Modern Minute

Land Title News and Information

Welcome to your local resource for abstract and title information. The land title industry has its own language, which can be intimidating at times, but don’t sweat it – the Modern team is here to help! Our goal is to take the mystery out of the real estate closing process and equip you with knowledge.

We’d love to hear from you! Let us know if you have specific questions and we’ll do our best to answer.

What is an Abstract?

An Abstract of Title is a compilation of all documents affecting title to a specific piece of property. It reflects the title to that property, where title is used in the same sense as ownership, as well as other title rights, such as mortgage interest, leasehold interests, mineral rights, and easement rights.

Our digital title plant allows licensed abstractors to efficiently and thoroughly search every document back to inception. Their compilations begin with documents that often predate statehood and end in present day.

Title Insurance

An insurance policy to protect a buyer against loss which could occur from title defects. The premium is paid once and provides coverage to the owner for the duration of ownership. This is a way to protect yourself if, after the property has been purchased, something not found during the title/abstract search, comes to light which could threaten the title.


The closing (settlement) is often the most anticipated part of a real estate transaction.

The closing is the final exchange in the sale and purchase of real estate in which the deed of title is delivered to the buyer, the title is transferred, financing documents are executed, title insurance policies are exchanged, and the agreed-on costs are paid. Final documents, including the deed and mortgage, are delivered to the county clerk to be recorded.


Q. What are the cost associated with an abstract to create, continue or update?
A. No two abstracts are the same so there is no flat fee. Fees are provided at request.


Q. On average, how long does it take to update an abstract?
A. The average length of time is 1 to 3 weeks. If we anticipate it will be longer you will be notified and a date/time frame will be agreed upon.


Q. Once completed, do you retain a copy of my abstract?
A. No, we do not retain a copy of your abstract. We can however, offer storage services upon request and for an additional fee.


Q. Is there a difference between an abstract and an owner’s policy of title insurance?
A. Yes, An Abstract is a compilation of a properties history. It is done in order to ensure the property has a free and clear title to ensure any discrepancies of ownership, liens or other items exist for the property, and shows that no one, other than the seller has an interest in, or claim to, the property. Any items that are found during the abstract process will be cleared prior to the property’s transfer of ownership.

An owner’s policy of title insurance is an insurance policy that protects a buyer against loss that could occur from defects in the title of the property being purchased. The premium is paid once and is good as long as the buyer owns the property. While other types of insurance protect policyholders from future events, title insurance protects them against defects that may exist and were not found during the abstract/title search.


Q. Is there a difference between an owner’s Policy and a Lender’s Policy of Title?
A. Yes, Title insurance for property owners, called an Owner’s Policy, protects the buyer if a covered title problem arises after the property has been purchased. It is usually issued in the amount of the purchase and is paid for by the buyer at closing for a one-time fee. It is valid for as long as the buyer or their heirs have an interest in the property.

Title insurance for mortgage lenders is a Loan Policy which protects the lenders interest if a title problem arises. Most lenders require a Loan Policy when they issue a mortgage loan for a property. THIS POLICY WILL NOT PROTECT THE OWNER/BUYER. The policy amount is purchased in the amount of the loan and decreases each year and eventually disappears as the loan is paid off.


Q. How much does title insurance cost?
A. You can use our Underwriters’ Rate Calculators to determine the cost of Title Insurance based on the specifics of your transaction:
For further information about title insurance premiums and other fees, please contact one of our title officers.


Q. Do you keep a copy of my Title Insurance Policy?
A. Your owner’s policy is provided you at or shortly after closing is complete. We do maintain a copy and that can be provided at a nominal charge or you can access your closing documents in our e-closing storage at no additional charge.


Q. What is a Title Opinion and why do I need one?
A. Attorney’s title opinions are required in the State of Oklahoma in order to obtain a title insurance policy. A title opinion is an opinion given by an Attorney based on their examination of an abstract to title to real property. It is their certified opinion as to ownership of the real property and other matters that affect the real property. Basically, saying they agree or disagree that the title is free and clear.

Even if title insurance is not being issued and the seller is providing an abstract of title to show they have a marketable title, the title opinion is required to determine ownership and other matters that need to be addressed to close the real estate transaction.


Q. What are the Closing fees and who pays them?
A. The responsible party for closing fees is determined through negotiation between the buyer and the seller. Still not sure about fees? Get a quote today!


Q. How soon can we close?
A. Each closing is different. Some closings can be completed in as few as 5 days however all situations are unique and subject to availability of prior title policy and condition of title.


Q. Where will closing take place?
A. Most closings will take place in our office. But there are however each situation is unique and some closings make take place in a lenders office or attorney’s office.


Q. What if my property is “For Sale By Owner” how do I get to Closing the sale of my property.
A. After you have a signed purchase/sale contract, deliver to Modern Abstract & Title offices, along with your abstract and/or title insurance policy. An order for title and closing will be opened and we will start the process toward closing. Don’t worry, our team will be there to answer all your questions along the way.


Contact Modern Abstract and Title

Looking for Fast, Friendly Service in your next Real Estate Transaction?

Providing services in the State of Oklahoma, specializing in Bryan County, Marshall County, Choctaw County, Johnston County, and Atoka County.

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