t o p l u m b i n g , h e a t i n g a n d c o o l i n g , i n c l u d i n g d u c t s , e l e c t r i c a l s y s t e m s , b u i l t - i n a p p l i a n c e s , s w i m m i n g p o o l / s p a , s p r i n k l e r a n d s e c u r i t y s y s t e m s w i l l n o r m a l w o r k i n g o r d e r t h e c l o s i n g , o r d i n a r y w e a r a n d t e a r e x c e p t e d . t h e P r o p e r t y c o n d o m i n i u m , t h i s p r o v i s i o n a p p l i c a b l e o n l y t h o s e i t e m s t h a t a r e t h e S e l l e r ' s r e s p o n s i b i l i t y a n d n o t t h e r e s p o n s i b i l i t y t h e O w n e r ' s A s s o c i a t i o n . S e l l e r s h a l l p a y t h e c o s t r e p a i r s n e c e s s a r y m e e t t h e f o r e g o i n g s t a n d a r d ; s u c h c o s t s h a l l n o t e x c e e d t h e r e p a i r c a p a g r e e d S e l l e r t h e c o n t r a c t s a l e . t h e p r o p e r t y s i n g l e f a m i l y , c o n d o m i n i u m o r m u l t i - f a m i l y , a n d t h e p u r c h a s e t h e P r o p e r t y V A - f i n a n c e d t r a n s a c t i o n , S e l l e r

s h a l l p a y c o s t H U D a p p r o v e d i n f e s t a t i o n r e p o r t l i c e n s e d e x t e r m i n a t i n g c o m p a n y . a c c o r d a n c e w i t h t h e O k l a h o m a R e s i d e n t i a l P r o p e r t y C o n d i t i o n D i s c l o s u r e A c t : S e l l e r s h a l l c o m p l e t e t h e O k l a h o m a R e s i d e n t i a l P r o p e r t y D i s c l o s u r e S t a t e m e n t ( " D i s c l o s u r e S t a t e m e n t " ) o r , i f t h e S e l l e r h a s n e v e r l i v e d t h e P r o p e r t y A N D h a s k n o w l e d g e a n y d e f e c t c o n c e r n i n g t h e P r o p e r t y , t h e O k l a h o m a R e s i d e n t i a l P r o p e r t y D i s c l a i m e r S t a t e m e n t ( " D i s c l a i m e r S t a t e m e n t " ) a p p l i c a b l e , c o p y w h i c h a t t a c h e d a n d t h i s r e f e r e n c e m a d e p a r t t h i s A g r e e m e n t . R E A L T O R * s h a l l p r o v i d e c o p y t h e S e l l e r ' s D i s c l o s u r e S t a t e m e n t D i s c l a i m e r S t a t e m e n t ( w h i c h e v e r a p p l i c a b l e ) p o t e n t i a l B u y e r s t h e i r B r o k e r s . R E A L T O R * s h a l l d i s c l o s e p o t e n t i a l p u r c h a s e r a n y d e f e c t s t h e P r o p e r t y a c t u a l l y k n o w n t h e R E A L T O R * w h i c h a r e n o t i n c l u d e d t h e S e l l e r ' s D i s c l o s u r e S t a t e m e n t S e l l e r ' s D i s c l a i m e r S t a t e m e n t .

a c c o r d a n c e w i t h t h e H U D / E P A L e a d - B a s e d P a i n t R e g u l a t i o n s , t h e P r o p e r t y w a s b u i l t b e f o r e 1 9 7 8 : S e l l e r s h a l l c o m p l e t e D i s c l o s u r e a n d A c k n o w l e d g m e n t L e a d - B a s e d P a i n t .

M L S L i s t i n g A g r e e m e n t 6 / 0 9 ( A 3 0 2 ) C o p y r i g h t 1 9 9 9 G r e a t e r T u l s a A s s o c i a t i o n R E A L T O R S * A l l R i g h t s R e s e r v e d P a g e


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Oklahoma

Uniform Contract Information

Pamphlet

Oklahoma Real Estate Commission


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FOREWORD

This pamphlet was developed by the Oklahoma Real Estate Contract Form Committeewhich was created by the legislature in 2001. The Committee was to create a residentiareal estate purchase contract and related addenda for use by real estate licensees. The

Committee consisted of a total of 11 members: three (3) from the Oklahoma Real EstateCommission; three (3) from the Oklahoma Bar Association; and ve (5) members fromthe Oklahoma Association of REALTORS.

The information in this pamphlet is dedicated to the residential sales contract and relatedaddenda. This publication does not constitute legal advice. Legal advice should besought from competent legal counsel.

First Printing, March 2006Revised January 2008

Copies of this pamphlet and the contract form and related addenda areavailable at www.orec.ok.gov, click on publications (left margin),

and then click on contract forms (right margin).


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Oklahoma Uniform Contract

Information Pamphlet

Boldeditalicwordsaredefinedattheendofthispamphlet.

The Offer. Negotiations to purchase a home begin when the Buyer makesa written Offer to purchase the Sellers home. The Seller may accept, rejecor make a Counterofferto the Buyers offer. The offer may go back and forthuntil both parties have agreed to all terms in writing, and the document has beendelivered to both Buyer and Seller (or their Broker as authorized.) At this pointthe offer becomes a Contract.

During the Offer and Counteroffer process, the listing broker (if applicable) is re-quired by law to continue presenting all offers to the Seller up until the time the Selleaccepts an offer in writing. Further, during the offer/counteroffer process, the Sellemay withdraw the Sellers counteroffer and accept another contract if the Sellerscounteroffer has not been accepted and signed by the Buyer and delivered back toSeller, or if authorized, ListingBroker. Likewise, Buyer may withdraw Buyers offeand purchase a different property if the Buyers offer has not been accepted andsigned by the Seller and delivered back to Buyer, or if authorized, SellingBroker

All items of a Contract are negotiable between the Buyer and Seller.

Prior to the Buyer submitting an Offer, the Buyer should try to obtain a Condi-tionalLoanApproval from a valid lending institution. This will assist the Buyeto determine the Buyers housing price range. It is not a guarantee that a loanwill be given; however, it does check the Buyers credit worthiness and knownhistory. A Buyer or Seller should not confuse this with a Final Loan Commitmentthat is not obtained until prior to closing to ensure all of the Buyers nancials are considered.

The Contract consists of the Contract form andany related addenda and/or attachments. Once signed by both Buyer and Seller, the contract is valid and binding upon each party if the contract is not understood by either party, the partyshould seek advice from an attorney. Each party, both Buyer and Seller, shouldread the entire contract and related addenda and attachments. The Contract shalbe executed by original signatures of the parties or by signatures as reected onseparate identical Contract counterparts (carbon, photo or fax copies).

