Monday, May 11, 2009

Buying a home in oklahoma and land What and how much for the abstract?

I am paying the owner of the property cash I know what it is to have the land surveyed and how much but if he has done the abstract on the place since 1997 would the cost of that be a lot he want's me to give him more money than i think it will be for this. I told him the dollar amount I would give hime he agrees but want's me to give him the extra money for abstract and property assesment and I would like to do this but don't want him to overcharge me I think I''m being had.

Buying a home in oklahoma and land What and how much for the abstract?
Oklahoma abstracting fees alone typically range from 450 to 550. On a residential contract in Okla. City area the seller and buyer usually split the cost for abstracting, title exam, title insurance and survey. On a residential contract in Tulsa area the seller usually pays abstracting and survey and the buyer usually pays for title exam and title insurance. (Some variances of course depending on contract.)

There are plenty of fees including appraisal, closing, abstracting, title exam, title insurance, binder, recording fees, tax stamps, UCC Search, abstract storage, tax prorations, etc. These fees might total around $2000 or more.

If the seller is giving you a great deal, i.e. the property is worth more than you are paying, then you could say you are willing to pay for everything. Otherwise, negotiate. Who pays what fees should be part of the terms of the contract. Also have a back out clause if the property does not appraise for at least the sales price.

Good luck.
Reply:You might try asking the title company what a typical charge for the abstract would be. You should easily be able to get an outside quote for an appraisal.

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