I’m asking for advice or insight on Oklahoma properties. Are there any special considerations to consider through title companies, regulations, laws. You just never know what you don’t know. For example I’m in the process to purchase a property in Texas with a seller who lives in Alaska. I was going to use an Alaska title company to facilitate the transfer. Easy , right. Well not so easy after all. Alaska has a law that won’t allow Alaska title companies to do title work for out of state transfers. I won’t go into the rest of the details because it’s long and boring, my questions refer to odd laws that vary state to state, specifically Oklahoma.
You will typically need to use a title company in county (or adjacent) where the property is located and as far as I know - almost always need to use a title company that does business in the state where the property is located = not -he state where the owner is located - if different.
As far Oklahoma goes, it is an abstract state - so if you self close a purchase there and end up using a title company on the sell side, expect the title company to want require the abstract (i.e. a historical compilation of all the deed / property records for the prperty to be read and updated) = more time and more money at closing.
@karljames I am looking at sending a mailer in Oklahoma (my home state), but after seeing this I am not sure. I googled what an abstract state was and it sounds terrible. Is it even legal to self-close in Oklahoma? I guess this would eliminate the ability to search for cheaper properties (less than $1,000) as the added cost of the abstract would eliminate most profits?