Legal Description [1] area should contain the legal and physical property ad


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Purchase Price, Earnest Mone and Source of Funds. [2] The contract isdesigned for a cash transaction unless a Financing Supplemental Agreemenis attached.

Many choices are available to the Buyer in regard to a mortgage that ts theneeds of the Buyer. A real estate licensee works with many lending companiesand may be able to provide the Buyer with a list from which to choose. Howeverthe Buyer is responsible for choosing a lending institution that accommodatesthe Buyers needs. Further, if a licensee refers a Buyer to a particular lendinginstitution, for which the licensee will receive compensation due to the referralthe licensee is required to make written disclosure to the Seller and Buyeregarding such compensation.

It is the responsibility of the lending institution to disclose State and Federa

Regulations concerning the terms and conditions of the real estate loan fowhich the Buyer applies.

The provisions of the Financing Supplemental Agreement require thefollowing:

Buyer must make loan application in accordance with provisions of theContract, usually within ve (5) days following Time Reference Date as

stated in Provision [5].

Buyer must pay all fees required by lender, including appraisal andcredit report fees, at the time of application and instruct the lender toprocess the loan immediately.

Buyer should instruct the lender to provide the Listing Broker (irequested) written conrmation that the credit report and appraisal have

been ordered.

Buyer must proceed immediately to obtain a commitment for hazardinsurance to cover the Property in accordance with Provision [7] of theContract.

The Buyer should be aware of predatory lenders. These lenders chargeexcessive fees or charge higher interest than is required based on Buyerscredit history. To learn more about predatory lending, the Buyer can check theDepartment of Consumer Credit: website: www.okdocc.state.ok.us. The Buye

l h k ith C C dit [800) 448 4904] t d t i if t


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Closing, Funding and Possession. [3] The Buyer will be required to pay thebalance of the purchase price with cash, cashiers or certied check, or othefunds acceptable to the Seller. The Closing Company may not accept paymenof the balance with the following: personal check, corporate check, employerscheck, investment account check or asset management check. Most closingcompanies will not accept cash because the companies have no way to securethe cash.

It is recommended that the Buyer contact the Closing Company prior to theClosing to determine the acceptable form of payment for the balance of thepurchase price. The Buyer will need a photo identication (i.e. drivers licenseetc.) at Closing.

Proceeds to the Seller from the Closing are generally paid by the Closing Com

panys check. A Closing Companys check may not be cashed by the bank asreadily as a cashiers check. The bank may not release the funds to the Selleuntil the Closing Companys check clears. If Seller prefers a cashiers checkthe Seller should contact the Closing Company at least 48 hours prior to theclosing and request that Sellers proceeds be paid by cashiers check.

Accessories,EquipmentandSystems [4] lists items that will remain with theProperty. If there are additional item(s) the Buyer wants included, the item

should be specically listed under Additional Inclusions. The Seller is boundonly by what is stated in the Contract, and Buyer should not rely on anythingother than what is written in the Contract. If the Seller is not including an itemin the purchase price, the item(s) should be specically listed under Exclusions.

Time Periods [5] as Specied in the Contractshall commence on the TimeReferenceDate. The day after the Time Reference Date shall be counted as

day one (1) of the Contract regardless of date the Contract is signed by theBuyer and Seller.

Residential Propert Condition Disclosure Act [6] requires the Seller, prioto the Seller accepting an offer to purchase, to complete and make available tothe Buyer a ResidentialPropertyConditionDisclosureStatementForm oDisclaimerForm. The Disclosure Form requires the Seller to disclose a vasamount of information regarding the Property.

The Disclaimer Form indicates that the Seller has no knowledge regarding the


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to a Seller accepting an offer to purchase. The real estate licensee has the dutyto disclose to the Buyer any defects in the Property actually known to the licensee which are not included in the disclosure statement or any amendment. Thereal estate licensee does not have a duty to conduct an independent inspectionof the Property and has no duty to verify the accuracy or completeness of thestatements made by the Seller. Both parties should read the Residential Prop

erty Condition Disclosure Act for other information. Publication can be found ahttp://ok.gov/OREC/Publications/

Investigations, Inspections and Reviews. [7] The Buyer is encouraged tohave a qualied professional [with appropriate qualications] conduct inspections of the entire property during the time period as stated in the Contract. TheBuyer should accompany the inspector during the inspection. The Buyer shouldnotrely on a friend or themselves to make these inspections.

The contract language makes reference to a person the Buyer deems qualied the Buyer should be aware that no one can receive a fee for performing aninspection unless they have obtained the appropriate license from the HomeInspectors Board which is under the jurisdiction of the Health Department oexception as noted in paragraph below. To insure you are hiring a licensed person, please contact (405) 271-5243 or www.health.state.ok.us.

The Health Departments rules indicate that an inspection can be per-formed by a licensed home inspector, individuals holding an occupa-tional license, licensed termite inspector, individuals inspecting new residential construction, architects, engineers or any single-item inspectionby a professional craftsman with expertise in a specic area or a personqualied by education or training to conduct a specic inspection.

A real estate licensee may provide the Buyer with a list of professionals fromwhich to choose; however, the Buyer is responsible for choosing a qualiedprofessional that accommodates the Buyers needs. Further, if a licensee refersa Buyer to a particular service for which the licensee will receive compensationdue to such referral, the licensee is required to make written disclosure to theSeller and Buyer regarding such compensation.

In addition to the items listed, the Buyer can write in additional item(s) that areof concern to the buyer at the time of making the Offer and have these itemsinvestigated, inspected or reviewed. Further, if the Buyer plans to obtain a

federally-insured loan (FHA), the Department of Housing and Urban Develop-ment requires the Buyer to be given a form that encourages obtaining a home


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qualied expert. The Buyer can also contact the Department of EnvironmentaQuality (DEQ) for septic tank information.

Flood Notice. The City of Tulsa has an Ordinance that requires a Seller to notify a Buyer if the Sellers property is located in an area designated by the Cityas a ood hazard area. Other cities may have similar ordinances. Seller needs

to contact city ofcials where the property is located to determine whether thereis a similar ood notication ordinance.

It is Buers responsibilit to investigate the Propertys ood, storm run ofwater, storm sewer backup or water history. To obtain a written Flood HazardEvaluation, contact the Corps of Engineers. The customary cost of the Evaluation is $25 or $55. The Buyer can also call and make an appointment to visithe Tulsa Corps of Engineers ofce and examine the maps and information

Phone: (918) 669-7197.

