What is an Abstract of Title?

 

“What is an abstract� is a question many people ask when they are interested in purchasing real estate. These clients are either first time buyers of real estate or are from out of state and not familiar with Oklahoma law regarding abstracts of title and title examination standards. It is my desire to educate our clients in the “process�associated with buying and selling real estate in Oklahoma and to guide them through a complex process that can be a smooth and pleasurable experience.

 

Kris Brinson, President

Murray County Abstract & Title, Inc.

Sulphur, Oklahoma

 

An abstract of title is a full and complete record or history, if you will, of all matters filed of public record that affect title to a particular parcel of real property. A licensed and bonded abstractor certifies that all liens, judgments, taxes, court proceedings, etc., have been checked to a current date and anything adverse to the ownership or sale of the property is disclosed in the abstract.

 

In order for an abstract company to do business in Oklahoma, the company must be issued a “Certificate of Authority�by the Oklahoma Abstractors Board and must be bonded and insured. Murray County Abstract & Title, Inc., has been issued a certificate of authority to build and update abstracts in Murray County and maintains an “in house�title plant of Murray County land title records.

 

Why have an Abstract of Title?

 

What does it accomplish? Since statehood, Oklahoma has operated on the abstract system of verifying titles for transfer of titles from one person to another. It has become a matter of routine for attorneys, real estate brokers, bankers and the general public to look to abstractors to provide information necessary to be certain that the “history�of the title is all contained in an abstract, so that an attorney can render a title opinion on the marketability of the title. It is even more important than ever with the large volumes of instruments being filed in the county record, including court cases, bankruptcies, divorce cases, judgments, liens, etc. Untrained individuals would have a very difficult time checking the county records to make their own determination of the marketability of a particular piece of real estate when trying to buy, sell, or mortgage.

 

 

Murray County Abstract & Title

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