§1-43. Real property purchaser – Retention of abstract.

335 words·~2 min read·/ok/title-1-abstracting/1-43

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A purchaser of real property shall have the opportunity to retain possession of the abstract for the property being purchased. The purchaser shall be notified about the option to retain possession at the scheduled closing; however, if a contractual obligation to a mortgage company requires retention of the abstract by that mortgage company, then the purchaser shall have an opportunity to take possession of the abstract upon complete performance of the contractual obligations.

If a duly licensed abstract company is holding or storing any base or supplemental abstract or abstracts or a previously issued owner’s policy of title insurance, upon written request from the owner or the authorized agent of the owner, pursuant to a current transaction, the licensed abstractor shall release the abstract or abstracts within three

(3)business days of receipt of the written request or, in the case of a title insurance policy, shall release the owner’s policy pursuant to subsection D of Section 5001 of Title 36 of the Oklahoma Statutes. All licensed abstractors and certificate of authority holders who refuse to do so shall be subject to the following:

1. A civil penalty to the requesting party not less than Two Hundred Fifty Dollars ($250.00) nor more than Two Thousand Dollars ($2,000.00) for each occurrence;

2. Liability in any action for damages, loss or injury suffered or incurred by any person by reason of failure to deliver the abstract pursuant to the provisions of this section. Any civil judgment rendered pursuant to this paragraph may be enforced in the same manner in which other civil judgments may be enforced; and

3. Any administrative penalties and fines enforced by the Oklahoma Abstractors Board. Added by Laws 2002, c. 36, § 1, eff. Nov. 1, 2002. Renumbered from § 227.30 of Title 74 by Laws 2007, c. 359, § 22, eff. Jan. 1, 2008. Amended by Laws 2017, c. 148, § 1, eff. Nov. 1, 2017; Laws 2021, c. 251, § 2, eff. Nov. 1, 2021; Laws 2024, c. 348, § 6.