The Corps of Engineers handles all of the State of Oklahoma, and there areFloodplain Administrators in every community. The Corps of Engineers cansupply the Buyer with the name and phone number of the Floodplain Adminis-trator in the community where the property is located.

For more information on the nature of the water condition as it relates to the

Property being purchased, the Buyer may contact neighbors to determine if theyhave noticed any water problems.

Flood Insurance. If there is a ood risk, the Lender may require the Buyerto obtain federal ood insurance. Flood insurance may also be purchased onpersonal property (carpets, drapes, furniture, etc), and the Buyer should seekadvice from an insurance agent.

Treatments, Repairs, Replacements and Reviews. The Treatments forTermites and/or other Wood Destroing Insects provision [C1] specicallyaddresses the treatment of Termites and/or other WoodDestroyingInsectsThe Buyer, during the time period stated in the Contract, is required to havethe Property inspected for Termites and/or other wood destroying insects. Anyrepairs caused by termites or other wood destroying insects are addressed in theTreatments, Repairs, Replacements, and Reviews provision of the Contract.

TheTreatments, Repairs, Replacements and Reviewsprovision [C2] addresses

what the Buyer should do if the Buyer [based on inspections] determines thatitems need to be treated repaired and/or replaced due to their not being in


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Expiration of Buers Right to Cancel Contract [D] provision contains severaimportant notices to the Buyer:

If the Buyer fails to perform Investigations, Inspections and Reviewsor fails to deliver a written list of items to be treated, repaired andreplaced or cancel the Contract within the time period as specied in

the Contract, the Buyer forfeits the right to cancel the Contract andaccepts the Property in its condition regardless of its condition.

Failure of the Buyer to obtain hazard insurance coverage on theProperty within the time period as specied in the Contract shall notrelieve the Buyer of the obligation to close the transaction. The Buyeis required to check into the availability and costs of coverage duringthe time period specied in the Contract (7A). In the event hazard

insurance coverage is unavailable, or too costly to the Buyer, the Buyemay cancel the Contract under Provision (7C2) within the appropriatetime period.

The Buyer cannot cancel the Contract after the time periods haveexpired as stated in the Contract if Buyer determines that the squarefootage calculation is different than previously stated. The Buyer isrequired to check into the square footage of the Property during the

time period as specied in the Contract (7A). If the Buyer has issueswith square footage, the Buyer may cancel the Contract under Provision(7C2) within the appropriate time period.

Inspection of Treatments, Repairs and Replacements and Final Walk-

Through. The Contract allows the Buyer to inspect the Treatments,Repairsand Replacements [E] made to the Property, and the Buyer may performa finalwalk-through regarding the overall condition of the Property prior toClosing. The Buyer shall pay for any cost incurred for any re-inspection, unlessprohibited by the mortgage lender.

Upon Closing Abstract Shall Become Propert of Buer. [F]

Risk of Loss [8] provision states that prior to transfer of Title or transfer oPossession, the risk of loss to the Property, shall be on the Seller; after transfeof Title or transfer of Possession, the risk of loss shall be on the Buyer.

Acceptance of Propert [9] provision states, unless otherwise agreed to inriting once the B er accepts title or takes possession of the Propert the


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may be available from a builder on new construction, manufacturer of a newproduct or a Residential Service Agreement [12] purchased by the Buyer oSeller for a limited time after the Closing.

Title Evidence [10] this provision outlines the Sellers and the Buyers Expenses and time requirements for the parties. To accomplish this, the Selle

must make the AbstractofTitle available to the Title Closing Company so theabstract can be brought up to date. Buyer, at Buyers expense, may obtain anAttorneysTitleOpinion or a Commitment for issuance of a Title InsurancePolicy.

There are two types of Title Insurance policies a Lenders Policy and a Buyers(Owners) Policy. In most nanced transactions, Title Insurance is requiredby the Lender (Lenders Policy) to cover the lenders loan. The Lenders Title

Insurance does not protect the Buyer, even though the Buyer pays the titleinsurance premium. It is recommended that the Buyer, while purchasing theportion to protect the Lender also purchase the portion that protects the BuyerThe Owners Title Policy for the Buyer costs very little more.

Land or Boundar Pin Stake Surve. Buyer can pay for a PinStakeSur-vey instead of the Seller paying for and providing the Buyer with a MortgageInspection Certicate; however, the Buyer must initial the space provided in

the Contract. A Pin Stake Survey is more expense and seldom used in todaysplatted residential real estate transactions. Note: A Pin Stake Survey showsboundaries of the Property with physically located stakes.

Buer to Examine Title Evidence. Buyer may have it examined by an attorneywho will render an Attorneys Title Opinion, or Buyer may obtain a Title Insur-ance Policy, or both.

Seller to Correct Issues with Title, Possible Closing Dela. The Seller is tomake reasonable efforts to cure title defects that have been identied. This maycause the Closing Date to be extended as referenced in the Contract. Itemssuch as utility easements serving the property, building and use restrictions orecord, set back and building lines (unless the structure extends beyond thelines), zoning regulations, and reserved and severed mineral rights, are noconsidered objections to the Title.

Taxes, Assessments and Pro-rations. [11] The day of Closing shall be theresponsibility of the Seller.


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a fee for the referral and processing of a Residential Service Agreement andis required to notify all parties in writing in regard to the referral. The Buyer isadvised that the limited home warranty does not replace or substitute the property inspection rights the Buyer has and the Buyer is encouraged to perform alinspections.

Additional Provisions. [13] Allows the Buyer to address items of particulainterest that are not already addressed in the Contract.

Mediation. [14] If a Dispute arises regarding the Contract the Dispute shall besubmitted to anAlternativeDisputeResolutionSystem available in the countywherein the Property is located. Any Settlement Agreementshall be bindingIn the event an agreement is not reached between the parties, the parties maypursue legal remedies as provided by the Contract. If the parties are unable to

locate a system in the area, the parties can call the Early Settlement Programunder the jurisdiction of the Oklahoma Supreme Court at 1-877-521-6677 orwww.oscn.net and click on Alternative Dispute Resolution in the left margin.

Breach and Failure to Close. [15] If a Breach of Contract occurs by eitheparty, the prevailing party shall have remedies as stated in the Contract.

Incurred Expenses and Release of Earnest Mone. [16] This provision

states that the Seller and Buyer, respectively, are responsible for any expensesincurred on their behalf and such shall be paid by the party incurring the expense and shall not be paid from the Earnest Money Deposit. The EarnesMoney shall be disbursed in accordance with the Contract.

Deliver of Acceptance of Offer or Counteroffer. [17] The parties authorizetheir respective Brokers to accept delivery of acceptance of the offer or coun-teroffer.

Execution B Parties. [18] The date when parties sign the Contract.

