Yes, Oklahoma is different

Jim Ball — Wed, 02 Jul 2008 09:57:24 EST

Cash cow for Abstract Companies and Lawyers

My father opened the first statewide title search company along with title insurance availability in Oklahoma in the mid 1970's. Because of its success, the law was strengthened in 1986 to close the state to only attorney's and abstract companies. Attorney's can issue title insurance in any county they want. Abstract companies can only issue title insurance in the county that they own a plant. They are the only parties that can legally issue title insurance.

Because of the time and cost of title insurance, it is never issued on Oklahoma property from other states with just a title search, or is it?

What is interesting is that the oil and gas companies are exempt from copying the tract or document records for mineral title searches. The oil & gas companies can copy and do anything they want.

Who has more exposure a $25,000.00 home improvement loan or a $15,000,000.00 oil or gas well with many of share owners?

The records must not be safe enough for your new hot tub.

I guess the bar association and the local abstract companies do not want to challenge big oil, but what the consumer does not know will not hurt them.

Remember, what occupation do the majority of senators and representatives have?

And last, concerning the financial numbers listed in the article, they are correct, Oklahoma is an active state.

Jim Ball's Blog

Yes, Oklahoma is different