Oklahoma · 46 O.S. §§19–21Oklahoma title protection notice: does the lender's title document protect the buyer?

In Oklahoma, a title protection document is a lawyer's title opinion letter, a title certificate, a title insurance policy or another written assurance as to the state of the title (46 O.S. §19(5)). When one will be issued to the lender financing a purchase of improved property, or of unimproved property bought with a construction loan, the lender must give the buyer, at the time of loan application, written notice of whether the title protection document will protect the buyer and that the buyer should seek independent, competent advice on whether to obtain any additional title protection document (§§19, 20(A)). If the buyer wants additional title protection, the buyer must get it in a timely manner to avoid undue delay of the closing under the contract of sale (§20(A)). The buyer can't waive the notice (§20(B)). A lender that fails to comply is subject to a $100 penalty recoverable by the buyer, plus costs and a reasonable attorney fee (§21).