I've done a few posts on Oklahoma Contracts, covering through paragraphs 4 of the standard Oklahoma Contract that has been approved by the Oklahoma Real Estate Commision.
First one - How do we go about placing a property "under contract"
Second one - covering the first three paragraphs of the Oklahoma Uniform Contract
Third one - normal inclusions with a home purchase, if present
There's a concept that most "first time" buyers haven't encountered yet and many seasoned buyers still struggle with and that is the:
TIME PERIODS SPECIFIED (by beginning date) IN CONTRACT.Paragraph 5 of the standard Oklahoma Contract reads this way:
- Time periods for Investigations, Inspections and Reviews and Financing Supplement Agreement
shall commence on ______________________________ (Time Reference Date), regardless of the date the Contract is signed by Buyer and
Seller. The day after the Time Reference Date shall be counted as day one ( )._________________________________________.
The date chosen for your commencing day in paragrpah 5 is very important. All of your inspections, reviews, financing deadlines are given so many days (again you set those number of days but we'll talk about that in the next post).
The day that you put in paragraph 5 is when you can get started with:
- Home inspection
- Termite inspection
- Any system inspections that you want more details than a general home inspection would give you.
- etc.
You want to be prepared to start those when the day chosen arrives. So choose your date carefully. You will want to start as soon after the contract offer termination date as possible, just to get things going so that you can close in a timely manner. You will want to consider if you want to be present during the inspections. You will also want to consider how many of those days are week-end days. If your inspection period starts on a Friday and allows 10 days, it may be difficult to get inspectors there during the week days that are remaining after you count the week-end days out of that 10 days.
Just a "heads up". Think about what date to start, it can matter.
Judi Barrett, Broker, Integrity Real Estate Services
Our Name Says It All.
Southeast Oklahoma - Choctaw and McCurtain Counties
580-212-5946
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