Documents Needed to Sell Land By Owner in Oklahoma

Preparing to sell FSBO - what do you need to sell without a realtor?

Before you start marketing your land for sale, it is important to have certain documents in order. These documents will provide key information to potential buyers and show that you have everything you need to transfer ownership of the property.

Get a survey or topographical map of the property

You may want to get a survey of the property done if one hasn't been done before. Buyers will want to understand the property boundaries. In some cases, you may need a survey to create a legal description for the property.

To find a surveyor, you can contact the Oklahoma Society of Land Surveyors (OSLS). The OSLS has a directory of licensed land surveyors in Oklahoma. You can also ask a title company for their recommendations as they frequently work with surveyors.

Check the title to the property

Confirm that everything is in order with the title to the property. While you may not have doubts about who owns the property, it's important to know exactly who is listed on the title. There are several ways to look up a deed in Oklahoma:

• Visit the county clerk's office or website. You can find the website by searching for your county's name and 'register of deeds.' The county clerk's office is the official repository of deeds for each county in Oklahoma. You can go to the county clerk's office and request a search of the deeds for a particular property.
• Use an online deed search service. There are a number of online deed search services that allow you to search for deeds in Oklahoma. These services typically charge a fee, but can be easier to use than the county's website.
• Hire a title company. You could also ask a title company to search for deeds. This will be much more expensive, but can be a good option if you need help with a complex title search.

Get a real estate appraisal

If you're not sure what your property is worth, you can get a real estate appraisal. A real estate appraisal is an estimate of the market value of a property, performed by a licensed real estate appraiser.

To find an appraiser, you can contact Oklahoma chapter of the American Society of Appraisers (ASA). The ASA has a directory of licensed appraisers in Oklahoma.

For farms or other rural properties, you may also consider appraisers located in Oklahoma that belong to the the American Society of Farm Managers and Rural Appraisers® (ASFMRA). These appraisers often have additional training in valuing rural and agricultural properties.

Check the property taxes

It's worth checking the status of the property taxes. If there are any taxes owed, you'll want to know because it may reduce what you gain from the sale. It's also important to let your buyer know how much property tax they'll owe as the new owners.

To find the real estate taxes for your property in Oklahoma you can contact your county assessor's office. The county assessor's office is responsible for assessing property values and collecting property taxes in Oklahoma.

On the county assessor's website, you can search by address, parcel number, or owner name to locate the property.

Documents to sell FSBO in Oklahoma

Several key documents are needed to transfer the title to the new owner. The most negotiated document is the sale contract, also known as a vacant land purchase and sale agreement. Once the contract is signed by both parties, you may need to make several disclosures to the buyer about the property. As part of the closing, a closing statement will be prepared, listing the key financial details of the transaction. Finally, the deed will need to be drafted. The deed is the document that gives its holder ownership of the property.

Next, we go into more detail about each document.

Land sale contract

The sale contract is the most important document in the transaction. It outlines the terms of the sale, including the purchase price, the closing date, and any contingencies. The contract should be carefully negotiated by both parties before it is signed.

The Oklahoma Real Estate Commission has two contract templates that you can use for land:

• The Vacant Lot/Land contract. Use this contract for vacant residential lots. This contract has specific provisions for common personal property associated with residential lots, including fences, entry gates, and propane tanks.
• The Farm, Ranch, and Recreational Land contract. Use this contract when selling a property that also has farm or recreational accessories. This contract has specific provisions for farm and livestock items including crops, pens, corrals, and livestock feeders and troughs. There are also specific recreational items such as hunting blinds and game feeders.

For more detail, see our step-by-step guide tofilling out the Oklahoma vacant lot/land contract

Property disclosures

Disclosures describe any known defects or problems with the property to the buyer. Under Oklahoma law, disclosures are required for sales of residential dwelling units. While not required for vacant land, a seller may want to provide disclosures to the buyer to limit liability. Examples of disclosures for vacant land include the zoning, flood zone information, and the presence of underground storage tanks. Sellers can use the Oklahoma Real Estate Commission Residential Property Condition Disclosure Statement.

Closing statement

The closing statement or settlement statement is a summary of all the costs associated with the sale, including the purchase price, the seller's closing costs, and the buyer's closing costs. The closing statement should be reviewed by both parties before it is signed. For a template, you can use the American Land Title Association (ALTA) Settlement Statement.

Deed

The deed is the document that transfers ownership of the property from the seller to the buyer. There are three main types of deeds in Oklahoma:

• General warranty deed: This type of deed and provides the most protection to the buyer. It guarantees that the seller has good title to the property and that there are no liens or encumbrances on it. The Oklahoma Real Estate Commission contract templates specify a general warranty deed will be used to transfer title.
• Special warranty deed: This type of deed provides less protection to the buyer than a general warranty deed. It only guarantees that the seller has had good title to the property during their ownership and that there are no liens or encumbrances that were created during that time.
• Quitclaim deed: This type of deed provides the least protection to the buyer. It does not guarantee that the seller has good title to the property or that there are no liens or encumbrances on it. The seller is simply giving up any claim they have to the property.

If you're unsure which type of deed to use or how to fill it out, you may want to consult a real estate attorney.

Frequently asked questions

Who draws up contract in for sale by owner in Oklahoma?

Either buyer or seller can draft the contract in a FSBO sale. When a realtor is involved, normally the buyer's real estate agent drafts the contract. But if the FSBO seller is experienced with real estate transactions they may want to draft the contract.

Do I need a real estate attorney to sell a property in Oklahoma?

No, you are not required to hire a real estate attorney to sell a property in Oklahoma. But it may be worth using a lawyer to ensure certain aspects of the sale are handled correctly. Drafting the contract of sale and deed are two examples where it may be beneficial to hire a real estate attorney.

How much earnest money is required in Oklahoma?

There is no standard amount of earnest money in Oklahoma. Around 1% of the sale price is common, but it could be higher or lower. In some cases, there may be no earnest money deposit.

Alternative to selling land by owner in Oklahoma

One alternative that will simplify the process is selling to a real estate investor for cash. In our business, because we buy properties as-is and pay all closing costs, we use a one page simple land sale agreement in most cases.

When you sell to a land buying company, you sell the property at a discount, but you won't have to pay any real estate commissions. The other benefit of selling land for cash is that it's fast - usually the entire process is done in less than two weeks.

If you'd like to learn more, consider selling your land fast by requesting a cash offer.

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Please consult your financial advisor, accountant, real estate attorney, or tax specialist. This article is for informational purposes, and is not tax or legal advice.