Oklahoma Real Property Law Oklahoma Real Property LawThe purchase or sale of Real Property is governed by law. The sellers and buyers have opposing interests that go beyond the price of the property being sold.
For the seller, it is important to make sure that any liability that mey run with the land, such as liens or other encumbrances, are resolved. For the buyer, it is essential that clear title is transferred so that no nasty surprises surface later. "Clouds" or defect in the title can remain for 30 years or more, so caution is the most important aspect of any transaction. Never engage in a "handshake" purchase of real property.
Buyers should insist on a paid up policy of Title Insurance, or have an up to date abstract examined by an experienced attorney. It is also required that, at or before a contract is signed, the seller must provide an executed "Residential Property Disclosure Statement" that identifies any known problems with the property.
Buyers should also carefullyexamine the "Settlement Statement" which details the closing costs to be paid. If the purchase is financed, it should be included in the lender's "Good Faith Estimate of Closing Costs." Closing companies often add several items out of custom, sometimes items that have no bearing to the specific transaction. Don't be afraid to question any item that you do not understand or agree with.
Whether buying or selling, don't count on the realtor to protect you. Seek counsel from an experienced real estate attorney.
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