Roles and Responsibilities in Oklahoma Real Estate Transactions

Introduction

A real estate transaction involves many parties, each with specific roles and responsibilities. Understanding who is responsible for what can help ensure a smooth and successful home-buying or selling experience. In Oklahoma, the key players in a real estate transaction include the buyer, seller, inspectors, realtors, lenders, appraisers, and title companies. Note that some of these are highly truncated lists as some professionals go over and above for their buyers and sellers.

The Buyer

Responsibilities:

• Financing: First, secure pre-approval for a mortgage and understand your budget.
• Home Search: Identify properties of interest and work with a realtor to arrange viewings.
• Offer: Next, submit offers and negotiate terms with the seller.
• Inspection: Hire a licensed home inspector to evaluate the property.
• Review Reports: Carefully review inspection and appraisal reports.
• Closing: Finally, sign closing documents and secure homeowners insurance.

The Seller

Responsibilities:

• Prepare Home: First, clean, repair, and stage the home for showings.
• Disclosures: Provide necessary property disclosures as required by Oklahoma law.
• Negotiations: Review and negotiate offers with potential buyers.
• Inspection Repairs: Address any issues found during the home inspection, if required.
• Closing: Review and sign closing documents to transfer ownership to the buyer.

The Home Inspector

Responsibilities:

• Inspection: Conduct a thorough inspection of the property per Oklahoma home inspection rules and laws.
• Report: Provide a detailed inspection report highlighting any issues found.
• Follow-Up: Clarify any findings and answer questions from the buyer.

The Realtor (Buyer’s Agent)

Responsibilities:

• Search Assistance: Help the buyer find suitable properties.
• Scheduling: Arrange property viewings and inspections.
• Negotiations: Negotiate offers and counteroffers on behalf of the buyer.
• Guidance: Provide advice and support throughout the transaction process.

The Realtor (Seller’s Agent)

Responsibilities:

• Marketing: List the property and market it to potential buyers.
• Showings: Arrange and conduct property showings.
• Negotiations: Handle offers and counteroffers on behalf of the seller.
• Closing Coordination: Ensure all steps are completed for a smooth closing.

The Lender

Responsibilities:

• Pre-Approval: Provide pre-approval letters to buyers.
• Loan Processing: Underwrite and process the mortgage application.
• Appraisal: Order the property appraisal to determine its value.
• Closing: Prepare loan documents and fund the loan at closing.

The Appraiser

Responsibilities:

• Valuation: Conduct a property appraisal to determine its market value.
• Report: Provide a detailed appraisal report to the lender.

The Title Company

Responsibilities:

• Title Search: Conduct a title search to ensure the property is free of liens or other issues.
• Title Insurance: Provide title insurance to protect against future claims on the property.
• Closing Coordination: Prepare closing documents and facilitate the closing process.

Conclusion

Understanding the roles and responsibilities of each party in an Oklahoma real estate transaction can help streamline the process and reduce stress. From the buyer and seller to the realtors, inspectors, lenders, appraisers, and title companies, each plays a vital role in ensuring a successful transaction.

Ready to navigate your real estate journey? Contact Redbud Property Inspections today for expert home inspection services and support throughout your home-buying process.