Oklahoma § 1-43 - Real property purchaser – Retention of abstract

§ 1-43. Real property purchaser – Retention of abstract

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

3. Any administrative penalties and fines enforced by the

Oklahoma Abstractors Board.

Added by Laws 2002, c. 36, § 1, eff. Nov. 1, 2002. Renumbered from

§ 227.30 of Title 74 by Laws 2007, c. 359, § 22, eff. Jan. 1, 2008.

Amended by Laws 2017, c. 148, § 1, eff. Nov. 1, 2017; Laws 2021, c.

251, § 2, eff. Nov. 1, 2021; Laws 2024, c. 348, § 6.

Oklahoma Statutes - Title 1. Abstracting