Property Ownership
Oklahoma's oil and gas mineral rights can be severed from surface rights and separately conveyed. When purchasing Oklahoma property, a buyer should:
AAssume they own all mineral rights unless told otherwise
BReview the title chain for any prior mineral rights severances, which are common in Oklahoma and may mean the buyer acquires surface rights only✓ Correct
CIgnore mineral rights as they have no value
DPurchase only if the seller guarantees all mineral rights are included
Explanation
Mineral rights severances are extremely common in Oklahoma's oil-producing history. Buyers should always have a thorough title search that specifically examines whether mineral rights were previously severed.
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- In Oklahoma, a title search typically examines public records going back how far?Escrow & Title
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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