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1185 Bull Rush Cir Circle, Calera, OK 74730
MLS#: 2638605
Quick answer: In Oklahoma, the abstract office (usually an abstract and title company) brings your property's abstract of title up to date, a title attorney examines it, any problems in the chain of ownership get cleared up, and then the title insurance commitment is issued so you can close. It's the behind-the-scenes work that proves the seller can actually sell you the property.
Every buyer hits that stretch between "we're under contract" and "we close Friday" where it feels like nothing is happening. Your inspection is done, your loan is in underwriting, and everyone keeps saying they're "waiting on title." So what is actually going on at the abstract office?
Quite a bit, it turns out. In Durant and across southern Oklahoma, a lot of that work starts with a stack of paper that looks like the one in the photo above.
An abstract of title from The Bryan County Abstract Company in Durant. Every page is a piece of the property's recorded history.
What is an abstract of title?
An abstract is a complete record of everything filed in the public records that affects ownership of one specific piece of property: deeds, mortgages and their releases, liens, judgments, easements, rights-of-way, oil and gas leases, probate records and more. It's the property's life story, in order, sometimes going all the way back to when the land first came out of the government survey.
Abstracts are a big deal in Oklahoma. They're built by abstract companies licensed through the Oklahoma Abstractors Board. Each company has to hold a certificate of authority for the county it works in, and it maintains an "abstract plant," its own indexed copy of the county's records. The individuals who search records and compile abstracts are licensed abstractors.
Look closely at the cover photo. It reads "LESS AND EXCEPT ALL OIL, GAS AND OTHER MINERALS." In Oklahoma, mineral rights are often split off from the surface, and many abstracts are prepared for the surface only. If minerals matter to you, especially on rural acreage, ask about them early.
What happens at the abstract office while we're waiting?
Here's the typical path from contract to closing in Oklahoma. Every company and every deal is a little different, but these are the big steps.
- 1. The abstract is ordered and brought up to date. If the seller has an existing abstract, the abstract company adds everything that has been recorded since it was last updated (often called a continuation). If there isn't one, it has to be built.
- 2. A title attorney examines it. An attorney reads through the chain of title and writes a title opinion that says who owns the property and what has to be fixed before it can be sold cleanly.
- 3. Problems get cleared up (curative work). This is where delays come from: an old mortgage that was paid off but never released, a missing signature, an heir who never signed off, a lien or a judgment. Each one needs a release, an affidavit or a corrected document.
- 4. The title commitment is issued. The title company commits to insure the title once the listed requirements are met and the listed exceptions are accepted.
- 5. A last-minute check. Right before closing, the records are checked again for anything filed since the last update.
- 6. Closing, recording and the final policy. After you sign, the deed and mortgage are recorded at the county and the final title policy is issued.
An older property with a long history and a thick abstract simply takes longer than a newer home in a subdivision. That's normal.
Real-world example: on 1018 Hillcrest in Durant, a recorded filing on financed solar panels had to be paid off and released before the sale could close. Title work is exactly where issues like that surface.
Is title insurance required in Oklahoma?
Here's the part that surprises people. According to the Oklahoma Abstractors Board, no state law requires an abstract or title insurance to buy property. But if you're getting a mortgage, your lender will almost always require title insurance. Just not the kind that protects you.
| Lender's policy | Owner's policy | |
|---|---|---|
| Who it protects | Your lender | You |
| Required? | Almost always, if you have a loan | Optional in Oklahoma |
| Coverage amount | The loan balance | Your purchase price |
| How long it lasts | Until the loan is paid off | As long as you (and your heirs) own it |
| How you pay | One-time premium at closing | One-time premium at closing |
Title insurance is different from car or homeowners insurance. It doesn't cover things that happen after you buy. It covers problems from the past that nobody caught, such as forgery, a missing heir, an improperly recorded deed or an old lien, and that show up after closing. Those can surface months or even years later.
Who pays for the owner's policy comes down to your contract, so talk to your agent about it before you sign. Our advice: get the owner's policy. It's a one-time cost to protect what is probably the biggest purchase you'll make.
How is this different in Texas?
We work both sides of the Red River, and title works differently across it. Texas title companies search the county records themselves and issue a title commitment. You won't usually see a physical abstract. Title insurance rates in Texas are set by the Texas Department of Insurance, so the base premium is the same at every title company, and by custom the seller usually pays for the owner's policy. If you're moving between Sherman or Denison and the Oklahoma side, expect the paperwork, and who pays for what, to feel different.
Frequently asked questions
What is an abstract of title in Oklahoma?
It's a compiled history of every recorded document that affects ownership of a specific property, prepared by an abstract company licensed through the Oklahoma Abstractors Board.
Why does closing take so long when we're "waiting on title"?
The abstract has to be updated, examined by a title attorney, and any problems the attorney finds, such as unreleased mortgages, liens or missing signatures, have to be cleared before the title company will insure the sale.
Is an owner's title policy required in Oklahoma?
No. Lenders typically require a lender's policy, but the owner's policy is optional. It's the only one that protects you, so we recommend it.
Who regulates abstract companies in Oklahoma?
The Oklahoma Abstractors Board licenses abstractors and issues certificates of authority to abstract companies. Title insurance is regulated separately by the state's insurance regulators.
Does the abstract include mineral rights?
Not always. Many Oklahoma abstracts are prepared for the surface estate only and exclude oil, gas and other minerals. Ask your agent and the title company if minerals matter to you.
Related reading
- Steps to selling your home in Texoma
- Is an FHA loan right for you?
- How to work with a local Realtor at Lake Texoma
- SOLD: 1018 Hillcrest, Durant, OK – the solar loan that almost sank the sale
Buying or selling in Durant, Bryan County or anywhere in Texoma? We'll keep an eye on the title work so you're not left wondering what's happening at the abstract office. Call or text Brian & Jonelle at (580) 217-7435. Love My Texoma Home Team | INC Realty, licensed in Texas and Oklahoma.
Sources: Oklahoma Abstractors Board FAQs; NAIC consumer guide to title insurance; Texas title insurance guide. General information, not legal advice.
