What this means is closing costs are higher than I am used to.
Actually, I spoke with the escrow agent and got some more details. Oklahoma is one of the last states in the nation that uses Abstracts. An Abstract is a book that lists the original grant and all subsequent conveyances and encumbrances on the property. When you buy a property or get a lien on it, this book has to be updated and then run past a lawyer. You can image the extra costs that incurs. So a rough estimate of my closing costs, including title insurance, is around $1,200, which is roughly half of what they would be here in Arizona.
The good news is that if I use the same escrow company for the refinance, many of these charges can be waived or reduced if the refi happens within 6 months or the purchase. And I will not need to purchase buyer's title insurance on the refi since it stays in effect forever as long as I am the owner. This is similar to buying title insurance here in Arizona and requesting the policy be kept open for and flip.
Wednesday, January 31, 2007
Oklahoma Is An Abstracting State
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