Abstracting
Abstracting is the process of gathering and organizing the entire history of a property’s ownership and legal records into one document, called an abstract of title. Think of it like a detailed report card for the property that shows who has owned it, any debts or claims against it, and whether there are any legal issues tied to the land.
We are proud to offer abstracting in three counties in Oklahoma; Comanche County, Okfuskee County, and McIntosh County.
Did you know?
- In Oklahoma, abstracts can only be compiled by a licensed abstractor in the county for which the property resides.
- The licensed abstract company is required to maintain an “abstract plant”, which is a comprehensive collection of real estate records which are all indexed for easy retrieval.
- Not only must the company be licensed but each individual abstractor must also be licensed to compile the abstract.
How it works
- A party involved in a real estate transaction (usually another title company who is not licensed to abstract) orders an abstract from a licensed abstract company.
- The order specifies the property’s legal description or address and any specific requirements.
- A licensed abstractor at the company will conduct research into all the public records associated with the property.
- The abstractor will then compile all the documents into an abstract of title.
- The abstract of title is then sent to an attorney who will examine the abstract and look for any potential title defects or issues that could affect ownership.
- The attorney then produces an Attorney’s Opinion from the examination. The attorney’s opinion outlines the steps needed to ensure marketability of title.
Why is it important?
- Oklahoma is an abstract state, meaning an attorney must review the abstract before issuing title insurance or finalizing a real estate transaction.
- This process helps protect buyers and lenders by ensuring the property is legally transferable without surprises.
