About Adams Abstract Company

Adams Abstract Company, Inc. is a family owned business that was established in 1988 when Loretta Adams purchased and consolidated the three existing abstract plants in Leflore County. The resulting business of Adams Abstract has flourished under the leadership of Loretta Adams and now offers not only abstracting and title insurance, but full title closing services for our customers. The Company is now owned by Loretta and her Son and daughter-in-law, Johnie and Peggy Adams, her daughters Sheryl, Sally,  Sylvia, Sue Ann Loggains, and her granddaughter Sky Fruen. Adams Abstract Co. employees 14 people.

We are constantly striving to better our service to our customers by decreasing the turnaround time for our services, staying up to date on recent technological advancements for the industry, making sure that all of our employees are properly licensed and attend continuing education classes to further our abilities to serve you.

We humbly thank our customers for their business and hope that your business transaction with Adams Abstract Company, Inc. will be a pleasant one.

Meet the Talents

Meet the Team

Lisa Wooten

Lisa Wooten

Receptionist
Loretta Adams

Loretta Adams

Owner/Closer
Sheryl Maggard

Sheryl Maggard

Owner/Abstractor
Sally Hutchinson

Sally Hutchinson

Owner/Title Insurance
Peggy Adams

Peggy Adams

Owner/Closer
Sue Ann Loggains

Sue Ann Loggains

Owner/Closer
Sylvia Adams

Sylvia Adams

Owner/Processor
Sky Fruen

Sky Fruen

Processor
Jan Thompson

Jan Thompson

Processor
Shelly Caldwell

Shelly Caldwell

Abstractor
Alyssa Vineyard

Alyssa Vineyard

Abstractor
Sharon Lodge

Sharon Lodge

Abstractor
Johnie Adams

Johnie Adams

Owner/Data Entry Specialist

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Adams Abstract Company
206 S. Broadway
PO Box 98
Poteau, OK 74953

Phone: (918) 647-8141
Fax: (918) 647-2826

FAQs

  1. What is an abstract?  An abstract is compiled documents that relate to a parcel of real property certified to by a licensed abstractor.  These documents can be from the County Clerks office, the Court Clerks office, or the County Treasures Office.  Any documents that have been recorded in the above offices that relate to that parcel of land, or that relate to the owners of that parcel of land are obtained and put into an orderly fashion.
  2. What is a title opinion?  A title opinion is a written opinion from an attorney after he has examined an abstract.  This opinion will described the abstract he has examined, set out the legal description of the parcel that his opinion covers, list the owner of the property, easements of record, real estate tax status, liens or judgments and requirements to be met before a party can purchase, loan money or write title insurance on the parcel of land.
  3. What is title insurance?  Title insurance is insurance that is issued on a parcel of real property. In Oklahoma you must have a complete updated abstract and a title opinion by an attorney licensed to practice in Oklahoma before you can issue a policy of title insurance.  As with any insurance product there are different types of coverage.  You can have owner’s title insurance which covers the owner of the property.  You can have Mortgage title insurance which covers the lenders that loan money on the property. Or you can have leasehold which would give coverage to the holder of a lease.   In Title insurance however the premium is only collected one time.  Before a Policy is issued a title commitment is issued setting out the requirements to be met before the policy can be issued and also setting out the exceptions (none covered items) to the policy.
  4. Who pays for what during a real estate transaction? While there are no laws regarding who pays for what in a real estate transaction, there are some customs, but these are adjusted according to how good of deal one is receiving.
    1. The seller normally pays to update or build the abstract.
    2. The buyer normally pays for the title opinion.
    3. The buyer will normally pay for all fees in connection with their loan if they receive one.
    4. The seller will normally pay for the survey if they are splitting off a piece of land from a larger tract in order to give a legal. The buyer will normally pay for the survey if the tract is already has a legal and their bank requires it or they just desire a survey.
    5. Typically the buyers closing fee will be more than the sellers closing fee if the buyer is obtaining a loan.  If it is a cash transaction the closing gee is split 50/50.
    6. The document preparation fee from the closing agent is normally split 50/50.
    7. The seller normally pays for the Revenue Stamps to be placed on the Deed.
    8. The buyer normally pays for the recording of the deed.
    9. The buyer normally pays for the Title Insurance if required or desired.

Transfer Process

In different parts of the country there are different transfer processes for real property. Transfer of real property can be fairly simple or very complex depending on the circumstances. The more parties you have involved (i.e. realtor, bankers) the more complex the transaction gets. You must also understand that there is not a law that says you have to have some type of evidence showing that the title to the real property you are purchasing is good. You can simple accept a deed and record it at the county clerk’s office in order to transfer property; however, people normally want to know that what they are purchasing has a clean title. In the below scenario I have described a simple buyer/seller cash transfer so that you can get a picture of how a transaction would take place, but remember each time you add another party the transaction gets more complicated.

  1. Parties come to an agreement that can be either a verbal agreement or a written agreement (purchase contract) as to the purchase price, earnest money, title evidence, property inspections and who will pay for what cost of the transaction.
  2. Once the agreement is made the party responsible for the cost will order the title evidence and any other inspection on the property that their agreement states (i.e. survey, termite inspection). In Oklahoma the title evidence is normally an updated abstract and a title opinion from an attorney licensed to practice law in Oklahoma. Normally, but not always, the seller pays for the update of the abstract and the buyer pays for the title opinion. Title insurance is also available in Oklahoma and can be obtained by licensed attorneys, licensed abstractors, and directly from title insurance companies. In Oklahoma in order to obtain title insurance you must have an updated abstract and a title opinion before title insurance can be issued.
  3. Once the title evidence is obtained (updated abstract & title opinion) then the title opinion is read and the requirements that the attorney made are addressed by the seller.
  4. Once the requirements are addressed then the closing can proceed with the transfer of money and deed.
  5.  The deed must be recorded in the office of the County Clerk in order complete the transfer