Escrow & Title
The priority of recorded liens on an Oklahoma property is generally determined by:
AThe size of the lien
BThe order in which they are recorded (first in time, first in right)✓ Correct
CThe type of lien (mortgage vs. mechanic's lien)
DWho holds the physical deed
Explanation
Oklahoma follows the 'first in time, first in right' recording rule for most liens. Earlier recorded liens generally have priority over later recorded ones, which is why prompt recording of deeds, mortgages, and releases is essential.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
State-Specific Concepts
Mechanic's Lien
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