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A “title insurance policy” is any written instrument purporting to show the title to real or personal property or any interest therein or encumbrance thereon, or to furnish such information relative to real property, which written instrument in express terms purports to insure or guarantee such title or the correctness of such information. In other words, title insurance is information on the status of title to real property (before the purchase or mortgage of real property) and protection against adverse claims that may affect the title. Title insurance shifts the risk of covered title defects from the insured owner or lender to a title insurance underwriter. It is a contract to indemnify if a loss occurs and if the loss is a covered defect. Title insurance is utilized in both residential and commercial real estate transactions.

I. Definition of a Public Way and Easement A public way is defined as “a street, avenue, boulevard, alley, lane or thoroughfare open for public use.” An easement is defined as “the rights in real property as set forth in Section 49 of Title 60 of the Oklahoma Statutes,” which lists numerous land burdens or servitudes that may attach to other lands as incidents or appurtenances.

Oklahoma law provides that no insurer shall issue, permit or cause to be issued, either directly or by an agent, a binder, commitment or policy of title insurance until either the title insurance company or its authorized agent shall have obtained an opinion of title by an attorney licensed to practice law in the State of Oklahoma based upon an examination of a duly certified abstract of title prepared by a bonded and licensed abstractor.[1]  The purpose of an attorney’s title opinion is to determine whether title to the subject property is marketable.  “A marketable title is one free from apparent defects, grave doubts and litigious uncertainty, and consists of both legal and equitable title fairly deducible of record.”[2]

In general, a “title” is the evidence of one’s ownership of land, the extent of his interest, and the means whereby the owner is enabled to assert or maintain his rights and possession. In order to prove title, it became necessary for owners of real property to preserve each instrument affecting his real property.

Buying property with someone else often starts as a great idea. Whether it's an inheritance shared with siblings or a business venture with a partner, you go into it with high hopes. But when disagreements start, it doesn't take long for things to turn sour.

Discovering a problem with your property title is often unexpected. You've worked hard to buy a home or land, only to find out there's a "cloud" hanging over it.