Seller Side of the Contract: Insights from Oklahoma Realtor Josh Barnett THAT SELLERS MUST KNOW

Navigating the Real Estate Contract: Insights from Oklahoma Realtor Josh Barnett THAT SELLERS MUST KNOWShow more

Introduction: In the dynamic world of real estate, understanding the intricacies of a Oklahoma purchase contract by the Oklahoma Home Seller is paramount BEFORE SIGNING. Oklahoma Realtor Josh Barnett, with eXp Realty, sheds light on five critical aspects that sellers need to carefully consider before signing the dotted line. Let's delve into the valuable insights shared by Oklahoma Real Estate Agent Josh Barnett with eXp Realty in this video.

1. Mineral Rights:
Oklahoma, known for its oil and gas industry, introduces a unique consideration for sellers: mineral rights. Barnett emphasizes the need to pay close attention to the contract language concerning mineral rights, urging sellers to ensure these rights are expressly reserved if necessary.
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2. Attachments and Improvements:
Barnett highlights the significance of understanding what's included in the sale concerning fixtures, improvements, and attachments. From mounted TVs to security systems, sellers should be proactive in reserving items they wish to retain to avoid surprises during the transaction.
3. Abstracting Costs:
Sellers are alerted to the potential costs associated with updating the abstract. By signing the contract, sellers agree to bring the abstract up to date, and Barnett stresses the importance of being aware of these costs, especially if the deal falls through.
4. Breach and Failure to Close:
In the unfortunate event of a buyer breaching the contract or failing to close, Barnett outlines the seller's responsibilities. Sellers must perform all duties, including signing documents, to potentially hold the buyer accountable for earnest money. Legal advice is recommended to navigate this complex scenario.
5. Financing Addendum Considerations:
Barnett emphasizes the critical role of a buyer's lender in the real estate transaction. The financing addendum, a potential addition to the contract, underscores the need for sellers to ensure the legitimacy of the buyer's pre-approval letter and the lender's reputation. Failure to secure financing within the specified timeframe may impact the earnest money.
Conclusion:
In his insightful video, Josh Barnett provides a valuable roadmap for sellers navigating the real estate contract in Oklahoma. By paying attention to mineral rights, market attachments, abstracting costs, breach and failure to close implications, and financing addendum considerations, sellers can approach the transaction with clarity and confidence. For those considering a real estate transaction in Oklahoma, consulting with an experienced professional like Josh Barnett can make all the difference.
Disclaimer: The information provided is based on Josh Barnett's insights in the video, and individuals are encouraged to seek legal advice for specific cases.

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🪪 Oklahoma Real Estate Agent Josh Barnett with eXp Realty

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Opinions are my own and not the views of eXp Realty.

The statements and opinions contained in this advertisement are solely those of the individual author and do not necessarily reflect the positions or opinions of eXp Realty, LLC, or its subsidiaries or affiliates (the “Company”). The Company does not assume any responsibility for, nor does it warrant the accuracy, completeness or quality of the information provided.

These figures are not a guarantee, representation or projection of earnings or profits you can or should expect. They also do not include expenses incurred by agents in operating their businesses. eXp Realty makes no guarantee of financial success. Success with eXp Realty results only from successful sales efforts, which require hard work, diligence, skill, persistence, competence, and leadership. Your success will depend upon how well you exercise these qualities. Visit https://exprealty.com/income/ for average agent earnings and additional information about earning opportunities with eXp Realty.