Va Guaranteed Loan - Oklahoma Real Estate Commission
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2OKLAHOMA REAL ESTATE COMMISSION
This is a legally binding Contract; if not understood, seek advice from an attorney.
VA GUARANTEED LOAN
This financing supplement, which is attached to and part of the Oklahoma Uniform Contract of Sale of Real Estate, relates to
the following described real estate:
Buyer acknowledges that all explanations, representations and disclosures relating to the terms and conditions of
the loan(s) below are the responsibility of the Lender and not the Seller or Listing and Selling Brokers and their as-
sociated licensees. This financing supplement is made an integral part of the Contract. All provisions of the Con-
tract shall remain in full force and effect.
1.
LOAN. The Contract is contingent upon Buyer qualifying for a VA Guaranteed Loan in the amount of $,
plus VA Funding Fee, if applicable. If the Buyer is unable to secure financing and provides written notice to Seller, or
Seller’s Broker, if applicable, within the time period provided in the Closing, Funding and Possession paragraph of the
Contract, the earnest money shall be refunded to Buyer subject to appropriate written authorization from all Parties to the
Contract.
Within five (5) days from Time Reference Date, Buyer shall either:
A. Make application for the described loan, or any other such loan Buyer deems acceptable, and proceed diligently
to obtain such loan. Buyer shall pay initial loan fees including property appraisal and credit report fees at
the earliest time permitted by federal regulation. Buyer shall instruct Lender to immediately begin the loan
approval process. Buyer shall also instruct Lender to issue a written statement of conditional loan approval (not
final loan commitment) to Seller, in care of Seller’s Broker, if applicable, within days (10 days if left blank) of
the Time Reference Date regarding the following:
1) Review and approval of Buyer’s credit worthiness, income and funds necessary to Close.
2) Confirmation that Buyer has paid initial processing fees.
3) Property appraisal has been ordered.
4) Loan approval is not subject to sale or closing of Buyer’s current property unless stated elsewhere in this Con-
tract.
OR
B. Give notice to Seller that the loan terms are unacceptable, cancel the Contract by delivering written notice of
cancellation to Seller and receive a refund of earnest money.
If within the time specified above, a written statement of loan approval is not delivered to Seller, Seller may
provide Buyer written notice of intent to cancel and terminate the Contract. Upon Seller providing notice to Buyer of
Seller’s intent to cancel, the Contract shall be terminated upon the fourth day following delivery of notice. However,
if Buyer delivers to Seller a written statement of loan approval before the end of the fourth day, the Contract shall
remain in full force and effect.
All notices provided for in this subparagraph may be delivered to the Parties through their Broker, if applicable.
2.
VA AMENDATORY CLAUSE. It is expressly agreed that, notwithstanding any other provisions of the Contract and this
supplement, the Buyer shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete
the purchase of the Property described herein if the contract purchase price or cost exceeds the reasonable value of the
Property established by the VA. Buyer shall, however, have the privilege and option of proceeding with the consumma-
tion of the Contract without regard to the amount of reasonable value established by the VA.
3.
VA LOAN COSTS AT CLOSING.
A. Buyer Costs: In addition to any other costs required by the Contract, except to the extent provided in part B of this
Paragraph, Buyer shall pay at the time of Closing:
This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.
Page 1 of 2
OREC VA LOAN (11-2016)
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