Most real estate agents use standard pre-printed purchase contract forms, filling in the details specific to your purchase terms. These legally-binding documents are used to:
- Set forth the terms of the sale
- Establish the rights and obligations of the parties involved
- Specify what actions will be taken in order to close the sale, and
- Establish time frames for those steps to be completed
While most buyers are usually fully aware of terms regarding price, closing date, and financial arrangements, there is a tendency to overlook much of the rest of the contract. However, since all the contract terms will be binding, it is important to understand what you are agreeing to before signing the contract. Not doing so can be a costly mistake, especially if there are problems or difficulties in the transaction.
When an offer becomes a contract
A purchase contract is created when there is a “meeting of the minds” on all terms—when you and the seller have come to agreement and signed the offer form along with any counter-offers and addenda. Real estate contracts must be in writing; verbal contracts to purchase real estate cannot be enforced.
Some of the items that you may be agreeing to may include:
- What personal property will be included or excluded from the sale.
- Who will pay for required repairs or retrofits.
- What the seller’s disclosure obligations will be.
- What the seller’s obligation to maintain the property will be.
- What the seller is warranting about the property.
- What the buyer’s inspection rights will be.
- What will happen in the event either party does not comply with the contract.
- Whether or not the buyer can get out of the contract upon an attorney review and/or other contingencies.
- What will the parties’ legal rights and attorney fee provisions be in the event of a breach of contract.
Do your homework in advance
It is highly recommended that you read and review the pre-printed forms with your buyer’s representative before you write and sign a purchase offer. That way, once you are ready to present a bona-fide offer, your focus will be on the primary issues of price, terms, and closing date.
Reviewing and understanding the purchase contract form ahead of time can also help you strengthen your negotiating position, protect yourself from incurring unnecessary costs or problems, and gain a better understanding of what you will need to do to conclude the sale.
Quite Quaint Street
• 1 bath, 2 bdrm single story - 
MLS® $79,500 USD - Bring Offers
Lecrones Lazy L, Tulsa - Great Bungalow on quiet quaint street. New Roof- Newer HVAC HWT and outside paint. Second living area could be 3rd bedroom. hardwoods under carpet.
Property information
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Terwilleger Heights, Tulsa - We invite everyone to visit our open house at 2419 S St Louis on May 2 from 2:00 AM to 4:00 AM.
Property information
If you are considering buying a new home within the next year read this article put out by CNNMoney.com. You will need to copy and paste the link below into your browser. If you have difficulty opening the link call my cell and I will make sure you get the link. http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm?postversion=2009021712 Brenda Pooler Chinowth & Cohen Realtors 918-694-3219 (Cell) 866-862-0441 (Fax) Brenda@BrendaPooler.com www.TulsaMidtownHomes.com
Contrary to the mainstream news reports of the real estate markets, Oklahoma real estate solid and still moving higher!
Click to see the Good News of Oklahoma real estate
Format: ???
