Real Estate Laws & Customs By State - Fidelity National Title Insurance Company

- 39 - REAL ESTATE LAWS & CUSTOMS BY STATE OKLAHOMA Title Insurance Rates Not filed Form of Conveyance Warranty Deed; Quitclaim Deed (rare, requires underwriter approval) State Encumbrance Forms Real Estate Mortgage; Power of Sale Mortgage (rare) Customary Closing Entity Title or escrow company; others Commitment Issued? Duration? Yes. 180 days from date of abstract certification. When is Invoice Issued? With Commitment or at closing Deed Transfer Tax? Yes, Documentary Stamp Tax Mortgage Tax? Yes Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Buyer pays Loan Policy Premium Buyer pays Title Search & Examination Buyer pays for exam; Seller pays for the abstracting Survey Charges Buyer pays; sometimes negotiated Deed Transfer Tax Seller pays Mortgage Tax Buyer pays Closing Fees Negotiable; usually divided equally Recording Fees Buyer pays to record Deed and Mortgage Seller pays to record documents to remove encumbrances