In different parts of the country there are different transfer processes for real property. Transfer of real property can be fairly simple or very complex depending on the circumstances. The more parties you have involved (i.e. realtor, bankers) the more complex the transaction gets. You must also understand that there is not a law that says you have to have some type of evidence showing that the title to the real property you are purchasing is good. You can simple accept a deed and record it at the county clerk’s office in order to transfer property; however, people normally want to know that what they are purchasing has a clean title. In the below scenario I have described a simple buyer/seller cash transfer so that you can get a picture of how a transaction would take place, but remember each time you add another party the transaction gets more complicated.

1.      Parties come to an agreement that can be either a verbal agreement or a written agreement (purchase contract) as to the purchase price, earnest money, title evidence, property inspections and who will pay for what cost of the transaction.

 2.      Once the agreement is made the party responsible for the cost will order the title evidence and any other inspection on the property that their agreement states (i.e. survey, termite inspection). In Oklahoma the title evidence is normally an updated abstract and a title opinion from an attorney licensed to practice law in Oklahoma. Normally, but not always, the seller pays for the update of the abstract and the buyer pays for the title opinion. Title insurance is also available in Oklahoma and can be obtained by licensed attorneys, licensed abstractors, and directly from title insurance companies. In Oklahoma in order to obtain title insurance you must have an updated abstract and a title opinion before title insurance can be issued.

 3.      Once the title evidence is obtained (updated abstract & title opinion) then the title opinion is read and the requirements that the attorney made are addressed by the seller.

4.      Once the requirements are addressed then the closing can proceed with the transfer of money and deed.

5.      The deed must be recorded in the office of the County Clerk in order complete the transfer.