Real Estate Transactions

Never enter into a real estate transaction without consulting an experienced real estate attorney first. Steve is one of those attorneys. Real estate transactions and real estate marketability are at the core of his law practice.

Want to buy a residence? The land on which the house sits needs to be purchased in writing using a real estate purchase contract. If you are using a real estate broker, they will have their own forms. Whether buying through a broker, or buying in a private purchase, the contract will address the essential terms of the purchase (i.e., earnest money, identities of the seller and buyer, the agreed purchase price, inspection deadlines, the identity of a closing agent, a closing date, and the responsibilities that each party has for payment of costs and taxes). There will also be a deadline for bringing an abstract of title up to date for the buyer's attorney, or an attorney for a title insurance company, to read and render a title opinion before closing as to whether or not there is marketable title (i.e., clear title). The abstract of title is like a "book" focusing exclusively on all public filings in the county's real estate records relative to the residence being purchased. Once the title opinion is prepared it is reported to the closing agent. If everything goes according to plan then during closing the transfer of title is given in the form of a deed of conveyance, and a settlement statement will be signed off on by both parties itemizing closing costs, fees, taxes and which party is responsible for them. If bank financing of the purchase is involved, the buyer (and his or her spouse) will, at that time, sign any loan documents. The deed and any mortgage financing instruments are then filed by the closing agent in the real estate records of the county where the residence is located.

The foregoing describes a straightforward purchase of a house but there are many legal and factual variables that can keep a contract from being fully executed and closed. For any questions regarding buying or selling real property in Osage County, Oklahoma, call (918) 287-8762 to schedule a meeting with Steve!