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Idea to send: |
| Topic | Computerized Abstract of Title |
| Content | It is my understanding that Oklahoma is one of the few (less than 3) states left in the nation that uses the hard copy abstract of title for property sales. All other states are computerized. Having been a Realtor for 14 years and having operated in 2 other states besides Oklahoma, I can assure you that this greatly impedes the property transfer process. In other states, one can have clear title within 24 hours. Here, I have personally experienced the process of clearing title to take over 6 months.
The general consensus among real estate professionals is that the powers that be often own interest in abstracting companies and are not willing to part with the profit these companies generate.
It seems that title companies still make money in all the other states. I would venture even more so since transactions can happen faster.
Hard copy abstracting is antiquated at best. It is holding back real estate development at worst. I have experienced real estate booms in other cities. I venture that the such a boom would happen in Tulsa and Oklahoma City as a direct result of computerizing title information. These cities are ripe for it. And you can quote me on that! |
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