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!
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.
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 Buyer||For the Seller||For the Buyer||For the Seller|
Before you sign a contract for deed in Oklahoma, you should check if it covers the following info:
- Names, addresses, and phone numbers of both signing parties
- Property description, including the:
- Square footage
- Property use
- Property access
- The total price of the property
- Down payment amount
- Installment amounts
- Balloon payment terms
- Late payment fees and penalties
- Interest rate
- Property insurance
- Tax details
- The duration of the agreement
- Liabilities of both parties
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
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:
- Child Care Authorization Form
- Independent Contractor Agreement
- General Business Contract
- LLC Operating Agreement
- Intent To Purchase Real Estate
- Non-Disclosure Agreement (NDA)
- Quitclaim Deed
- Estoppel Certificate
- General Affidavit
- Non-Compete Agreement
- Prenuptial Agreement
- Residential Lease Agreement
- Parenting Plan (Child Custody)
- Promissory Note
- Bill of Sale
By using DoNotPay’s Legal Documents feature, you can draft numerous contracts in a few clicks, and here’s how:
- Open DoNotPay in your web browser
- Type in the name of the document you need
- 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.
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