The Team
Loretta Adams
Owner
Adams Abstract Co.
Sheryl Maggard
Owner/Abstractor
Adams Abstract Co.
Sally Hutchison
Owner/Title Insurance
Adams Abstract Co.
Johnie Adams
Owner/Data Entry Specialist
Adams Abstract Co.
Peggy Adams
Owner/Closer
Adams Abstract Co.
Sue Ann Loggains
Owner/Closer
Adams Abstract Co.
Sylvia Adams
Owner/Closer
Adams Abstract Co.
Sky Fruen
Owner/Processor
Adams Abstract Co.
Tammy Cauthron
Receptionist
Adams Abstract Co.
Lisa Wooten
Order Desk
Adams Abstract Co.
Linda Mode
Title Insurance
Adams Abstract Co.
Shelly Caldwell
Abstractor
Adams Abstract Co.
Ruth Darneal
Abstractor
Adams Abstract Co.
Kenlei Sebo
Abstractor
Adams Abstract Co.
Michelle Wann
Billing/Processor
Adams Abstract Co.
Salena McConnell
Processor
Adams Abstract Co.
Jordan Akins
Processor
Adams Abstract Co.
Joshua Guillen
Prcoessor
Adams Abstract Co.Order Form
Contact Form
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.
- 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.
- 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.
- 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.
- Once the requirements are addressed then the closing can proceed with the transfer of money and deed.
- The deed must be recorded in the office of the County Clerk in order complete the transfer
FAQ
- 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.
- 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.
- 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.
- 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.
- The seller normally pays to update or build the abstract.
- The buyer normally pays for the title opinion.
- The buyer will normally pay for all fees in connection with their loan if they receive one.
- 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.
- 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.
- The document preparation fee from the closing agent is normally split 50/50.
- The seller normally pays for the Revenue Stamps to be placed on the Deed.
- The buyer normally pays for the recording of the deed.
- The buyer normally pays for the Title Insurance if required or desired.
Links
Local Links
- Poteau Chamber of Commerce
- LeFlore County Court Clerk Records
- LeFlore County Tax Rolls
- LeFlore County Clerk Public Documents
Other Links
- Oklahoma Abstractors Board
- Oklahoma Land Title Association
- Oklahoma Insurance Department
- American Land Title Association
- Oklahoma Board of Attorneys
- Oklahoma Board of Realtors
- Canaan Online Overview
- Canaan Online Request Access
Poteau Banks
Complaint Form
Privacy Policy
We Are Committed to Safeguarding Customer Information
In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand
that you may be concerned about what we will do with such information – particularly any personal or f1nancial information. We
agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, we have adopted
this Privacy Policy to govern the use and handling of your personal information.
Applicability
This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may
use the information we have obtained from any other source, such as information obtained from a public record or from another
person or entity.
Types of Information
Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include:
- Information we receive from you on applications, forms and in other communication to us,
whether in writing, in person, by telephone or any other means; - Information about your transactions with us, or affiliated companies, or other; and
- Information we received from a consumer-reporting agency.
Use of Information
We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party.
Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or
service you have requested of us; or (2) as permitted by law. We may, however, store such information indefinitely, including the
period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality
control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one
or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property
and casualty insurers, and trust and investment advisory companies, our companies involved in real estate services, such as
appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information
we collect, as described above to companies that perform marketing services on our behalf, on behalf of our affiliated companies,
or the other financial institutions with whom we or our affiliated companies have joint marketing agreements.
Former Customers
Even if you are no longer our customer, our Privacy Policy will continue to apply to you.
Confidentiality and Security
We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to
nonpublic personal information about you to those individuals and entities who need to know that information to provide products
or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will
be handled responsibly and in accordance with this Privacy Policy. We currently maintain physical, electronic, and procedural
safeguards that comply with federal regulations to guard your nonpublic personal information.