Jim Smith would like to welcome you and take this opportunity to share a little about himself. Jim has over
30 years experience in guiding home sellers and home buyers and investors.
Jim is a native Tulsans. He has lived, attended school and worked in the community for over 70 years. His love for Tulsa is apparent with their vast collection of Tulsa memorabilia displayed at their office. Having raised his family in Tulsa he knows the importance of home and the role the community makes in your everyday life. Using this knowledge is a key to his success in helping fellow Tulsans with their Real Estate needs.
Jim attended Webster High School and the University of Tulsa, graduating with a degree in accounting. After working for Skelly Oil Co. for twenty years, Jim made a career change to Real Estate in 1985. His clientele has ranged from first time home buyers to multi-unit investors.
Jim is a unique Realtor with diverse experience. He looks forward to working with you.
Working with a Real Estate Broker (For the purpose of this section the term “Broker” includes all real estate licensees affiliated with the broker.)
Under the Oklahoma Real Estate License Law, a real estate licensee provides services to buyers and sellers as either a “transaction broker” or a “single-party broker”.
Unless there is a written agreement to the contrary, a real estate broker is a “transaction broker”.
DUTIES & RESPONSIBILITIES
The transaction broker’s duties and responsibilities are defined in the License Law as follows:
1. To perform the terms of written brokerage agreement, if applicable.
2. To treat all parties with honesty.
3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules.
4. To exercise reasonable skill and care including:
A) Timely presentation of all written offers and counter-offers.
B) Keeping you fully informed regarding the transaction.
C) Timely accounting for all money and property received by the broker.
D) Unless required by law, the broker shall not without the express permission of the respective party, disclose the following confidential information to the other party :
* That a party is willing to pay more or accept less than what is being offered,
* That a party is willing to agree to financing terms that are different than those offered: and
* The motivation of either party in selling or purchasing the property.
However, the broker must disclose pertinent facts relating to property which have not been disclosed by the Seller, or are otherwise known by the broker.
The broker must enter into a written brokerage agreement with Buyer or Seller prior to providing services as a single party broker.
DUTIES AND RESPONSIBILITIES
The single -party broker performs all of the duties performed by the transaction broker and has the following additional duties:
1) Perform all brokerage activities for the benefit of the party for whom the single-party broker is performing services unless prohibited by law.
2.) Obey the specific directions of the party for whom the single-party broker is performing services unless the directions are contrary to applicable statutes and rules or to the terms of the contract between the Buyer and Seller.
(Brokerage Service Disclosure is an excerpt of the GTAR Contract Guide.)
IF YOU ARE THE SELLER
Unlike a conventional listing for sale, an auction predetermines the sale date.
Sale costs will be similar to a conventional listing. Closing costs will be less. Proceeds of the sale are more quickly received.
TERMS AND CONDITIONS
Property showings, terms of sale, sale dates and closing dates are predetermined.
IF YOU ARE THE BUYER
INSPECTIONS AND DISCLOSURES
All information on disclosures and the right to inspect are completed prior to the sale of the property.
The Contract of Sale is available for review prior to the sale.
In most cases, title work has been completed prior to the sale. This will result in a quicker closing.
FREQUENTLY ASKED QUESTIONS
WHAT ABOUT CLOSING COSTS?
Closing costs for an auction sale of real estate are similar to those of a traditional sale. The typical seller’s costs are for marketable title transfer (abstracting, etc.), site survey and revenue stamps.
Typical buyer’s costs are title exam, title insurance policy, deed filing fees and any needed staked surveys.
Closing costs, which are split between the Seller and the Buyer, are the closing fees charged by the title company for document preparation and the closing transaction.
Neither Smith and Smith, Realtors or Williams Auction Company have any ownership in the title companies, lenders or surveyors, nor are any fees collected from them.
WHAT ARE THE RISKS?
Any sale of Real Estate, Auction or otherwise, require a willing and able Buyer and Seller at agreed terms. With an absolute auction a higher than expected price may occur. There is also the risk
of a lower than expected price. A minimum price, or reserve price, can bset but will result in additional Seller costs.
SELLER’S DISCLOSURE/DISCLAIMER STATEMENT
RECEIPT AND REVIEW
Under Oklahoma law, the Seller must complete, sign and provide to the Buyer an Oklahoma Real Estate Commission (OREC) Residential Property Condition Disclosure Statement. This Disclosure Statement concerns the condition of the property and must be delivered to the Buyer prior to acceptance by Seller of Buyer’s offer to purchase.
Further, the real estate broker is obligated to disclose to the Buyer any defects in the property actually known to broker which are not included in the Seller’s Disclosure
If the Seller has never lived in the property AND has no knowledge of any defects, the law provides that the Seller can deliver an OREC Disclaimer Statement in lieu of the Disclosure Statement.
The Disclosure or Disclaimer Statement does not apply to residential new construction or vacant land. It also does not apply to certain properties (such as government owned or foreclosure properties).