Abstracting
What is an abstract?
It is a book, in effect, "briefing" the history of one particular piece of real estate from the inception of title of that piece of real estate. In Oklahoma, inception of title begins with deeds from the U.S. A. or patents from the Indian tribes who were given this land for their people.
An Abstract is a summary of the county records affecting one piece of real estate and those individuals who are and have been in the chain of title. It is a certification by the abstractor that all liens, judgments, taxes and court proceedings have been checked to a current date and anything adverse to the ownership or sale of the property is pointed out and certified to by the abstractor.
Why have an abstract?
Well, the most common response is, the law requires an "up-to-date" abstract when getting title insurance. Title insurance is most often purchased when mortgaging property or when buying and selling it. Although title insurance is the most common reason for having an abstract, since statehood, Oklahoma has operated on the abstract system of verifying titles for transfer 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. Abstracts are even more important than ever with the large volumes of instruments being filed in the county records, including court cases, bankruptcies, divorce cases, judgments, liens, etc. Untrained individuals would have a very difficult time researching 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.
Surety
Abstract & Title Company
105
N Grand · Enid, Oklahoma 73701 · (580)
233-8100