Abstracting
An abstract is a complete record or transcript of all documents filed of public record affecting title to a certain real property. It must be certified by a licensed and bonded abstractor to a particular date and time. As an abstract company, we are bonded and regulated by the Oklahoma Abstractors Board. It is important to note that in Oklahoma, no title policy may be issued without first having a currently certified abstract examined by an attorney licensed in Oklahoma.
Security Abstract Company, located in Newkirk, directly across the street from the Kay County Courthouse, maintains title plant records for all properties located in Kay County, Oklahoma. We have our own records index system, having been updated daily since the opening of the Cherokee Strip in 1893. The integrity of these records provides the basis for researching “chains of title” and ultimately being able to issue accurate, high quality abstracts and other title products.
Security Abstract Company, located in Newkirk, directly across the street from the Kay County Courthouse, maintains title plant records for all properties located in Kay County, Oklahoma. We have our own records index system, having been updated daily since the opening of the Cherokee Strip in 1893. The integrity of these records provides the basis for researching “chains of title” and ultimately being able to issue accurate, high quality abstracts and other title products.
Closing/Escrow
One of the more visible services we provide as a title company is the closing of real estate transactions. From memorial parks, to single-family residences, to multi-million dollar commercial properties, we have closed on a multitude of property types. Security Title Service, proudly located in downtown Ponca City, represents our company’s closing division.
Our closing staff is entrusted with being the necessary third party to act as a depository for the purchaser’s funds, insuring payment of seller proceeds and all related closing expenses, and proper drafting, execution and recordation of the deed from seller to buyer.
Behind the scenes, your closer is ordering loan payoffs, obtaining evidence of insurance and satisfying title requirements as directed by the examining attorney. They are also accounting for pertinent closing fees from the seller, buyer, listing and selling real estate professional, surveyor, attorney, and lender. Thus, In a nutshell, the closing is that magic moment in time where everything (and everyone) comes together. To pull this off is no easy feat. If you have ever been involved in a smooth, professionally conducted closing, you can be sure an experienced closer was involved.
Our closing staff is entrusted with being the necessary third party to act as a depository for the purchaser’s funds, insuring payment of seller proceeds and all related closing expenses, and proper drafting, execution and recordation of the deed from seller to buyer.
Behind the scenes, your closer is ordering loan payoffs, obtaining evidence of insurance and satisfying title requirements as directed by the examining attorney. They are also accounting for pertinent closing fees from the seller, buyer, listing and selling real estate professional, surveyor, attorney, and lender. Thus, In a nutshell, the closing is that magic moment in time where everything (and everyone) comes together. To pull this off is no easy feat. If you have ever been involved in a smooth, professionally conducted closing, you can be sure an experienced closer was involved.
Title Insurance
Unlike many other types of insurance, which protect the insured against loss due to unexpected future events, title insurance protects against loss, which may occur due to events that took place in the past. Specifically, title insurance protects the buyer against loss resulting from previously unreported land title defects, such as forgeries, claims by missing heirs, recording errors, indexing errors, examination oversights, etc.
Title insurance provides value to the insured in two important and very different ways:
Protection – if a future claim against the title to the real property results either in the loss of title to the property, or expenses to resolve title defects uncovered by such claims, title insurance will provide compensation up to the face amount of the policy.
Legal defense – should a future claim against the title to the property require legal defense, the insurer will provide for legal defense of the insured’s title, no matter how many claims are brought during the life of the policy.
The two primary forms of coverage include:
Our company has agency agreements with both First American Title Insurance Company and Stewart Title Guaranty Company, two of the largest, most respected title insurance underwriters in the nation and both AM Best “A” rated companies.
Title insurance provides value to the insured in two important and very different ways:
Protection – if a future claim against the title to the real property results either in the loss of title to the property, or expenses to resolve title defects uncovered by such claims, title insurance will provide compensation up to the face amount of the policy.
Legal defense – should a future claim against the title to the property require legal defense, the insurer will provide for legal defense of the insured’s title, no matter how many claims are brought during the life of the policy.
The two primary forms of coverage include:
- Owner’s Policy – provides protection to the property owner against loss resulting from title defects.
- Mortgage Policy – insures that the holder of the mortgage has a valid lien on the property and indemnifies the holder of the mortgage against loss resulting from title defects.
Our company has agency agreements with both First American Title Insurance Company and Stewart Title Guaranty Company, two of the largest, most respected title insurance underwriters in the nation and both AM Best “A” rated companies.
Security Title Service
207 N. 2nd Street Ponca City, OK 74601 (580) 762-5600 Fax (580) 762-5671 sts@securitytitleservice.com |
Security Abstract Company
124 S. Main / P. O. Box 409 Newkirk, OK 74647 (800) 675-2502 or (580) 362-2502 Fax (580) 362-2505 sac@securitytitleservice.com |
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