Termination of Offer states the date and time when the Buyers Offer will terminate.

Earnest Mone Receipt and Broker Acceptance section contains the amounof money the Buyer pays as an Earnest Money Deposit when making an Offer. Thedeposit will be held by the Listing Broker unless otherwise stated in the Contract[ nder Pro ision 2 ]


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Additional Information Pertaining to the Contract

Allowable and non-allowable closing costs on government loans:Allowable closing costs on FHA loan that may be paid by either the Buyer or theSeller include origination fee, appraisal fee, credit report, amortization scheduleclosing title company fee, title insurance, survey or mortgage inspection certi

cate, recording fees, mortgage certication, pest inspection, ood certicationhome inspection and mortgage tax. The Buyer is required to have a 3% cashinvestment in the property. It is allowed for the Seller to pay all of the prepaids(interest to the end of the month, hazard insurance policy, ood insurance, escrows for insurance, taxes); however this does not affect the down paymentThe Seller concessions are limited to a total of 6% of the sales price on all theitems mentioned above.

On a VA loan either the Buyer or Seller may pay the closing costs detailedabove except the Seller must pay all of the title company closing fee, termitecerticate, amortization schedule, photos taken by the appraiser and any -nal inspection by appraiser. Seller could not pay any down payment if veterandecided to obtain less than a 100% loan. On the VA loan, the Seller may payeverything including some other concessions which lender should advise.

Non-allowables (expenses the Buyer cannot pay on a VA loan), include a na

inspection fee, if appraiser must come back to the property to verify repairsmade, or fees the lender charges such as documentation fees, processing feestax service, etc. If a Seller agrees to pay funds toward closing for Buyer underFHA, funds go to prepaids rst then to allowables.

Due to January, 2006 changes in Buyers closing costs on FHA loans, Buyersformer non-allowable closing costs may be paid by the Buyer or negotiated between the Buyer and Seller except, the Seller must pay the tax service fee. Buyer may seek the advice of the lender on other costs regarding these changes.

The Buyer, obtaining a government loan, is not allowed to pay transaction feesor commissions to the broker assisting them in the transaction.

Broker Relationship Disclosure:

Written Disclosure Required that Describes Transaction Brokers Role

[TB] to the Part. Prior to the signing by a party of a contract to purchaselease, option or exchange real estate, a broker who is performing services as

a transaction broker without a written brokerage agreement shall describe anddisclose in writing the brokers role to the party Note: Transaction brokerage


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Written Brokerage Agreement Shall Disclose Relationship to Part. Prioto entering into a written brokerage agreement as either a transaction broker osingle-party broker, the broker shall describe and disclose in writing the brokersrelationship to the party.

Vicarious Liabilit. A broker assisting a party as a transaction broker shal

disclose to the party that the party is not vicariously liable for the acts of thetransaction broker. However, a broker assisting a party as a single-party brokeshall disclose to the party that the party may be vicariously liable for the acts othe single-party broker.

Transaction Broker and/or Single-Part Broker. A broker can assist a partyin a transaction as a transaction broker or a single-party broker. A broker cannot assist both parties in a transaction as a single-party broker. If a broker as

sists both parties in a transaction, the broker must provide services to at leasone party or both parties as a transaction broker.

In-House Transactions. If a broker provided services to a party [Seller] in a reaestate transaction as a single-party broker; and thereafter, another associate inthe rm provided services to a party [prospective Buyer] as a single-party brokerthen the broker shall obtain the consent of both parties to change the relationship[from single-party broker relationship] to assist at least one or both parties unde

a transaction broker relationship. Title 59, Section 858-355 addresses this situation and requires specic written disclosures to be given to both parties before thebroker begins to perform services as a transaction broker to either one or both othe parties and the Single-Party Broker Disclosure Form includes this disclosureHowever, in the event a broker assists one party as a single-party broker and theother party as a transaction broker, an additional form is required to be completedand is titled TB for One Party SP for Other.

Condential Information. Certain information as stated in Title 59, Section858-357 shall be considered condential and shall not be disclosed by a broker1) without the consent of the party disclosing the information unless consent todisclosure is granted by the party disclosing the information; 2) the disclosure isrequired by law; or 3) the information is made public or becomes public from asource other than the broker.

Brokers Compensation. The brokers compensation is a matter of negotiation between the Broker and Buyer or Seller, and is not xed, controlled, recom

mended or maintained by the Oklahoma Real Estate Commission.


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1. The Buyer must be in the process of making a bona de offer.2. The real estate Licensee must receive a request in writing from the

Buyer.3. The Buyers written request must state that such factor is important to

the decision of the Buyer.4. The real estate Licensee shall make inquiry of the owner by submitting

the written request to the owner.5. With the consent of the Seller, the real estate Licensee will furnish the

Sellers response to the Buyer or Buyers Broker.6. If the Seller refuses to furnish the information requested, Sellers Broke

shall so advise the Buyer or Buyers Broker.7. If the Buyer is requesting information concerning Acquired Immune De

ciency Syndrome (AIDS) disease which falls under the privacy lawsthe information can only be obtained in accordance with the Public

Health and Safety Statute, Title 63, O.S., 1992, Section I-502.2A.Termites and other Wood Destroing Insects. FHA Financing - HUD requiresform NPMA-33 Wood Destroying Insect Infestation Inspection Report for alinspections performed on existing construction. The form is valid for 90 daysfrom the date of the inspection and is required on all single-family propertieswhere termite inspections are required. VA Financing - A termite inspectionreport (VA Form 26-8850) is required on all existing construction (in applicableareas) and must state that there is no evidence of active infestation. If there is

evidence of active infestation or evidence of prior termite damage, the propertymust be treated and/or the damage repaired prior to loan closing. If the termitereport indicates possible structural damage or if appraiser makes a requirementa structural inspection should be required.

The Real Estate Settlement Procedures Act (RESPA) is a consumer protectionstatute, rst passed in 1974. The purposes of RESPA are to help: 1) consumersbecome better shoppers for settlement services; and 2) to eliminate kickbacks

and referral fees that unnecessarily increase the costs of certain settlemenservices.

Details about RESPA - Corresponding with the above purposes:

1. RESPA requires that borrowers receive disclosures at various times. Some disclosures spell out the costs associated with the settlement, outline lender servicing andescrow account practices and describe business relationships between settlemenservice providers.

2. RESPA also prohibits certain practices that increase the cost of settlement


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hibits home Sellers from requiring home Buyers to purchase title insurance froma particular company.

RESPA in General - RESPA covers loans secured with a mortgage placed on aone-to-four family residential property. These include most purchase loans, assumptions, renances, property improvement loans, and equity lines of credit

HUDs Ofce of RESPA and Interstate Land Sales is responsible for enforcingRESPA.

