Escrow & Title
Oklahoma's 'race' recording statute has been clarified to be a 'race-notice' statute. This means the first person to record prevails ONLY IF they:
AHad actual notice of a prior unrecorded interest at the time of their purchase
BBoth recorded first AND had no notice (actual or constructive) of a prior unrecorded interest at the time of purchase✓ Correct
CPaid fair market value for the property
DUsed a licensed Oklahoma real estate agent
Explanation
Under Oklahoma's race-notice statute, a subsequent purchaser must (1) record before the prior purchaser AND (2) have had no notice (actual or constructive) of the prior interest at the time of their purchase. Recording first alone does not protect a party who knew of a prior interest.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance 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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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