Standard Clauses - Oklahoma Real Estate Commission Page 2
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1
2OKLAHOMA REAL ESTATE COMMISSION
STANDARD CLAUSES
(continued)
11.
“As Is” – No Inspection: Buyer acknowledges that Seller, Seller’s agents, Broker(s) and their sales associates are
making no representation or warranty concerning the past or present condition of the Property or any improvements,
components, fixtures, equipment or appliances in or on the Property. In lieu of the provisions of the Contract which
have been stricken, Buyer is purchasing the Property in its present condition subject to any latent and patent,
known or unknown defects. Buyer acknowledges that the absence of any such representation or warranty, the
condition of the Property and the risks assumed by Buyer relating to latent and patent, known or unknown defects have
been taken into account by Buyer in determining the purchase price Buyer is willing to pay for the Property.
12.
Tax-Deferred Exchange 1031: In conformance with Section 1031 of the Internal Revenue Code, it may be the
intention of the Seller or Buyer or both to effect a tax-deferred exchange. Either the Seller or Buyer or both may
assign his/her rights in the contract to a Qualified Intermediary for the purpose of effecting a tax-deferred exchange.
The Parties agree to cooperate and execute the necessary documents to allow either or both Parties to effect such
exchange at no additional cost or liability to the other Party. However, any warranties that may be expressed in this
contract shall remain and be enforceable between the Parties executing this document.
13.
Contract Conditioned on Buyer Securing a Bridge Loan or Second Mortgage: This Contract is conditioned
upon the Buyer being able to obtain acceptable financing in the amount of $ _______________________, within
________________days of the date set forth in the paragraph entitled “Time Periods Specified in Contract” of
the Contract. It is understood that Buyer will apply for financing within forty-eight (48) hours of the date set forth in
paragraph “Time Periods Specified in Contract” of the Contract and will proceed diligently to obtain financing.
14.
Assumption/Release of Liability and Restoration of Entitlement for Seller: The Buyer represents to be a
veteran with VA loan entitlement sufficient to assume the existing VA loan on the Property and agrees to substitute such
entitlement for those of the Seller and to cooperate fully with the Seller and the Veteran’s Administration to obtain a
release of VA loan liability and restoration of VA loan entitlement for the Seller. The Buyer agrees to promptly provide all
information, complete all forms and perform any other acts which may be necessary to accomplish said release
and restoration. This commitment shall survive the Closing of this transaction and is the responsibility of the Buyer,
Seller and the Veteran’s Administration.
15.
Special Conditions of Buyer: Buyer shall have _________________days from the date set forth in
the paragraph entitled “Time Periods Specified in Contract” subject to the following special condition(s):
_______________________________________________________________________________________.
Should the result not be satisfactory to Buyer, Buyer may terminate this Contract by notifying the Seller, in writing, in
care of the Listing Broker, within twenty-four (24) hours of the time periods specified in this paragraph. If Buyer does
not notify Seller prior to said time, then this Contract shall remain in full force and effect.
16.
Mortgage Rate Lock-in: Buyer will secure a commitment of interest rate and discount points, within ____________ days
of the date set forth in the paragraph entitled “Time Periods Specified in Contract” of this Contract, which commitment
shall be guaranteed to be available at Closing by the lender (“locked in”) for a period of ___________________________
days for a fee of ____________% of the loan amount (if applicable), paid by the Buyer.
If “lock in” rate is not obtained by Buyer or the “lock in” fee is not paid by Buyer, and a commitment of interest rate and
discount points is not secured by Buyer, then Buyer agrees that Buyer will close at the prevailing market rates (“float”)
at the time of Closing or be subject to the breach and failure to close provisions of Paragraph ________________.
17.
Seller Reservation of Oil and Gas Mineral Interest: In lieu of the provisions of Paragraph 1 of this Contract
identifying real property to be conveyed, the Seller specifically reserves all oil and gas interest and other mineral
interest associated with oil and gas extraction that the Seller may own as of the date of this Contract.
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
Page 2 of 2
OREC STANDARD CLAUSES (11-2016)
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