Change Guide
Contract
Oklahoma
Changes to the Contracts and Forms - 2024
Oklahoma Association of Realtors©
Don Lorg – Chairman
Charles McBride
Victoria Caldwell
Angela Tinsley
Scott Ward
Oklahoma Bar Association
Chris Tweedy
Kelly Kinser
Sarah Moore
Oklahoma Real Estate Commission
Don Beach
Martin VanMeter
Rodger Erker
For questions, comments, or suggestions, please contact us at
[email protected]
Oklahoma Real Estate Commission | Change Guide 2024
2
The Contract Form Committee was established by the legislature in 2001, for the
purpose of creating real estate contracts and related addenda for use by real
estate licensees.
The Committee consists of a total of 11 members: three (3) appointed by the
Oklahoma Real Estate Commission; three (3) appointed by the Oklahoma Bar
Association; and five (5) members appointed by the Oklahoma Association of
Realtors.
The current members are as follows:
Residential Sales Contract
04
TABLE OF
CONTENTS
Oklahoma Real Estate Commission | Change Guide 2024
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Residential Property Condition Disclosure Statement
11
Residential Listing Agreement - Exclusive Right to Sell
14
Vacant Lot / Land
15
Legal Description Supplement
19
Farm, Ranch, and Recreational Land Contract
20
Conditioned on Sale - Not Under Contract
25
Property Management and Exclusive Right to Lease
26
Miscellaneous
29
New Forms
34
Back-Up Supplement
27
Buyer Broker Service Agreement
28
4
RESIDENTIAL SALES
CONTRACT
Change #1- Page 2, Paragraph 2
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Updated language to remove default trust
account option, included Buyer’s Broker language, and added
necessary capitalization for specific terms.
5
RESIDENTIAL SALES
CONTRACT
Change #2 - Page 4, Paragraph 7(C)(2)(b)(i)
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Fixed capitalization issue for various terms
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RESIDENTIAL SALES
CONTRACT
Change #3- Page 5, Paragraph 10 (C)
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added language for Title or law exception and
fixed capitalization issue
7
RESIDENTIAL SALES
CONTRACT
Change #4- Page 5, Paragraph 10 (E)
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Fixed capitalization issues and modified
language for release of Earnest Money.
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RESIDENTIAL SALES
CONTRACT
Change #5 - Page 6, Paragraph 16
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Modified language to clarify options, clarified
written notice of termination is required
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RESIDENTIAL SALES
CONTRACT
Change #6- Page 6, Paragraph 17
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Underlined incurred expenses for emphasis,
clarified release of Earnest Money
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RESIDENTIAL SALES
CONTRACT
Change #7 - Page 7, Section 21
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Removed date fields for associate section,
changed to Buyer’s Broker/Associate and Seller’s Broker/Associate
11
RPCD STATEMENT
Change #1 - Page 3
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Combined #19 and #20
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RPCD STATEMENT
Change #2 - Page 2
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added no zoning classification as zoning
option
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RPCD STATEMENT
Change #3 - Page 4
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added “financed fixtures or improvements” to
item #50
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LISTING AGREEMENT -
EXCLUSIVE RIGHT TO SELL
Change #1 - Page 1, Paragraph 3
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Expanded brokerage compensation language to
provide more transparency to consumers with respect to how
commission / compensation will be split between Buyer’s and Seller’s
Broker
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VACANT LOT/LAND
Change #1 - Page 1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Updated name of form for clarity of use
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VACANT LOT/LAND
Change #2 - Page 1, Paragraph 1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Expanded mineral options in land description
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VACANT LOT / LAND
Change #3 - Page 4
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added options for surveys
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VACANT LOT / LAND
Change #4 - Page 2
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added “(if currently in use)” for vacant land
that may not have gas or electric in use for inspections
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LEGAL DESCRIPTION
SUPPLEMENT
Change #1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Changed legal description from blank lines to
blank text box for easy copying and pasting
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FARM, RANCH, AND
RECREATIONAL LAND
Change #1- Page 1, Paragraph 2
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Expanded mineral rights language
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FARM, RANCH, AND
RECREATIONAL LAND
Change #2- Page 1, Paragraph 2
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Updated Improvements and Fixed Accessories
paragraph to include farm & ranch specific items
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Change #3- Page 4, Paragraph 7 (B) & (C)
Previous Version
Summary of Change: Reorganized 7 (C)(3) into 7 (B) and removed
building and use restrictions of record, changed title of 7(B)
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
FARM, RANCH, AND
RECREATIONAL LAND
23
Change #4- Page 6, Paragraph 9(G)
Previous Version
Summary of Change: Updated language in 9(G) from Paragraph 27
to Paragraph 22 to correct reference error
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
FARM, RANCH, AND
RECREATIONAL LAND
24
Change #5- Page 9, Section 31
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Removed Earnest Money Instructions as there
is a separate form available for Earnest Money
FARM, RANCH, AND
RECREATIONAL LAND
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CONDITIONED ON SALE -
NOT UNDER CONTRACT
Change #1, Paragraph 4
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added language for delivery landing on
weekend or holiday in compliance with state law (Title 25 Okla. Stat.