RESPA required disclosures At the time of loan application - When borrowers apply for a mortgage loan, mortgage brokers and/or lenders must give theborrowers:

a Special Information Booklet, which contains consumer information regarding various real estate settlement services. (Required for purchasetransactions only) and

a Good Faith Estimate (GFE) of settlement costs, which lists the charges the Buyer is likely to pay at settlement. This is only an estimate andthe actual charges may differ. If a lender requires the borrower to usea particular settlement provider, then the lender must disclose this requirement on the GFE.

a Mortgage Servicing Disclosure Statement, which discloses to the borrower whether the lender intends to service the loan or transfer it toanother lender. It also provides information about complaint resolution

If the borrowers dont get these documents at the time of application, thelender must mail them within three business days of receiving the loan application.

If the lender turns down the loan within three das, however, then RESPA

does not require the lender to provide these documents. For more informationregarding RESPA requirements, please go to www.hud.gov.


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GLOSSARy OF TERMS

Abstract of TitleA recorded history of a piece of land (accumulation of recordeddocuments) usually prepared for a mortgagee or purchaser of real propertysummarizing the history of a piece of land, including all recorded conveyancesinterests, liens, and encumbrances that affect title to the property.

Attorne Title OpinionA legal opinion on the state of title for a given pieceof real property, usually describing whether the title is clear and marketable owhether it is encumbered.Ad Valorem TaxesProperty taxes are ad valorem taxes; taxes that are leviedannually according to the value of property.Alternative Dispute Resolution SstemThe Alternative Dispute ResolutionSystem in Oklahoma is currently made up of twelve community-based mediationcenters and eleven programs developed by state agencies. This system, whichwas authorized (1983) and funded (1985) by the state legislature through theOklahoma Dispute Resolution Act, 12 O.S. Supp. 1997, Section 1801 et seq., isadministered and supervised by the Administrative Director of the Courts (ADC)The purpose of the system, as stated in the Act is to provide to all citizens ofthis state convenient access to dispute resolution proceedings which are faireffective, inexpensive, and expeditious. The Act also anticipates that such proceedings can also help alleviate the backlog of cases which burden the judiciasystem in this state. To locate a system in your area go to www.oscn.net .AppurtenancesA right, privilege, or improvement belonging to and passing

with a principal property, i.e., easement, a right-of-way, etc.Breach of ContractViolation of a contractual obligation, either by failing toperform ones own promise or by interfering with another partys performance.Broker Relationship ActBecame effective November 1, 2000 and describesthe relationships a broker can enter into with the client or customer. You canlocate the Act at www.orec.ok.gov, and click on Publications.Built in AppliancesAre appliances wherein normally a structure surroundsmultiple sides of such and includes slide-in ranges.

CertiedAuthenticated or veried in writing; attested as being true or asmeeting certain criteria.ClosingIn real estate, the nal transaction between the Buyer and Sellerwhereby the conveying documents are concluded and the money and propertyare transferred, unless otherwise agreed to by the parties.Closing DateA date agreed upon by the parties to the Contract to close thetransaction.Comparable Market Analsis (CMA)Prior to selling or purchasing real es

tate the Seller or Buyer may engage the services of a real estate licensee whowill render a CMA giving the Seller or Buyer an idea of the value of the propertyC


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Conditional Loan ApprovalA letter whereby a nancial institution advis-es that the applicant has made application for pre-approval of a loan amounand based on information, i.e., pay stubs, bank statements, credit report, etc.the institution indicates that the applicant is pre-approved for a particular loanamount.ContractAn agreement between two or more parties creating obligations tha

are enforceable or otherwise recognizable at law.CounterofferA partys new offer that varies in terms from the original offeand therefore modies the original offer.CounterpartsOne of two or more copies or duplicates of a legal instrumentthat may be executed by a party, each of which may be considered an originalDeedA written instrument by which title to land is conveyed. At common lawany written instrument that is signed, sealed, and delivered and that conveyssome interest in real property. There are various types of Deeds, i.e., Genera

Warranty Deed, Special Warranty Deed, Quitclaim Deed and others. Each isunique and has different provisions.Deliver of DeedDelivery and acceptance is required; a Deed should be recorded at the county clerks ofce.Earnest MoneA deposit paid (usu. in escrow) by a prospective Buyer (espof real estate) to show a good-faith intention to complete the transaction, and ordinarily forfeited if the Buyer defaults. Although earnest money has traditionallybeen a nominal sum (such as a nickel or a dollar) used in the sale of goods, it is

not a mere token in the real estate context; it may amount to many thousandsof dollars. As used in this Contract, Earnest Money shall also mean an item ovalue.Escrow HolderThe holder of such a document, property, or deposit; a thirdparty depositary of an escrow.Estimated Expenses of Transaction (Net to Seller/Cost to Buer)TheFederal Real Estate Settlement Procedures Act requires a Seller and Buyer tobe informed of costs in connection with obtaining nancing on the purchase ofreal property.ExecutedA document that has been signed.Expiration of OfferThe date on which an offer or the like ceases to exist.FencesInclude chain link, stockade, metal, electrical, includes sub-surfaceelectric andcomponents, etc.Final Walk ThroughThe right given to a Buyer to re-inspect the property jusprior to Closing.FixturesPersonal property that is attached to land or a building and that isregarded as an immoveable part of the real property, such as a replace buil

into a home.FoundationA fund established for charitable educational religious research


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which should be recorded in the County where the property resides. Furthereach property owner is assessed an amount of money determined by the As-sociation in its bylaws.Homeowners Association-Special AssessmentDues - The assessmenof a tax on property to maintain property in an association and/or to make im-provements to such property.

HUD-1 Settlement StatementThe HUD-1 Settlement Statement is a standard form that clearly shows all charges imposed on borrowers and Sellersin connection with the settlement. RESPA allows the borrower to request tosee the HUD-1 Settlement Statement one day before the actual settlementThe settlement agent must then provide the borrowers with a completed HUD-1Settlement Statement based on information known to the agent at that time.ImprovementsAn addition to real property that increases its value or utility othat enhances its appearance.

