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Frequently Asked Questions
An abstract is compiled documents that relate to a parcel of real property certified to by a licensed abstractor. These documents can be from the County Clerk's office, the Court Clerk's office, or the County Treasurer's Office. Any documents that have been recorded in the above offices that relate to that parcel of land, or that relate to the owners of that parcel of land are obtained and put into an orderly fashion.
A title opinion is a written opinion from an attorney after he has examined an abstract. This opinion will describe the abstract he has examined, set out the legal description of the parcel that his opinion covers, list the owner of the property, easements of record, real estate tax status, liens or judgments and requirements to be met before a party can purchase, loan money or write title insurance on the parcel of land.
Title insurance is insurance that is issued on a parcel of real property. In Oklahoma you must have a complete updated abstract and a title opinion by an attorney licensed to practice in Oklahoma before you can issue a policy of title insurance.
As with any insurance product there are different types of coverage. You can have owner's title insurance which covers the owner of the property. You can have Mortgage title insurance which covers the lenders that loan money on the property. Or you can have leasehold which would give coverage to the holder of a lease. In Title insurance however the premium is only collected one time.
Before a Policy is issued a title commitment is issued setting out the requirements to be met before the policy can be issued and also setting out the exceptions (non-covered items) to the policy.
While there are no laws regarding who pays for what in a real estate transaction, there are some customs, but these are adjusted according to how good of deal one is receiving.
- The seller normally pays to update or build the abstract.
- The buyer normally pays for the title opinion.
- The buyer will normally pay for all fees in connection with their loan if they receive one.
- The seller will normally pay for the survey if they are splitting off a piece of land from a larger tract in order to give a legal. The buyer will normally pay for the survey if the tract is already has a legal and their bank requires it or they just desire a survey.
- Typically the buyers closing fee will be more than the sellers closing fee if the buyer is obtaining a loan. If it is a cash transaction the closing fee is split 50/50.
- The document preparation fee from the closing agent is normally split 50/50.
- The seller normally pays for the Revenue Stamps to be placed on the Deed.
- The buyer normally pays for the recording of the deed.
- The buyer normally pays for the Title Insurance if required or desired.