Contracts
In Oklahoma, a buyer and seller agree to modify a signed purchase contract by adding a provision for seller-paid closing costs. This modification must be:
AVerbal confirmation between the parties is sufficient
BIn writing and signed by both parties to be enforceable, as a modification to a real estate contract must meet the same formality requirements as the original contract✓ Correct
CFiled with the county clerk
DApproved by both agents' brokers
Explanation
Modifications to real estate contracts in Oklahoma must be in writing and signed by both parties to be enforceable. A verbal agreement to change contract terms is generally unenforceable due to the statute of frauds and the importance of maintaining a complete written record.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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