A condensed history, taken from the public records, of the documents affecting the ownership rights of a particular piece of real property.  In Oklahoma, the “title search” documentation is bound into a book of sorts known as an abstract.  Every state does the work of a title search in relation to real estate transactions, but not all states bind them into a certified abstract.  Bryan County Abstract Company has continually been in the business of compiling abstracts since 1903.

Title insurance is a policy that provides against serious financial loss due to a defect in the title of a property.  Title insurance covers both claims arising out of the title problems that should have been discovered in the public records and those hidden defects that could not be discovered in the records.  Those hidden defects could include forgeries, fraud, errors in public records and missing heirs.  Title insurance differs significantly from other forms of insurance in that covers events of the past, not of the future.  See also “Owners Title Policy” and “Mortgagee (Lender’s) Title Policy”.

This title policy is issued most often in conjunction with the purchase of a piece of property.  It is issued to the new owner as the insured.  However, it not only protects that insured owner, but also their heirs for as long as they hold title to the property, and even after if they sell by giving a Warranty Deed.  The underwriting company will not only satisfy any valid claim made against the insured’s title, but it will pay for the costs and legal expenses of defending against a title claim.  As a future Seller, an owner who has obtained an Owner’s Title Policy has the assurance that the title will be marketable when ready to sell.

This title policy is issued to a lender making a loan on a particular piece of property, either in conjunction with a purchase or as a stand-alone transaction.  It is issued to assure the lender that is has a valid lien against the property.  Protection under this policy remains in effect as long as the mortgage remains unsatisfied.