Grant deeds do not have to be recorded to be valid, nor do they have to be notarized.Most sellers do ask a notary to witness the deed, however, acknowledging that the seller is indeed the person who signed the deed.He states that the property is not burdened by any encumbrances apart from those the seller has already told the buyer about. Quitclaims are most often used in divorce situations to deed a marital property from one spouse to the other.
Tile insurance covers both claims arising out of title problems that should have been discovered in the public records, and those hidden defects that could not be discovered in the record, even with the most complete examination.
The policy covers any valid claim made against the insured’s title, and pays for the costs and legal expenses of defending against a title claim. The Oklahoma Insurance Commission regulates title insurance and they should be contacted with any questions concerning title insurance issues.
There are no state laws that require an abstract in order to purchase real estate, and none that require title insurance when purchasing property.
With few exceptions, lenders now require a title insurance lenders policy as a condition of the loan.
The copies consist of scanned electronic images of the original documents, and the index is simply an elaborate database software program written for the specific purpose of abstracting.