Key Aspects of a Contract for Deed in Oklahoma

Standardized Legal Documents Key Aspects of a Contract for Deed in Oklahoma

Write Your Contract for Deed in Oklahoma the Right Way

Do you want to buy a property in Oklahoma, but you can’t obtain a mortgage due to a bad employment situation or poor credit score? Do you want to sell your house or apartment to a buyer who wants to pay for it in installments? Whichever the case may be, you should consider signing a contract for deed form. If you don’t know how to draft one, we are here to provide a detailed guide.

DoNotPay will explain the pros and cons of this document and teach you which elements your contract for deed in Oklahoma should include. Besides offering valuable info, we can also assist you in writing other legal documents without spending hundreds of dollars on lawyers. Subscribe to DoNotPay and discover how to draw up contracts in under three minutes!

Find Out What a Contract for Deed Is

A contract for deed—also known as a land contract or an installment land contract—is a legally binding document signed between a buyer and a seller of a property. This document is needed if the buyer can’t get a mortgage from a bank, credit union, or any other lenders. The contract allows the buyer to purchase the property by paying monthly installments to the seller.

The buyer can live in the property, but the seller will hold the legal title until the buyer pays off the debt. Once the last installment has been paid, the buyer will obtain the deed to the property.

The Good and the Bad of a Contract for Deed

Before you decide whether a contract for deed is the best solution for your situation, you should be aware of both the pros and cons of this document:

For the BuyerFor the SellerFor the BuyerFor the Seller
  • It’s more affordable than getting a loan
  • You don’t need to qualify for financing to buy a home
  • The interest rates are favorable
  • You can negotiate with the seller
  • The process is super simple
  • The property will stay in your name until the buyer pays the final installment
  • Buyers will be more interested in purchasing your property
  • You’ll pay lower taxes if you sell your property this way
  • You will have a regular monthly income
  • You’ll lose the property if you miss one payment
  • The seller usually determines the payment plan
  • You won’t be the owner of the property until you pay off the debt
  • You might need to waste money on a lawsuit if the buyer fails to pay his or her monthly installment
  • You will probably have to wait a few years before transferring the ownership
  • The buyer could damage the property before defaulting

Which Information Should Your Oklahoma Contract for Deed Address?

Before you sign a contract for deed in Oklahoma, you should check if it covers the following info:

  1. Names, addresses, and phone numbers of both signing parties
  2. Property description, including the:
    1. Address
    2. Square footage
    3. Property use
    4. Property access
  3. The total price of the property
  4. Down payment amount
  5. Installment amounts
  6. Balloon payment terms
  7. Late payment fees and penalties
  8. Interest rate
  9. Property insurance
  10. Tax details
  11. The duration of the agreement
  12. Liabilities of both parties
  13. Warranties

Ways To Get a Contract for Deed in Oklahoma

You can get a contract for deed in OK by:

  • Writing it yourself—you can compose the contract on your own, but this option can be risky, especially if you’re unfamiliar with legal terms and Oklahoma laws
  • Using a contract template—there are numerous contract for deed samples that you can use. Note that finding a template suitable for your situation might be tricky. You’ll probably have to modify the sample you find to adjust it to your needs
  • Hiring a lawyer—while this option is the most expensive one, hiring a lawyer ensures you get a valid and professional contract for deed

The Easiest Way To Write Legal Documents Is With DoNotPay

Hiring a lawyer or spending hours browsing the Internet to find the perfect contract template might be your only options to get a contract for deed. The good news is that there is a more convenient alternative if you need to create other legal documents, such as:

By using DoNotPay’s Legal Documents feature, you can draft numerous contracts in a few clicks, and here’s how:

  1. Open DoNotPay in your web browser
  2. Type in the name of the document you need
  3. Respond to our questions

You will get a professional and personalized document in a matter of minutes. Once you print or download the contract, you will have to sign it and get it notarized.

If you need help handling the notarization procedure, you can use DoNotPay for that too and get your contract notarized remotely. We will find an available Oklahoma notary and send you a link that enables you to schedule a meeting in under three minutes.

DoNotPay Has the Most Convenient Solution to Most of Your Problems

Whether you want to cancel subscriptions, request refunds for services, purchased items, or late delivery, or enjoy free trials without being charged, DoNotPay has a product for you.

We strive to help you users solve their issues as quickly and effortlessly as possible. With us, you can enter various raffles and sweepstakes, claim warranties or insurance, report copyright infringement, and reduce your property taxes in less than five minutes.

Protect Your Privacy With DoNotPay

Protecting your privacy can be challenging nowadays since most platforms require your phone number and email address upon registration. DoNotPay is here to ensure your personal info stays as secure as possible. Choose our Burner Phone product to register for services without phone verification or our virtual credit card if you want to use a randomly generated email address and payment details.

By using a fake phone number and email address, you can also avoid receiving annoying spam emails, text messages, and shady robocalls. DoNotPay can even make correspondence with inmates safer. If you don’t feel comfortable sharing your address with an inmate, DoNotPay can receive the letters for you, scan them, and forward them to you risk-free.


Want your issue solved now?