Standard Clauses - Oklahoma Real Estate Commission
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1
2OKLAHOMA REAL ESTATE COMMISSION
STANDARD CLAUSES
The information presented herein is not intended or offered as legal advice. These materials have been prepared for
informational purposes only. No person should act or fail to act upon this information without seeking the advice of
an attorney.
1.
Assignment of Escrow Account (No Proration) - Assumption Form Only: In lieu of proration of insurance, taxes
and interest as described in the Taxes, Assessments and Prorations Paragraph of the Contract, the Seller agrees
to transfer the escrow account and assign the existing hazard insurance policy to Buyer at no additional expense to
Buyer. At Closing, the escrow account shall be in an amount deemed sufficient by the lending institution, and, if not,
Seller shall be responsible for the shortages in such account. In the event escrow account has an overage as shown
by the lending institution, the Buyer shall reimburse Seller for said overage at time of Closing.
In the event the existing hazard insurance policy cannot be assigned, Buyer and Seller agree to the
following: Seller agrees to transfer all existing insurance escrow deposits to the Buyer and Buyer, at Buyer’s
expense, agrees to supply an appropriate hazard insurance policy at Closing.
2.
Flood Insurance: The Buyer and Seller understand that the Property is located in a designated flood zone, which may
require Flood Insurance as a condition of financing. If required to do so as a condition to financing this purchase, Buyer
agrees to obtain any requisite flood insurance coverage.
3.
Real Estate Broker or Sales Associate Acquiring or Conveying Interest: The Buyer/Seller acknowledges that the Seller/
Buyer has disclosed he/she holds an Oklahoma Real Estate license, number ________________.
4.
Interest Bearing Account Disclosure Listing Broker’s trust account is an interest bearing account and the interest that accrues
on the Earnest Money Deposit in Listing Broker’s trust account shall be payable to ___________________________________
5.
Disclosure Clause - Member of Family Buying or Selling Property: The Buyer/Seller hereby acknowledges that the Seller/Buyer
is related to or associated with the real estate sales associate (Broker) in the following manner: ____________________________
6.
Inspection of Septic and Water Supply: Within ______________ days after the date set forth in the paragraph entitled
“Time Periods Specified in Contract” of this Contract, Buyer shall have the right to have septic system and well pump,
inclusive of quality and purity of water, inspected by a local health authority. If Buyer has any objection to the conditions
based on the report of the health authority, Buyer shall have the right to cancel and terminate this Contract by delivering
notice in writing, including a copy of health authority report, to Seller, in care of the Listing Broker, not later than
twenty-four (24) hours after expiration of the time specified in this paragraph, in which event earnest money shall be
returned to Buyer and the abstract returned to the Seller. If Buyer fails to have health authority inspection made or to deliver
such notice in the manner specified, Buyer agrees to accept the septic system and well on the Property in the condition
which existed at the expiration of the above stated time period.
7.
Termite Treatment – Additional Costs: Seller agrees to pay cost of termite treatment in the event that active termites
or other wood destroying insects are found, in addition to the amount stated in the Repair Cap.
8.
Review by an Attorney: The Buyer/Seller reserves the right to seek advice from an attorney regarding the terms of this
Contract and to cancel and terminate this Contract by notice in writing, delivered to the Listing Broker, within________
days of the date set forth in the paragraph entitled “Time Periods Specified in Contract” of the Contract. In the event the
Contract is not canceled then all terms shall exist as described in the Contract.
9.
Court Approval of Probate Sale: This Contract is expressly contingent upon the confirmation of this sale by the Probate
Division of the District Court for ____________________________County, Oklahoma. In the event that this Contract
has not been confirmed by said Court within __________________days of the date set forth in the paragraph entitled
“Time Periods Specified in Contract” of this Contract by Seller or such longer period as the Parties shall agree upon in
writing, then this Contract shall be automatically null and void. In such event the abstract shall be returned to Seller and
the earnest money shall be returned to Buyer.
10.
“As Is” Clause - Specified Items (Where space under “Additional Provisions” Paragraph of Contract form permits):
Seller has disclosed to Buyer the existence of certain defects or problems (the “Defects”) relating to the Property as listed
below:
Notwithstanding any other provision of this Contract, neither Seller, Seller’s agents, Broker(s) and their sales
associates shall bear any expense or have any liability for the Defects or any damage or cost resulting there from
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
Page 1 of 2
OREC STANDARD CLAUSES (11-2016)
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