Types of Property Deeds and Ownership in Oklahoma
Our firm frequently advises clients on what type of deed is best for their real estate transaction. There are many options, and parties to a transaction can negotiate for a specific type of deed, if desired.
You should carefully consider which deed is appropriate for your transfer of title. Each deed listed below comes with unique uses, rights, obligations, warranties, representations, and other features. Each state has different types of deeds that are common in their market.
What does a deed do?
A deed is a written document which transfers rights from one party to another. In Oklahoma, deeds are used to transfer title to real estate from a seller/grantor to a buyer/grantee. The seller/grantor can transfer just a few rights (thereby reserving some rights for themselves), or they can transfer all of their rights and interests in the property to the new owner.
Who signs a deed?
The seller, also known as the grantor or transferor, signs the deed. If there are more than one co-owners of the property, all co-owners must sign the deed in order for it to affect the entire property ownership; if less than all co-owners sign the deed, it is possible for only some or none of the interest to be transferred as intended.
Common Types of Deeds in Oklahoma
|Deed Type||Rights Transferred (Usually)||Warranties Given (Usually)||Features/Helpful Info|
|Quit Claim Deed||All||None||Commonly used without title insurance|
|Special Warranty Deed||All||Grantor warrants that they, themselves did not do anything to cloud title||Commonly used in commercial real estate transactions|
|General Warranty Deed||All||Grantor warrants that title is free of cloud or impermissible encumbrance||Used in almost every residential real estate transaction in Oklahoma, especially when using a real estate agent (OREC form contracts default to using a general warranty deed)|
|Oil, Gas, Mineral Deed||All, unless reservation present||None, unless using a warranty deed||Conveys mineral rights rather than surface rights (all other deeds on this list convey mineral rights unless reserved or previously conveyed)|
|Trustee’s Deed||All, unless reservation present||None, unless using a warranty deed||Used by trustee grantors, but trustees can still use most other types of deeds on this list to provide warranties if desired|
|Transfer on Death Deed (sometimes called a Lady Bird Deed)||All, but does not take effect until grantor dies||None, unless using a warranty deed||Less common in Oklahoma but still available for automatically transferring ownership upon grantor’s death|
|Deed with Life Estate||All, but grantor reserves the right to live on and use the property until they die||None, unless using a warranty deed||Most common for transfers to family members as an estate planning strategy|
Common Types of Real Estate Ownership in Oklahoma
|Ownership Type||Commonly Used By||Features/Helpful Info|
|Single Owner – Individual||Individuals for primary residence||Simple and effective ownership without any planning for the owner’s death|
|Single Owner – Trusts||Individuals, spouses, and families for primary residences or investment properties||Helps split legal ownership from beneficial ownership, can be helpful in guardianship situations, and is useful for preserving family/heritage properties for future generations|
|Single Owner – LLC||Individuals and investors for primary residences or investment properties||Helps provide limited legal liability|
|Multiple Owners – Tenancy in Common||Non-spouse co-owners, or co-owners that received their ownership interests at different times||Most common type of co-ownership for non-spouses or more than two owners|
|Multiple Owners – Joint Tenancy with Right of Survivorship||Spouses and families for primary residences||Most common type of co-ownership for spouses|
|Multiple Owners – Tenancy by the Entirety||Only available for married couples||Can be common for married spouses but does not allow involuntary partition|
Avenue Legal Group is knowledgeable and experienced in all types of real estate transactions and ownership structures throughout Oklahoma. Contact us by phone, text message, or email to discuss your transaction, deed questions, or for help drafting or recording a deed.
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