Tulsa Real Estate Lawyer
Tulsa Real Estate Lawyer
Although Tulsa real estate lawyers oversee the buying and selling of homes, property, and businesses, real estate law encompasses much more. These include land issues pertaining to neighbors, a homeowner’s association, and recording issues including your home loan or deed. A real estate lawyer can assist individuals, small and mid-size businesses, and large corporations.
Common Misconceptions
Not only is Tulsa the Capital but it’s also the largest city in the state. Tulsa’s strong livestock and energy supply have produced a booming economy and is a magnet for new homeowners. This is where a real estate lawyers’ expertise is beneficial. Whether you are buying or selling, resolving high stakes title disputes, working with developers for expansion, processing sales agreements, or dealing with contract negotiations a real estate lawyer is a wise investment. Often there are simple misconceptions pertaining to real estate law. It is important to understand the difference in a real estate layer and a real estate agent. While a real estate agent can help with the buying or selling of property, they are not allowed to offer any legal advice. Even more, there are special laws in place providing protections to a real estate agent, in the event they do offer bad advice. Do all transactions through a real estate lawyer offers the buyer/seller legal protections against poor advice.
Commercial vs. Residential Transactions
Commercial real estate is a sector based on prior profit and surrounding properties can hold little weight on the property appraisal. Commercial property tends to offer stability for the involved in property management and upkeep. When considering a commercial transaction consider factors such as region and variables that would influence property management before deciding on a property. This is the same with residential transactions. Considering residential transactions generally revolve around the family, factors such as schools, parks, attractions, and local amenities. The residential transaction process in Oklahoma is relatively simple. The transactions start with the seller’s “Contract for sale”, which is then executed. Buyers then apply for a loan, once approved the seller must fix any requirements requested by the seller. Following a clear title and other read tape a “closing date” is set. The buyer and seller meet, sign papers, and transfer the deed at the “Closing.” The buyers file the new deed with the County Courthouse. The closing process normally takes four to six weeks.
Purchase and Sale Agreement – PSA
There are no rules. The purpose of the PSA is to protect the parties rights, obligations and liabilities in order to close the transaction. Every term is up for negotiation. Most CRE agreements include commonly used provisions.
Understanding these provisions is essential for both the buyer and seller:
- Clear Title
- Responsible for Survey
- Purchase Price
- Closing date/date of possession
- Responsible for Title
- The full names of all the purchasers
- A legal description – description of property to be conveyed, real or otherwise
- Earnest money and default
- Closing Date
Residential Transactions will include:
- Standardized Residential Sales Agreement
- Or, Purchase Offer or Purchase Agreement (States vary with Agreement formats)
- Home inspection
- Home appraisal
- Land survey – Some states require some do not
- Boundary survey
- Mortgage inspection
- Boundary survey
- A “No change” Affidavit from Seller (if needed)
- Natural hazard disclosure statement (Generally only CA, but other states are beginning to require this type of report.)
- Disclosure statement from Seller – indicating current or impending issues
- Clear title – Expectation to enjoy benefits from ownership, i.e., occupy, use of property, free from debts or obligations not agreed upon, free to sell or use as collateral for loan.
Every commercial transaction closing will involve these four steps:
- Escrow
- Signing and processing title and closing documents
- Due Diligence
- Signing authority verification
Zoning Reports and Letters are vital because:
- Survey plays a key role in zoning coverage.Both Loan and Owners Policy have exclusion for zoning matters.
- Survey plays a key role in zoning coverage.
- Customers routinely request zoning coverage.
Hiring an experienced real estate lawyer will:
- Review survey notes and drawings for any setback encroachments.
- Make sure zoning info is included in the survey.
- Confirm zoning information is included in the survey.
ALTA has three requested Endorsement Forms including:
- Land Under Development
- Completed Structure
- Unimproved Land
Oil and Gas Matters
Oklahoma is rich in gas and oil, and there are laws that pertain solely to the ownership and acquisition of these rights. Although this area is regulated by state law, federal law apply as well. Oil and gas rights are owned by individuals, tribes, corporations, and governments. However, oil and gas rights extend downstream from the property line making it possible for anyone who purchases the property to claim energy rights.
Some items with which you may need legal assistance in Oil and Gas include:
- Contract Interpretation
- Lease Agreement Review
- Lease Drafting
- Easements Land Use Counsel
- Surface Damage Agreements
- Easements Land Use Counsel
- Mineral and Resources Lease Negotiation
- Other Oil and Gas Lease Negotiation
Who We Help
- Operators
- Landowners
- Oil and Gas Producers
- Other entities in a wide variety of oil and gas law issues including but not limited to:
- Environmental concerns
- Oil and Gas Litigation
- Contracts
- Transactions
- Regulatory matters
- Issues relating to alternative energy
Find the Best Real Estate Lawyers in Tulsa
If you find yourself in need of real estate representation for a property or an oil and gas law issue, we highly recommend you use the Tulsa Attorney Directory to hire a team that has dedicated a significant amount of time and has experience in this specific field of law.