On May 10, Gov.  Mary Fallin signed House Bill 2941 after it passed unanimously in both the Oklahoma House and Senate. The bill will streamline the abstract procession for realtors across the state by creating greater uniformity in the information provided on property abstracts.
An abstract is the complete record of all matters filed of public record that affect ownership rights for a specific piece of property. When properties are bought and sold, the abstract is examined to insure ownership. Sometimes, however, there are matters that do not appear on the public record which can affect ownership rights. The issues may not appear until well after the new “owner” is already in possession of the property and can lead to a complete loss of their investment.
Because of this, many choose to purchase a title insurance policy that will protect the equity in their investment, and HB 2941 relates to these insurance policies.
Kendra Tucker, branch operations manager and vice president of Stewart Abstract and Title, explained the new bill.
“All it is saying is that on any warranty deed that someone prepares, we’re going to have to start listing certain information by requirement,” Tucker said. “So if title insurance is issued, the underwriter is listed. That way people can track the information more easily.”
She said that many of the larger abstract companies already include that information. Now that information will be a legal requirement.
“Basically, they’re going to make greater uniformity across all warranty deeds with title insurance,” Tucker concluded.