Duration: --:--
| LOCAL | 1ST QUARTER TOTAL | | 2ND QUARTER TOTAL |
| BOARD | 2008 | | 2008 |
| Homes | Average Price | | Homes | Average Price |
| Sold | | Sold |
| Ada | 99 | $165,141 | | 139 | $104,670 |
| Altus | 73 | $87,433 | | 114 | $101,183 |
| Bartlesville | 137 | $113,219 | | 212 | $136,857 |
| Cushing | 38 | $73,876 | | 28 | $81,674 |
| Duncan | 111 | $100,754 | | 129 | $104,681 |
| Edmond | 639 | $235,950 | | 924 | $249,571 |
| Enid | 211 | $115,685 | | 284 | $124,818 |
| Lawton | 328 | $121,128 | | 368 | $126,813 |
| Muskogee | 166 | $78,275 | | 229 | $96,259 |
| Norman* | 430 | $146,715 | | 678 | $153,362 |
| North Central | 120 | $106,662 | | 102 | $101,391 |
| NE Oklahoma | 193 | $164,604 | | 279 | $147,730 |
| OKC Metro** | 3,634 | $147,758 | | 4,776 | $156,763 |
| Shawnee | 166 | $86,737 | | 236 | $101,637 |
| SE Oklahoma | 148 | $108,976 | | 177 | $116,367 |
| Southern Okla. | 117 | $132,860 | | 134 | $111,356 |
| Stillwater | 123 | $145,977 | | 271 | $151,813 |
| Texoma | 76 | $107,736 | | 113 | $126,801 |
| Greater Tulsa | 2,779 | $151,349 | | 3,515 | $160,826 |
| Western Okla. | 85 | $113,948 | | 91 | $116,235 |
| Woodward | 35 | $109,072 | | 41 | $116,373 |
| TOTAL | 9,708 | $147,411 | | 12,840 | $156,193 |
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
See
Above | 2007 Totals:
52,372 Sold
$149,443 Avg. Price | 2006 Totals:
54,035 Sold
$143,716 Avg. Price | 2005 Totals:
52,216 Sold
$135,950 Avg. Price | 2004 Totals:
47,277 Sold
$126,554 Avg. Price | 2003 Totals:
43,194 Sold
$121,422 Avg. Price | 2002 Totals:
39,069 Sold
$116,298 Avg. Price |
Very Well Maintained Home
• 864 sq. ft., 1 bath, 3 bdrm single story "Adorable Bungalow" - 
MLS® $85,000
Oak Park, Sand Springs - Adorable Bungalow with hardwood fllors throughout. New Central heat and air; fenced back yard. Close to schools, shopping and 15 minutes to downtown Tulsa. Walking distance to Charles Page High School and Ninth Grade Center.
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Relocate America, which offers relocation resources for those on the move, recently selected Tulsa as number 5 on the list of best places to live! Some of the factors used to make the selection were economic growth, education, employment prospects, air and water quality, crime rate and housing options.
Tulsa is the second largest city in Oklahoma and maintains a low unemployment rate. Housing in Tulsa has remained affordable and home prices have continued to appreciate each year in contrast to the national market.
Tulsa is also the home to several universities including branches of OU and OSU, the University of Tulsa, Oral Roberts University, Tulsa Techonology Center and Tulsa Community College. Tulsa has several museums including the Tulsa Air & Space Museum, the Gilcrease Museum, the Philbrook Museum and the Tulsa Zoo & Living Museum.
GTAR Launches “Good Thing You’re in Tulsa” Campaign
Tulsa Business Staff
11/16/2007 The Greater Tulsa Association of Realtors debuts its “Good Thing You’re in Tulsa” campaign today to potential home buyers and sellers to emphasize Tulsa’s strength in the housing market despite the recent mortgage crisis affecting cities nationwide.
Tulsa’s year-to-date average sales price and the median sales price are up more than 5 percent despite a slowdown in total home sales during September, according to the Northeast Oklahoma Real Estate Services multiple listing service data.
“Although the total number of closings in September was about 18 percent below September 2006, sales figures are only 3 percent behind the record-setting pace we experienced in the first nine months of last year,” said Ron Sumner, president of GTAR. “Overall, Tulsa’s housing market remains steady, and we want people to realize that.”
Sumner said GTAR developed the “Good Thing You’re in Tulsa” campaign to communicate this positive news to area residents who may be seeing negative stories about the national housing market. GTAR’s education campaign will continue through next year as GTAR members distribute yard signs, banners and vehicle stickers with the campaign logo in Tulsa and surrounding communities. Information about the campaign and the Tulsa area’s real estate market also is available at www.tulsarealtors.com.
“Homes sales are down in some parts of the country, but the Tulsa area market is strong,” Sumner said. “Our home prices are up, foreclosures are down from 2006, and we’re working to close the gap on the number of year-to-date residential closings.”
An April Money magazine study of the nation’s 100 largest markets ranked
Tulsa second in home appreciation values with a projected 4.3 percent inflation. Even with increasing home values, the city’s average home price of $153,750 ranks far below the national average of $422,343, Sumner said.
The Greater Tulsa Association of Realtors is a not-for-profit professional association dedicated to promoting education, professionalism and ethical standards in order to assist its members to better serve the public and protect the free enterprise system and property rights.