LeaseA contract by which a rightful possessor of real property conveys theright to use and occupy that property in exchange for consideration, usu. rent.Legal DescriptionA formal description of real property, including a descrip-tion of any part subject to an easement or reservation, complete enough that aparticular piece of land can be located and identied. The description can bemade by reference to a government survey, metes and bounds, or lot numbeof a recorded plat.Lender Required DocumentsDocuments the lender may require prior to

processing the loan.Liquidated DamagesThis law can be found in Title 15, O.S., Section 215State law indicates that a provision in a real estate sales contract, providing fothe payment for damages in the event damages are sustained by a breach ofthe contract, shall be limited to ve percent (5%) of the purchase price.Listing BrokerA broker licensed by the Oklahoma Real Estate Commissionand who has entered into a brokerage agreement with the Seller to list theirproperty for sale.Mechanic LiensA statutory lien that secures payment for labor or materialssupplied for improvements to real property such as a building. It is also termedas laborers lien (for labor) and materialmans lien (for materials.)MediationThe act or process of bringing about a resolution; wherein an un-biased third-party assists the parties [which are in conict] and promotes orencourages a solution to the conict that both parties can agree to.MortgageeA person to whom property is mortgaged.Mortgage Inspection CerticateMeans a representation of the boundariesof a parcel of real property and the improvements thereon and shall not be

designated as or construed as being a land or boundary survey.Mortgagees (Lender) Title PolicA title policy designed to protect the inter


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of RESPA and Interstate Land Sales is responsible for enforcing RESPA.Repair CapThe amount a Seller agrees to pay towards treatments, repairsand/or replacements in connection with the sales contract.Residential Propert Condition Disclaimer Statement FormSellersstatement that: 1) they are unaware of any defect on the property; 2) they haveno knowledge about the condition of the property; and 3) they have never lived

in the property.Residential Propert Condition Disclosure Statement FormSeller is required to disclose knowledge and information regarding the condition of theproperty. This form is to be given to the Buyer prior to the Seller accepting theBuyers offer to purchase.Residential Service AgreementA service agreement that covers a home foa period of time against items listed in the policy.Selling BrokerA broker who is licensed by the Oklahoma Real Estate Com

mission and has entered into a broker relationship with the Buyer.Securit DepositsFunds paid in advance by a person who is leasing reaproperty to guarantee the performance of an obligation.Special Assessments and DuesMoney assessed to property owners withina homeowners association to improve and maintain common areas.Special Tax AssessmentA tax levied for a unique purpose.Specic PerformanceA court-ordered remedy that require precise fulllmenof a legal or contractual obligation when monetary damages are inappropri-

ate or inadequate, as when the sale of real estate or a rare article is involvedSpecic performance is an equitable remedy that lies within the courts discretion to award whenever the common-law remedy is insufcient, either becausedamages would be inadequate or because the damages could not possibly beestablished.Square FootageSquare footage measurements of a dwelling can vary froma few feet to several hundred feet regardless of source (County Assessors records, appraisal or appraisal measurement report, etc.). Buyer shall satisfy thathe size and/or square footage of the dwelling is acceptable to the Buyer.Sub-Surface, Mineral and Water RightsThe right to search for, developand remove minerals from land or to receive a royalty based on the productionof minerals. Such a right is usually granted by a sub-surface, mineral and waterights lease that is entered into between the owner and company desiring tolease the rights.TermitesAny of numerous pale-colored soft-bodied insects that live in colonies consisting of winged or wingless forms that feed on wood, and are verydestructive to wooden structures and trees.

Time Reference DateThe date on which a contract or other instrumenbecomes enforceable or otherwise takes effect which sometimes differs from


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Title Insurance Commitment and Polic - A comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances thereonTrust AccountAn account held by a real estate broker to deposit items (mon-ies or other valuables of others) held in regard to the real estate transaction.Utilit DistrictsPrivate utility companies that provide service to local resi

dents wherein no public service is available.Warrant DeedA deed containing one or more covenants of title; especiallya deed that expressly guarantees the grantors good, clear title and that con-tains covenants concerning the quality of title, including warranties of seisinquite enjoyment, right to convey, freedom from encumbrances, and defense otitle against all claims.Wood Destroing InsectsInsects, other than termites, which damage or destroy wood or other cellulose materials, including but not limited to carpente

ants, carpenter bees, powder post beetles. This term shall not include othefungi which inhabit but do not damage or destroy wood or other cellulose materials, health hazard molds, or stain fungi.Wood Infestation ReportA document issued which contains statements ocertications as to the presence or absence of termites and other wood destroying insects, and the presence or absence of damage. The Wood InfestationReport does not include a bid or proposal for treatment.

A person completing a Wood Infestation Report must be certied or licensedand is under the jurisdiction of the Oklahoma Agricultural Department (wwwoda.state.ok.us). Each report prepared must be in compliance with the standards set by the Department. A person performing an inspection must be a certied applicator or a certied service technician; any person issuing such repormust be certied in structural pest control. The business responsible for theWood Inspection Report must have a current license in structural pest control.


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ProtectYourFamily

FromLead In

YourHome

United StatesEnvironmentalProtection Agency

United StatesConsumer Product

Safety Commission


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IMPORTANT!

Lead From Paint, Dust, andSoil Can Be Dangerous If Not

Managed Properly

FACT: Lead exposure can harm young

children and babies even before they

are born.

FACT: Even children who seem healthy can

have high levels of lead in their bodies.

FACT: People can get lead in their bodies by

breathing or swallowing lead dust, or byeating soil or paint chips containing

lead.

FACT: People have many options for reducing

lead hazards. In most cases, lead-based

paint that is in good condition is not a

hazard.FACT: Removing lead-based paint improperly

can increase the danger to your family.

If you think your home might have leadhazards, read this pamphlet to learn some

simple steps to protect your family.


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People can get lead in their body if they: Breathe in lead dust (especially during

renovations that disturb paintedsurfaces).

Put their hands or other objectscovered with lead dust in their mouths.

Eat paint chips or soil that contains

lead.

Lead is even more dangerous to childrenunder the age of 6:

At this age childrens brains and nervoussystems are more sensitive to the dam-aging effects of lead.

Childrens growing bodies absorb morelead.

Babies and young children often puttheir hands and other objects in theirmouths. These objects can have leaddust on them.

Lead is also dangerous to women ofchildbearing age:

Women with a high lead level in theirsystem prior to pregnancy would exposea fetus to lead through the placentaduring fetal development.

Lead Gets in the Body in Many Ways

Childhoodleadpoisoningremains amajorenvironmen-

tal healthproblem inthe U.S.

Even childrenwho appearhealthy canhave danger-ous levels oflead in theirbodies.


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Leads Effects

It is important to know that even exposureto low levels of lead can severely harm

children.

In children, lead can cause:

Nervous system and kidney damage.

Slowed

Growth

Hearing

Problem

Brain or Nerve Damage Learning disabilities, attention deficitdisorder, and decreased intelligence.

Speech, language, and behavior

problems. Poor muscle coordination.

Decreased muscle and bone growth.

