Q: What changes hands when you purchase a property out right in Oklahoma ?
A:
The purchaser should receive a deed to the property and the seller should receive payment.
Sounds pretty simple, but the buyer should also make sure that the seller owns what he or she is selling. Real estate titles are complex and there are many things that may impact the seller's title. That is why it is advisable to use a closing company and require a title opinion or title insurance. If the buyer later discovers a title defect it may be difficult or impossible to recover from the seller. You want to make sure that there are no liens or mortgages on the property.
The seller should want to know that the buyer's payment won't bounce. Again, a closing company can certify that the check is good.
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