A buyer and seller are negotiating a purchase agreement for a home in Bartlesville, Oklahoma. The seller's agent explains Oklahoma's unique closing traditions. Which of the following statements about Oklahoma real estate closings and title evidence is NOT accurate?
Correct Answer
B) Title insurance commitments are the standard and exclusive method of evidencing title in Oklahoma residential transactions
It is NOT accurate that title insurance commitments are the standard and exclusive method of evidencing title in Oklahoma. Oklahoma has one of the strongest abstractor traditions in the United States. The abstract-and-attorney-opinion method is common in Oklahoma, where a licensed abstractor compiles the chain of title and an attorney provides a title opinion. While title insurance is available and sometimes used, it is not the exclusive or universally standard method in Oklahoma as it is in many other states.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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