Buying and selling real estate is more than just a transaction. It is a major investment, and one that requires an experienced professional to guide you through the process.
Many real estate schools offer exam prep packages as part of prelicensing courses. Some even include extra features like digital flashcards!
Residential
Whether you’re looking to buy or sell residential property, it’s important to work with an experienced real estate agent. A reputable agent can help you make informed decisions about the market and negotiate with the seller to get the best price. They can also provide valuable resources to help you understand the real estate process.
Becky Ivins is a professional residential real estate broker with more than 43 years of experience serving the greater Oklahoma City area. Her team is dedicated to providing exceptional service, leveraging their expertise and extensive knowledge of the local housing market. Their mission is to help clients achieve their real estate goals, whether it’s buying or selling a home.
A residential real estate contract is a legal document that details the terms of a sale between a buyer and seller. In the state of Oklahoma, real estate contracts must be drafted and signed by both parties to be legally binding. These contracts typically contain multiple contingencies, such as a physical home inspection and an appraisal. Often, a buyer will include a financing contingency, which gives them the right to cancel the purchase if they can’t secure a loan for the property.
While it’s possible to back out of a real estate contract, it’s usually not easy. This is because Oklahoma law follows a caveat emptor, or “buyer beware”, approach to all real estate transactions. Buyers are encouraged to conduct as much due diligence on the property as possible, including a physical inspection, termite inspection, and legal title examination.
In order to sell your house in Oklahoma, you must register with a real estate company that offers affordable listing packages and a streamlined home sales process. Services like Houzeo allow you to list your property on the MLS within 48 hours and manage offer submissions and showings online.
Commercial
There is a wide range of commercial real estate properties available in Oklahoma City, across multiple property types. These include office, retail and industrial spaces. The prices of these spaces are influenced by many factors, including the location, the condition and type of space, and supply and demand for the specific real estate. The price of a commercial property may also depend on whether it has been recently renovated or updated, and its occupancy rate.
The commercial property market in Oklahoma is dominated by office spaces, which offer a variety of workspace configurations and amenities. Modern office space is usually organized over large floor plates with a high ceiling height and ample windows. This space provides great flexibility and is often located in transit-oriented developments with access to multiple modes of transportation. It is also a popular choice for small businesses that require flexible working environments and proximity to a concentration of services.
In addition to offices, Oklahoma City’s commercial property market includes 29,463,825 square feet of retail space in a wide range of settings. The city’s retail real estate market includes shopping malls, department stores, and specialty shops that cater to a specific product line or clientele. The retail market is dominated by shoppers from the local population and regional visitors.
The Oklahoma City commercial property market contains a total of 36,461,076 square feet of office space in 628 buildings. The city’s office property market includes both standalone buildings and office buildings that are part of larger complexes. These offices can be leased on a long-term basis or on a short-term basis. The city’s office real estate market also includes coworking spaces, which are shared office options that can be used by small companies on a temporary or permanent basis.
Subdivisions
Oklahoma City’s real estate market has seen significant growth in recent years. However, home prices remain below pre-recession highs, and mortgage rates are relatively high. These factors have made it difficult for new buyers to enter the market. But, if you have strong financial conditions and are patient, now may be the perfect time to buy a property in Oklahoma City.
In order to purchase a lot in a subdivision, you must meet certain requirements. This includes obtaining approval from the city’s Planning Commission, which makes recommendations to the City Council. The Council has final approval on all zoning changes within Oklahoma City. The City has also established a number of land use regulations, including subdivision regulation, to ensure that development occurs in a manner that is consistent with the overall city plan.
A subdivision is a plot of land divided into two or more lots, tracts, or parcels. Subdivisions may be created by an individual or a developer, and can include new residential communities, commercial developments, or business parks. In addition to requiring land use approval, subdivisions must also comply with city building codes and zoning ordinances.
A person who offers or disposes of a subdivision that is required to be registered in this state without registration commits a misdemeanor. Any such offer or disposition may be enjoined by the Administrator upon proper notice to the subdivider and the purchasers, after an opportunity for hearing and after written findings of fact and conclusions of law. In addition, the Administrator may impose terms and conditions on the sale of subdivided lands, which are reasonable and in the public interest. These terms may include an escrow, trust or similar arrangement to reasonably assure that the improvements referred to in the application for registration will be completed and that purchasers receive what they have contracted to buy.
Platting and Subdividing
Depending on local laws and the complexity of the project, subdivision and platting can be complex. A real estate surveyor can help ensure that a property is divided correctly and in compliance with all local laws. This step should be done before beginning construction on the property. A surveyor can help you determine if your project will require a plat and can help you create the necessary documents to submit for approval.
A plat is a map showing the division of a piece of land into lots, streets and other features. It can be used for both new subdivisions and for replats of existing subdivisions. In Oklahoma City, developers must submit a preliminary plat for review by the planning department. The department will make corrections and return the plat for further review by the developer. The final plat is then submitted for city council approval.
It is common in Oklahoma for mineral rights to be severed from the surface estate of a property. This is because the holder of the mineral estate has the right to explore and extract the minerals from beneath the surface. In a typical deed, the seller will not include a conveyance of the mineral estate. It is also common for the seller to retain the mineral rights and convey only the surface estate. This is often accomplished by a special warranty deed or by language in the general warranty deed that excludes the mineral estate.
Buyers should understand the importance of obtaining preapproval from a lender before making an offer on a property. While buyers often make their offers based on preapproval letters, they are not binding and may be terminated if the buyer is not able to obtain financing for the amount listed in the letter. Likewise, sellers should be aware that buyers may include a financing contingency in the purchase agreement and terminate the contract if they cannot secure financing within the time period listed in the contingency.
Earnest Money
In Oklahoma City, real estate investment opportunities are strong. The city has affordable prices and a diverse economy, making it a promising location for investors. The city also has good rental market with low vacancy rates and rising rents. In addition, the city has landlord-friendly laws, which allow landlords to raise rents and evict tenants more easily.
When deciding to invest in a property, make sure to pay earnest money to show your commitment to the deal. This deposit is usually made to a neutral third party, such as an attorney, real estate agent, or title company. It is then applied to the purchase price at closing or refunded to one of the parties in the event that the transaction does not close.
The amount of earnest money varies, but it should be at least 1% of the purchase price. Generally, the deposit is held in a trust or escrow account until closing. However, it is important to understand the terms of the contract and the deadlines set by the seller. If you are not familiar with the terms of a purchase agreement, it is best to speak with a home lending advisor to ensure you have all the necessary information.
The housing market in Oklahoma has been relatively stable this year, despite higher mortgage rates. The state’s diversified industry, business-friendly government policies, and low foreclosure rates make it a desirable place to invest in real estate. The housing market in Oklahoma City has been particularly robust, thanks to a growing job market and a strong rental market. In fact, the city’s low vacancy rate makes it an attractive rental market for investors. This has helped the city avoid a real estate bubble and is helping to keep home prices reasonable for buyers.