Midwest City

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys may conduct closings. Conveyance is by warranty deed. Mortgages are the usual security instruments. Foreclosures may be by judicial action or by power of sale if properly allowed for in the security instrument. Oklahomans use ALTA policies and endorsements. Buyers and sellers share the closing costs, except that the buyer pays the lender’s policy premium, the seller pays the documentary transfer tax, and the lender pays the mortgage tax. Property taxes may be paid annually on or before the last day of the year or semi-annually by December 31st and March 31st.

Annually before the last day of the year or semi-annually by December 31st and March 31st

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Oklahoma real estate licensing laws. If a property manager is going to lease, rent, list, solicit for prospective tenants, solicit listings of places for rent or lease, or negotiate or attempt to negotiate to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities. There have been discussions in Oklahoma about creating a separate property management license; however, as of this writing, no formal proposals have been submitted.

YES. For examples, owners and their salaried are generally exempt. For more information about these and other Oklahoma property management requirements and exceptions, please contact the Oklahoma Real Estate Commission. Before hiring a property manager to manage your Oklahoma rental property, you should always check that he or she is licensed appropriately. You can check the license status of Oklahoma property managers using the state's Licensee Search webpage.

There is no requirement that a community association manager or condo association manager in Oklahoma hold a real estate broker's license.

Oklahoma real estate broker licensing requirements include: - Trustworthiness: must have good moral character; background check - Citizenship: must provide proof of citizenship or qualified alien status - Experience: must have two years of active experience as a sales associate or provisional sales associate - Education: must submit evidence of successful completion of ninety clock hours of advanced real estate instruction in a course approved by the Oklahoma Real Estate Commission - Exam: must pass the broker examination