Hearing damage.

While low-lead exposure is mostcommon, exposure to high levels of

lead can have devastating effects onchildren, including seizures, unconsciousness, and, in some cases, death.

Although children are especiallysusceptible to lead exposure, leadcan be dangerous for adults too.

Digestive

In adults, lead can cause: Problems

Increased chance of illness during ReproductiveProblemspregnancy. (Adults)

Harm to a fetus, including braindamage or death. Lead affects

Fertility problems (in men and women). the body in

High blood pressure.many ways.

Digestive problems.

Nerve disorders.


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Where Lead-Based Paint Is Found

In general, Many homes built before 1978 have leadbased paint. The federal governmentthe older your banned lead-based paint from housing inhome, the 1978. Some states stopped its use evenmore likely it earlier. Lead can be found:has lead- In homes in the city, country, or suburbs.based paint. In apartments, single-family homes, and

both private and public housing. Inside and outside of the house.

In soil around a home. (Soil can pick uplead from exterior paint or other sourcessuch as past use of leaded gas in cars.)

Checking Your Family for Lead

Get yourchildren andhome testedif you thinkyour home

has high levels of lead.

To reduce your child's exposure to lead,get your child checked, have your hometested (especially if your home has paintin poor condition and was built before1978), and fix any hazards you may have.Children's blood lead levels tend to increaserapidly from 6 to 12 months of age, and

tend to peak at 18 to 24 months of age.Consult your doctor for advice on testingyour children. A simple blood test candetect high levels of lead. Blood tests areusually recommended for:

Children at ages 1 and 2.

Children or other family members whohave been exposed to high levels of lead.


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Identifying Lead Hazards

Lead-based paint is usually not a hazard ifit is in good condition, and it is not on an Lead fromimpact or friction surface, like a window. It paint chips,is defined by the federal government as which youpaint with lead levels greater than or equalto 1.0 milligram per square centimeter, or can see, and

more than 0.5% by weight. lead dust,

Deteriorating lead-based paint (peeling, which you

chipping, chalking, cracking or damaged) cant alwaysis a hazard and needs immediate attention. see, can bothIt may also be a hazard when found on sur be seriousfaces that children can chew or that get a hazards.lot of wear-and-tear, such as:

Windows and window sills.

Doors and door frames.

Stairs, railings, banisters, and porches.

Lead dust can form when lead-based paint is scraped, sanded, orheated. Dust also forms when painted surfaces bump or rub together. Lead chips and dust can get on surfaces and objects that peopletouch. Settled lead dust can re-enter the air when people vacuum,sweep, or walk through it. The following two federal standards havebeen set for lead hazards in dust:

40 micrograms per square foot (g/ft2) and higher for floors,including carpeted floors.

250 g/ft2 and higher for interior window sills.

Lead in soil can be a hazard when children play in bare soil orwhen people bring soil into the house on their shoes. The followingtwo federal standards have been set for lead hazards in residentialsoil:

400 parts per million (ppm) and higher in play areas of bare soil.


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Checking Your Home for Lead

Just knowingthat a homehas leadbased paintmay not tellyou if there

is a hazard.

You can get your home tested for lead inseveral different ways:

A paint inspection tells you whether yourhome has lead-based paint and where itis located. It wont tell you whether or notyour home currently has lead hazards.

Arisk assessment tells you if your home

currently has any lead hazards from leadin paint, dust, or soil. It also tells you whatactions to take to address any hazards.

A combination risk assessment andinspection tells you if your home hasany lead hazards and if your home hasany lead-based paint, and where thelead-based paint is located.

Hire a trained and certified testing professional who will use a range of reliablemethods when testing your home.

Visual inspection of paint conditionand location.

A portable x-ray fluorescence (XRF)machine.

Lab tests of paint, dust, and soilsamples.

There are state and federal programs inplace to ensure that testing is done safely,reliably, and effectively. Contact your stateor local agency (see bottom of page 11) formore information, or call 1-800-424-LEAD

(5323) for a list of contacts in your area.


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If you suspect that your house has leadhazards, you can take some immediatesteps to reduce your familys risk:

If you rent, notify your landlord ofpeeling or chipping paint.

Clean up paint chips immediately.

Clean floors, window frames, window

sills, and other surfaces weekly. Use amop or sponge with warm water and ageneral all-purpose cleaner or a cleanermade specifically for lead. REMEMBER:NEVER MIX AMMONIA AND BLEACHPRODUCTS TOGETHER SINCE THEYCAN FORM A DANGEROUS GAS.

Thoroughly rinse sponges and mopheads after cleaning dirty or dustyareas.

Wash childrens hands often, especial-ly before they eat and before nap timeand bed time.

Keep play areas clean.Wash bottles,pacifiers, toys, and stuffed animalsregularly.

Keep children from chewing windowsills or other painted surfaces.

Clean or remove shoes beforeentering your home to avoidtracking in lead from soil.

Make sure children eatnutritious, low-fat meals high

What You Can Do Now To ProtectYour Family


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Reducing Lead Hazards In The Home

Removingleadimproperlycan increasethe hazard toyour family

by spreadingeven morelead dustaround thehouse.

Always use a

professional whois trained toremove leadhazards safely.

In addition to day-to-day cleaning and goodnutrition:

You can temporarily reduce lead hazardsby taking actions such as repairing damaged painted surfaces and planting grassto cover soil with high lead levels. Theseactions (called interim controls) are notpermanent solutions and will need ongo

ing attention.

To permanently remove lead hazards,you should hire a certified lead abatement contractor. Abatement (or permanent hazard elimination) methodsinclude removing, sealing, or enclosinglead-based paint with special materials.

Just painting over the hazard with regularpaint is not permanent removal.

Always hire a person with special trainingfor correcting lead problemssomeonewho knows how to do this work safely andhas the proper equipment to clean upthoroughly. Certified contractors will employqualified workers and follow strict safety

rules as set by their state or by the federalgovernment.

Once the work is completed, dust cleanupactivities must be repeated until testingindicates that lead dust levels are below thefollowing:

40 micrograms per square foot (g/ft2)

for floors, including carpeted floors;

250 /ft2 f i t i i d ill d


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Remodeling or Renovating a Home WithLead-Based Paint

Take precautions before your contractor oryou begin remodeling or renovating anything that disturbs painted surfaces (suchas scraping off paint or tearing out walls):

Have the area tested for lead-basedpaint.

Do not use a belt-sander, propanetorch, high temperature heat gun, dryscraper, or dry sandpaper to removelead-based paint. These actions createlarge amounts of lead dust and fumes.Lead dust can remain in your homelong after the work is done.

