Abstracting and Title Insurance
This week McGraw Commercial Properties’ Neil Dailey spoke again with Rich Marshall with Conner & Winters, this time discussing the process of abstracting and title insurance.
Here is a brief look at what they discussed:
What is an Abstract?
An abstract is a compilation of historical documents of the property that include transfers, liens, and legal actions that are connected to the property typically since statehood.
Title Options in Oklahoma
Not every state approaches title options the same way. For example, in Oklahoma, you can simply close with just the title opinion. The title company will take the title opinion from the lawyer and convert it to a title commitment.
A title commitment is the title company’s agreement to issue a policy based on the title commitment if they are paid the title policy premium at closing. This isn’t a universal option but is available in Oklahoma.
The Benefits of Title Insurance
Though not required, some of the benefits of a title insurance policy are:
- The expense is negotiable between the buyer and seller.
- It’s a protection against defects on the abstract report or title opinion.
- The policy will carry over to the benefit of your successors.
- A one-time payment at closing.
McGraw Commercial Properties
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