Oklahoma Contract for Deed Forms

In Oklahoma, a Contract for Deed (also called an installment land contract or real estate contract) is a financing tool where the seller acts like the lender. Instead of giving the buyer a deed at closing, the seller keeps legal title until the buyer makes all agreed payments, while the buyer gets equitable title and possession from day one.

COMMON USES IN OKLAHOMA
Owner Financing
Used when the buyer can’t qualify for a traditional mortgage, or wants to avoid bank lending requirements.
Low or No Down Payment Sales
Attractive to buyers with limited upfront cash.
Selling Property with Existing Liens
Sometimes used when a seller still owes money but can collect payments from the buyer to pay off the lien.
Faster, Private Transactions
Fewer formalities compared to traditional closings (though recording is still required to protect the buyer).
Rural or Unconventional Properties
Properties that might not meet bank lending standards (e.g., certain rural land, mobile homes without land, etc.).

REQUIREMENTS IN OKLAHOMA
While there isn’t one single statute titled “Contract for Deed Law,” several Oklahoma statutes govern parts of the process — mainly in Title 16 (Conveyances), Title 46 (Mortgages), and Title 68 (Revenue and Taxation).

KEY REQUIREMENTS:
Written Agreement
Must be in writing and signed by both parties to be enforceable under the Oklahoma Statute of Frauds (15 O.S. §136).
Recording: Oklahoma treats a recorded Contract for Deed as a mortgage (46 O.S. §1, §4).
Must be recorded with the county clerk within a reasonable time to protect the buyer’s equitable interest. In Oklahoma, you can record a Memorandum of Contract for Deed instead of the full contract.
Recording triggers mortgage recording tax under 68 O.S. §1904.

MORTGAGE TAX
Tax is based on the principal debt stated in the contract. Payment is due at the time of recording.

Disclosure of Terms
Contract should clearly state purchase price, interest rate, payment schedule, who pays taxes/insurance, default remedies, and conveyance terms.

Delivery of Deed
Seller delivers a warranty deed (or other agreed deed) only after all payments are made.

Default & Remedies
Oklahoma allows forfeiture clauses, but enforcement may require judicial action if the buyer has paid a significant portion of the contract.

Possession & Risk of Loss
Buyer usually takes possession immediately and bears risk of damage or loss from that point.

Best Practice in Oklahoma:
Record the Contract for Deed immediately and pay the mortgage tax so the buyer’s equitable title is protected. If it’s unrecorded, the buyer’s interest is at risk if the seller gets sued, goes bankrupt, or sells to someone else.

If you want, I can give you a sample Oklahoma Contract for Deed outline that includes the statutory mortgage tax language and meets county clerk recording standards so it doesn’t get rejected. That way it’s valid, enforceable, and protects both parties.