Temporarily move your family (especially children and pregnant women)

out of the apartment or house untilthe work is done and the area is properly cleaned. If you cant move yourfamily, at least completely seal off thework area.

Follow other safety measures toreduce lead hazards.You can find outabout other safety measures by calling

Reducing Lead Hazards When

explains what to do before, during,and after renovations.

If you have already completed renova

tions or remodeling that could have

released lead-based paint or dust, getyour young children tested and follow

1-800-424-LEAD. Ask for the brochure

Remodeling Your Home. This brochure

If notconductedproperly,certain typesof renovations canrelease leadfrom paintand dust intothe air.


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Other Sources of Lead

While paint, dust,and soil are themost commonsources of lead,other leadsources also exist.

Drinking water.Your home might haveplumbing with lead or lead solder. Callyour local health department or watersupplier to find out about testing yourwater. You cannot see, smell, or tastelead, and boiling your water will not getrid of lead. If you think your plumbing

might have lead in it: Use only cold water for drinking and

cooking.

Run water for 15 to 30 secondsbefore drinking it, especially if youhave not used your water for a fewhours.

The job. If you work with lead, youcould bring it home on your hands orclothes. Shower and change clothesbefore coming home. Launder your workclothes separately from the rest of yourfamilys clothes.

Old painted toys and furniture.

Food and liquids stored in lead crystalor lead-glazed pottery or porcelain.

Lead smelters or other industries thatrelease lead into the air.

Hobbies that use lead, such as makingpottery or stained glass, or refinishingfurniture.

Folk remedies that contain lead, such asgreta and azarcon used to treat an


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For More Information

The National Lead Information Center

Call 1-800-424-LEAD (424-5323) to learnhow to protect children from lead poisoningand for other information on lead hazards.To access lead information via the web, visitwww.epa.gov/lead andwww.hud.gov/offices/lead/.

EPAs Safe Drinking Water Hotline

Call 1-800-426-4791 for information aboutlead in drinking water.

Consumer Product SafetyCommission (CPSC) Hotline

To request information on lead inconsumer products, or to report an

unsafe consumer product or a prod-uct-related injury call 1-800-638-2772, or visit CPSC's Web site at:www.cpsc.gov.

Health and Environmental AgenciesSome cities, states, and tribes havetheir own rules for lead-based paintactivities. Check with your local agency to

see which laws apply to you. Most agenciescan also provide information on finding alead abatement firm in your area, and onpossible sources of financial aid for reducinglead hazards. Receive up-to-date addressand phone information for your local contacts on the Internet atwww.epa.gov/leador contact the National Lead Information

Center at 1-800-424-LEAD.


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EPA Regional Offices

Your Regional EPA Office can provide further information regarding regulations and lead protection programs.

EPA Regional Offices

Region 1 (Connecticut, Massachusetts,Maine, New Hampshire, Rhode Island,

Vermont)

Regional Lead ContactU.S. EPA Region 1Suite 1100 (CPT)One Congress StreetBoston, MA 02114-2023 1 (888) 372-7341

Region 2 (New Jersey, New York,Puerto Rico, Virgin Islands)

Regional Lead ContactU.S. EPA Region 22890 Woodbridge AvenueBuilding 209, Mail Stop 225Edison, NJ 08837-3679(732) 321-6671

Region 3 (Delaware, Maryland,Pennsylvania, Virginia, Washington DC,

West Virginia)

Regional Lead ContactU.S. EPA Region 3 (3WC33)1650 Arch Street

Philadelphia, PA 19103(215) 814-5000

Region 4 (Alabama, Florida, Georgia,Kentucky, Mississippi, North Carolina,South Carolina, Tennessee)

Regional Lead ContactU.S. EPA Region 461 Forsyth Street, SW

Atlanta, GA 30303(404) 562-8998

Region 5 (Illinois, Indiana, Michigan,Mi t Ohi Wi i )

Region 6 (Arkansas, Louisiana, NewMexico, Oklahoma, Texas)

Regional Lead ContactU.S. EPA Region 61445 Ross Avenue, 12th FloorDallas, TX 75202-2733(214) 665-7577

Region 7 (Iowa, Kansas, Missouri,Nebraska)

Regional Lead ContactU.S. EPA Region 7(ARTD-RALI)

901 N. 5th StreetKansas City, KS 66101(913) 551-7020

Region 8 (Colorado, Montana, NorthDakota, South Dakota, Utah, Wyoming)

Regional Lead ContactU.S. EPA Region 8999 18th Street, Suite 500Denver, CO 80202-2466(303) 312-6021

Region 9 (Arizona, California, Hawaii,Nevada)

Regional Lead ContactU.S. Region 975 Hawthorne StreetSan Francisco, CA 94105(415) 947-4164

Region 10 (Alaska, Idaho, Oregon,Washington)


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CPSC Regional Offices

Your Regional CPSC Office can provide further information regard

ing regulations and consumer product safety.

Eastern Regional Center Western Regional CenterConsumer Product Safety Commission201 Varick Street, Room 903New York, NY 10014(212) 620-4120

Consumer Product Safety Commission1301 Clay Street, Suite 610-NOakland, CA 94612(510) 637-4050

Central Regional CenterConsumer Product Safety Commission230 South Dearborn Street, Room 2944Chicago, IL 60604(312) 353-8260

HUD Lead Office

Please contact HUD's Office of Healthy Homes and Lead HazardControl for information on lead regulations, outreach efforts, andlead hazard control and research grant programs.

U.S. Department of Housing and Urban DevelopmentOffice of Healthy Homes and Lead Hazard Control

451 Seventh Street, SW, P-3206 Washington, DC 20410(202) 755-1785

This document is in the public domain. It may be reproduced by an individual ororganization without permission. Information provided in this booklet is basedupon current scientific and technical understanding of the issues presented and

is reflective of the jurisdictional boundaries established by the statutes governingthe co-authoring agencies. Following the advice given will not necessarily pro


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If you think your home has highlevels of lead:

Get your young children tested for lead, even if

often.

Get your home checked for lead hazards.

Regularly clean floors, window sills, and othersurfaces.

peeling or chipping paint.

when remodeling or renovating (call 1-800-424-LEAD for guidelines).

painted surfaces that may contain lead.

they seem healthy.

Wash childrens hands, bottles, pacifiers, and toys

Make sure children eat healthy, low-fat foods.

Wipe soil off shoes before entering house.

Talk to your landlord about fixing surfaces with

Take precautions to avoid exposure to lead dust

Dont use a belt-sander, propane torch, high

temperature heat gun, scraper, or sandpaper on

Dont try to remove lead-based paint yourself.

Simple Steps To Protect Your FamilyFrom Lead Hazards


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