Perhaps you don't realize how much a true abstract of title costs in Oklahoma. When they refer to an abstract in Oklahoma, they aren't talking about a "title search," they mean a full abstract of title that shows everything! They type of search you do in Virgina (and what we do here in Ohio) would be useless - they require a full abstract certified by a licensed abstractor who has access to a title plant.
This should give you an idea of what the cost is:
Could the lack of competition and the necessity of the abstract have something to do with the fees? One abstract company listed their fees for a new abstract of platted property as $750 and unplatted property as $850. An extension of less than one year is $275 to $350, an an extension from one to five years is $450 to $550, and they continue to get more expensive from there. An update after closing from less than 180 days from the previous certification date is $150.
You should read my blog about the subject: Ok... Oklahoma IS Different, and the comments. It truly is a very different world in Oklahoma. And, I can quite understand why Oklahomans would question the value of their "Abstract" system.
Best,
Robert A. Franco
SOURCE OF TITLE
to post a reply:
login - or -
register