Okla. Stat. tit. 1, § 1-43
This is the official text of Okla. Stat. tit. 1, § 1-43, part of Oklahoma’s Stat. tit. 1, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 1,." Browse the sections below, each linked to its official government source.
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Real property purchaser – Retention of abstract
Official statutory text
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
Oklahoma Statutes - Title 1. Abstracting Page 21
3. Any administrative penalties and fines enforced by the
Oklahoma Abstractors Board.
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
Oklahoma Statutes - Title 1. Abstracting Page 21
3. Any administrative penalties and fines enforced by the
Oklahoma Abstractors Board.
Status: in_force · Read it on the official government site
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