Services

Abstracting 

    What is an abstract?

An abstract is a compilation of all instruments of record in the County Clerk's and Court Clerk's offices, which materially affect a specific tract of land. The instruments are typically arranged in chronological order beginning with the original allotment deed and showing all subsequent recordings, including, but not limited to deeds, mortgages, liens, judgments, bankruptcies, divorces and unpaid taxes.

An abstract is valid for examination by an attorney only if it has been updated by a licensed, bonded abstract company (per State Statute 74 Section 227.10 et seq.). A valid abstract must also have an unbroken seal affixed to it. Every valid abstract will have a tax report showing ad valorem taxes, personal taxes and special assessments, if any. Each time the abstract is updated, a new certificate page will be added, which shows a brief legal description, names of parties checked and the time period of the current certification. Guaranty Abstract Company can provide abstract service for the entire state of Oklahoma.

Steps Involved in Updating an Abstract.

Title Insurance                   
                                   
    What is title insurance?                             
                  

It is the application of the principles of insurance to risks/hazards that exist in every real estate transaction.

    How does title insurance differ from other types of insurance?

Title insurance protects the insured from future losses arising out of events that happened in the past.

    Are there several types of title insurance?

Yes. There are three types of title policies. The first one is the owner's policy, which the buyer would need for his or her protection. The second one is the lender's policy (mortgagee's policy), which only protects the lender. A majority of the lending institutions require a lender's policy for each real estate loan. The third type of policy is the leasehold policy. This type of policy is typically used by commercial or industrial entities that lease property on a long-term basis.

    What fees are associated with title insurance, and who is responsible for paying these?

There are four steps necessary to get to the point of issuing a title policy (whether owner's, lender's or leasehold). The four steps are as follows:

1. Initial abstracting to update abstract for title examination;                             
2. Title examination by an attorney to produce a title commitment;
3. Final abstracting to show recorded documents (from closing) in abstract;
4. Collection of title insurance premium.

Each of the first three above-referenced steps has a fee associated with it, and the party who pays for each of these is determined by the real estate contract.

    How much are the annual premiums? 

        There are no annual premiums. The premium is calculated based on the sales price or the mortgage amount, and it is
        a one-time charge for the life of the policy. 

Closing 

      Guaranty Abstract Company opened its first residential closing office in 1983.
            click here to see the closing process

1031 Exchange 

    Guaranty Abstract Company has, as one of its many services, the capability of providing a Qualified Intermediary in a 1031 Like-Kind Exchange. IPX, a 1031 company affiliated with our underwriters can serve all your exchange needs. Any tax questions or legal advice pertaining to the validity of the 1031 Exchange needs to be directed to a tax accountant and/or tax attorney.

For inquiries regarding Guaranty Abstract Company's rates for any of the above-referenced 
                                           services, please call (918) 587-6621 or fax your request to (918) 582-2228.