What is a title?
Do I need an abstract?
What is a land abstract?
Oklahoma Real Estate Recording Guide
Oklahoma Recording Schedules
Mortgage Tax Rates

What is a title?
A title report is a document used by lenders for various reasons, though the most common purpose is determining the current status of title. Several issues must be satisfied before a lender will approve a loan. This results in the need of a title search—the gathering of pertinent information such as the last deed of record stating the present owner’s name; the property’s legal description; any open liens (judgments, federal and/or state tax liens, mechanic liens); open mortgages, as well as any other notations concerning marketability of title. The gathering of this information takes place in the county clerk’s office of the county in which the property is located.

Once completed, the title report falls under the scrutiny of the lender. Along with credit bureau checks and appraisals, the lender will use the report to approve home equity loans, refinancings, or lines of credit.

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Do I need abstract?
Oklahoma is one of only two remaining states in the U.S. that requires the use of an abstract to write title insurance. Up until recently the insurance commissioner would only license abstractors and attorneys to write these policies. Since then, other entities that meet the insurance department’s current requirements may be licensed.

Although the process of reading and updating an abstract adds to the time involved in organizing the loan closing, it helps to avoid title losses, which can result in expensive and lengthy property disputes. Oklahoma reports the lowest number of title losses in the nation. Despite the delays in loan closing, this rule works to benefit the public.

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What is a land abstract?
A land abstract can be considered a complete historical book related to an individual piece of land based on its legal description. An abstract shows the entire chain of transfer of ownership from the time the title to the property was first recognized by the government up to the present. This set of documents will also include any court items filed in the court clerk’s office that pertain to either the property or the property’s owner(s). Therefore, the abstract can be used to establish a “clear title” to a piece of property.

Before photo copiers, an abstractor read each document pertaining to a piece of property, made “takeoff” notes, then summarized them on a sheet of paper. This page would list all the pertinent information related to an item, such as a deed, by including the grantor, grantee, date of the deed, filing date, legal description, signature block, and notary information. The abstractor’s page was then added to the book and called an abstract, because the information from the original deed was “abstracted.” The ability to pick through numerous pages of information and abstract the important details was considered an art form.

Today, when the abstract has been brought up to date, an abstractor will place a “certificate page” at the very end of the abstract. This page certifies the legal description of the abstract, Ad valorem tax status, personal property tax status, and any other court items that fall within the time period covered by the certificate—from the last certificate page to the present.

In Oklahoma, before an abstract company can begin business, it must have a “certificate of authority” from the state auditor’s office—the governing authority for abstractors. In order to gain this document, the abstract company must provide evidence that it has a complete, independent set of land, court and judgment records from the county clerk’s office. Because it would be such a tremendous undertaking, not to mention expense, to build a complete new set of records in a particular county, there will not be any new ones created. However, the current companies may change hands and names.

Oklahoma Real Estate Recording Guide
Prepare documents legibly according to statutory requirements of each state, or in the absence of statutes according to best practices, leaving sufficient blank space for recorder’s stamp.

Properly title, date and execute document including typed names and titles beneath all signatures. Make sure each name and signature is consistent throughout the document.

Properly witness and/or acknowledge all documents according to the laws of the state of recording, including a complete, legible notarial certificate.

Include the complete legal description of the property with all initial recordings and on subsequent recordings where required by statute.

Properly reference previously recorded documents when you submit subsequent related documents for recording. This may include document numbers, book & page numbers and recording dates.

Include the name and address of preparer and the return-to address for the document. Also include your telephone number because some jurisdictions will call if they notice a minor, correctable problem.

Identify schedules and exhibits clearly and number the pages so the jurisdiction can tell that they belong with the document.

Include the correct fee and applicable taxes and use a separate check for taxes.

Include a self-address stamped envelope to ensure return of the document.

Check your work, especially for extra fees to make sure your document is complete for recording in order to avoid rejection.

Oklahoma Recording Schedules
Filing Fee Rates (Make checks payable to county clerk)
Recording first page of deeds, mortgages, and any other instruments…$13.00
Recording each additional page of same…$2.00
Preparing and mailing notice of mechanics’ or materialmen’s liens…$8.00
Each additional page or exhibit…$2.00
Recording plats of one block or less…$10.00
Filing and indexing original financing statement, continuation statement, assignment or amendment…$10.00
Documentary stamps…$.75 per 500 of purchase price

Mortgage Tax Rates
Rate for Mortgage Tax (Make checks payable to county clerk)
Rate of mortgage tax on each $100.00 or major fraction thereof:
5 years or more…$.10 per hundred
4 years & less than 5 years…$.08 per hundred
3 years & less than 4 years…$.06 per hundred
2 years & less than 3 years…$.04 per hundred
Less than 2 years…$.02 per hundred
For mortgage less than $100.00…$.10 only

Note: Add $5.00 for mortgage certification fee in addition to the charge and mortgage tax.

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