A purchase agreement is a written contract between the seller and buyer of a property. An Oklahoma purchase agreement is a legally binding document demonstrating that both parties have come to an agreement on the terms and conditions of the purchase.
The most common type of purchase agreement will be for real estate, both private and commercial properties. The seller must disclose any provisions or conditions relating to the property to the buying party through a disclosure agreement. A purchase agreement is not final but does communicate the intention of both parties to complete the sale under the agreed-upon terms.
The selling entity of a property must provide the following information to the buyer and include it in the purchase agreement:
- The agreed-upon selling price of the property.
- Disclosure of the history of the use of lead-based paint on the property.
- Property disclosure statement listing any knowledge of material defects that affect the performance or safety of the property.
- The seller is also responsible for laying out the purchase’s conditions and limitations, including the time the buyer has to respond and the necessary earnest money.
- Additional information and contract forms can be found on the state of Oklahoma’s website.
- A buyer can rescind their written offer if the disclosure agreement is not provided under Oklahoma law by filing a notice of cancellation.
- A buyer is responsible for responding within the time limit to make a qualifying offer.
- The buyer has the opportunity to make a qualifying counteroffer to the seller based on the agreed-upon terms in the initial purchase agreement.
The state of Oklahoma requires a seller to include the following conditions in their disclosure statement:
- Any problems with plumbing, HVAC, air conditioning, or electrical systems
- Water damage and/or problems with the sewage system.
- Ongoing problems with the use of the land.
- Foundation, roof or walls known structural issues
- Damage resulting from natural disasters, including fires or tornadoes.
- Presence of any hazardous materials
- Prior manufacturing of methamphetamines in the house
After the Seller delivers the disclosure statement to the buyer, they will file an acknowledgment and confirmation of disclosures.
An Oklahoma purchase agreement does not need to be notarized. The seller or agent will draft the purchase agreement and file it with the appropriate office.
To fill out a purchase agreement in the state of Oklahoma, fill the form in with the required information, names of both parties, selling price, date of validity for the price, any necessary statements of disclosure, and enough information about the property or asset in question to make it unambiguous.
The purchase and sale of businesses also require a purchase agreement. A business purchase can take the shape of either an asset purchase or stock purchase, both of which are explained in more detail below.
A business purchase agreement is used to outline the terms and conditions of sale when one party assumes responsibility and ownership of an existing business.
When a buyer only wants to purchase certain aspects of a business, and not the entire operation, an asset purchase agreement is used. The buyer and seller agree on the terms of the sale just like a real estate transaction and specify beyond ambiguity what is being exchanged for what price.
The buyer accepts responsibility for only the assets being exchanged and not the business as a whole.
Buying and selling land works much the same way as purchasing real estate, the only difference being the asset in question is specifically the land itself. The state of Oklahoma has an online database of purchase agreements and templates, including land purchases.
A stock purchase agreement is needed when an individual or company buys all the outstanding stock of an existing company. The purchaser effectively steps into the shoes of the previous owner and inherits all of the assets and liabilities of the company in question.
The stock purchase agreement will outline the details of the transaction and exclude any specific items not part of the purchase.
An earnest money form communicates the buyer’s sincere intention of purchasing the property and helps both parties.