§ 25-82.1)
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PROPERTY MANAGEMENT AND
EXCLUSIVE RIGHT TO LEASE
Change #1 - Page 1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added additional attachment options
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BACK-UP SUPPLEMENT
Change #1 - Page 1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added “if applicable” to removal of termination
condition
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BUYER BROKER SERVICE
AGREEMENT
Change #1 - Page 1
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added “not applicable to VA Purchasers” to be
in compliance with VA lending guidelines
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MISCELLANEOUS
Change #1 - Choice of Law language
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Modified Choice of Law language on the
following contracts: New Home Construction, Vacant Lot / Land,
Commercial Improved, Commercial Land, Farm, Ranch and
Recreational Land
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MISCELLANEOUS
Change #2 - Contract Information Booklet
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Updated name of Contract Information Booklet to
Contract Guide in the following contracts and forms:
Residential Sales Contract
Confirmation and Acknowledgement of Disclosures
Commercial Improved
Commercial Land
Farm Ranch Recreation
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MISCELLANEOUS
Change #3 - Acknowledgement of Disclosures Page
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added Acknowledgement and Confirmation of
Disclosures to the following contracts: New Home Construction, Vacant Lot
/ Land, Commercial Improved, Commercial Land, Farm, Ranch and
Recreational Land
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MISCELLANEOUS
Change #4 - Initial Lines
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added respective initial lines on all contracts
that have multiple pages
32
MISCELLANEOUS
Change #5 - Buyer Affidavit Compliance
Previous Version
Oklahoma Real Estate Commission | Change Guide 2024
Updated Version
Summary of Change: Added Buyer Affidavit Compliance language for
Buyer compliance with 60 O.S § 121 , requires buyers to execute an
affidavit attesting to compliance with state laws on foreign ownership
of property
Added language to:
Residential Sales
Farm, Ranch, and Recreational Land
Vacant Lot / Land
Standard Clauses
New Home Construction
Commercial Forms
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NEW FORMS - BLANK ADDEDNDUM
Preview of New Form:
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created blank addendum to make changes as needed
during transaction
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NEW FORMS - BROKER
COMPENSATION ADDENDUM
Preview of New Form:
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created broker compensation addendum as attachment to
property management contract
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NEW FORMS - DISCLOSURES OF
BROKERAGE DUTIES
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Separated disclosure of brokerage duties into separate
forms for Seller and Buyer for ease of use in digital form systems
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NEW FORMS - CONDITION
REMOVAL NOTIFICATION
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Separated the Condition Removal Notification Form, added
holiday or weekend language for demand removal in compliance
with state law (Title 25 Okla. Stat. § 25-82.1), clarified Buyer language
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NEW FORMS - DISCLOSURE OF BENEFICIAL
INTEREST & FAMILIAL RELATIONSHIP
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created disclosure of beneficial interest and familial
relationship to assist licensees with mandatory written disclosures to
help avoid disciplinary action
39
NEW FORMS - LAND (WITH OR WITHOUT
DWELLING) CONTRACT
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created new land contract for use when selling land with a
dwelling or farm/ranch items
40
NEW FORMS - LAND FINANCING SUPPLEMENT
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created new land financing supplement that includes Farm
Service Agency (FSA) loan information
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NEW FORMS - LISTING AGREEMENT
AMEND / EXTEND
Preview of New Form(s):
Oklahoma Real Estate Commission | Change Guide 2024
Purpose: Created new form for extensions and amendments
to listing agreement