The Oklahoma Abstract of Title is a crucial document in real estate transactions that provides a comprehensive record of the history of a property's ownership, liens, encumbrances, and legal rights. It serves as an essential tool for potential buyers, lenders, and attorneys to ensure a clear title before any property transfer occurs. This in-depth description will shed light on the key aspects of an Oklahoma Abstract of Title and its various types. One of the primary purposes of an Oklahoma Abstract of Title is to present a chronological account of all recorded transactions, documents, and proceedings related to a specific property. It begins with the original grant of land and traces through subsequent transfers, mortgages, easements, covenants, and other encumbrances up to the present time. This detailed history allows interested parties to understand the full extent of past legal actions associated with the property. In Oklahoma, there are two main types of Abstract of Title commonly utilized: the Regular Abstract and the Attorney’s Opinion Abstract. The Regular Abstract typically provides a comprehensive overview of the property's history and all recorded documents and proceedings. It offers vital information related to past conveyances, judgments, tax liens, foreclosure actions, and any other legal matters that impact the property's title. This type of abstract is often used by buyers, lenders, and attorneys to ensure the property's title is free from defects or claims. On the other hand, the Attorney's Opinion Abstract is an abstract specifically prepared by an attorney who examines the regular abstract in great detail. They provide a legal opinion on the current state of the title based on their analysis. This type of abstract is particularly useful when dealing with complex property transactions, litigation, or when a higher level of assurance regarding the title's validity is required. It helps parties involved make well-informed decisions based on the attorney's expertise and evaluation. To compile an Oklahoma Abstract of Title, a trained abs tractor conducts thorough research at the county clerk's office, examining public records, deeds, mortgages, tax records, court filings, and any relevant documents. They verify the accuracy of recorded information, identify any potential issues, and ensure all required documents are included in the abstract. When analyzing an Oklahoma Abstract of Title, some common keywords to look for include: granter, grantee, chain of title, deeds, mortgages, liens, easements, covenants, encroachments, judgments, restrictions, releases, probate records, tax records, foreclosure actions, and any other legal documents affecting the property's title. In summary, the Oklahoma Abstract of Title holds paramount importance in real estate transactions. Its purpose is to provide a detailed account of a property's ownership history, liens, encumbrances, and legal rights. By offering a clear overview of all recorded documents and proceedings, it helps ensure a transparent title transfer process. The regular abstract and attorney's opinion abstract are the primary types utilized in Oklahoma, each offering distinct levels of detail and legal analysis.
Oklahoma Abstract of Title
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FAQ
The abstract of title is a brief history of a piece of land, and it is used to determine whether or not there is any kind of claim against a property. The abstract of title includes encumbrances, conveyances, wills, liens, grants and transfers.
An abstract of title summarizes the various instruments and documents affecting the title to real property, whereas title insurance is a comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances
A title search slightly differs when compared to the abstract. This is because it is a full examination of all public records on the property. These records will also help confirm a property's ownership status and to find out if there are any claims, liens, judgements, or unpaid taxes.
In Oklahoma unlike some other states state law requires that an attorney's opinion be prepared before title insurance can be issued. The seller is generally required to furnish an up-to-date abstract, while the buyer pays for the title insurance.
Every abstract of title must be certified by a licensed and bonded abstractor. should never take more than 20 business days to complete a surface rights only abstract.
How long does it take to get an abstract? The average length of time is 1 to 3 weeks. Although, this can vary, and you may want to check with the abstractor you hire for a time estimate.
In order to do business in Oklahoma as an abstract company, a company must have a Certificate of Authority (certificate), issued by the Oklahoma Abstractors Board, which gives a company the right to be in the abstract business within the county for which the certificate is issued.
2) A typical abstract should only be about 6 sentences long or 150 words or less.
Charged $150 plus $5 a page for a standard abstract. Now it charges $350 for an abstract that was updated less than six months ago, $450 for an abstract updated between six months and three years ago, on up to $1,000 for an abstract that hasn't been updated for at least 30 years.