Title Search Basics - Oklahoma
I am new to the forum and also new to investing in tax liens. I purchased two tax liens at the October 2003 Oklahoma county tax sale. One property is vacant; the other has a house on it. I was told by the Treasurer's office that I could start foreclosure action in October 2004. The first thing I need is a title search to determine the owners and any liens. Is there a way I can do this myself using the courthouse records? I don't think it would be worth my investment to use a title search company on these two properties. Once I find the owners, is there a standard-letter format which must be adhered to in notifying them of the foreclosure? Does a copy of the letter have to be recorded in the Treasurer's office? Hopefully, someone who has gone through this process in Oklahoma county can help me get started. I appreciate your answers to my questions.
Hi Prince,
In Oklahoma County, you can order a title search through the Treasurer for $125. They also have written instruction on what to do once you get the title search. The next step is to record "The Notice of Application for Tax Deed" with the Recorder's office. If your tax lien states that you can foreclose in October 2004, then you can record such a notice as early as August 7, 2004. So, you may want to order the title search soon. Double check the October 2004 ... that may only be the case if, at the 2003 sale, they made you endorse taxes sold to county in 2002 too. Also, the law has changed recently and I haven't seen the new law, but my guess is that it won't affect you.
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Abdenour
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TLC Investor
[ Edited by achab on Date 05/26/2004 ][ Edited by achab on Date 05/26/2004 ]
R Prince--(OK)------------
My advice. First send a courtesy letter to the owners of the properties at the tax bill mailing addresses. Say something to the effect: I have a tax lien against your property that I can soon apply for a deed to the property. If you want to sell the property directly, which would mean no public records asking for a deed, I would be willing to pay you some money. If you want to redeem the taxes and keep the property, please call the Oklahoma County Treasurer's office, phone number xxxxxx, and ask how much you must pay to bring the account current. If you do this soon you will save yourself some money, as you will not have to pay for my costs to start the deed-getting process.
This will likely push owners to pay up their taxes, if they are going to do so. You will have to do less work. If they don't pay the taxes soon, there is a better chance that you will end up with the property so your added effort will be more worthwhile.
Many of the treasurer's offices have a "request for tax deed" package that they will give you for free. Ask about such of the Oklahoma treasurer's office. If they don't have it many more do. Call Canadian or Grady county, I'm sure at least one of them does have such a package. Many other counties do also.
You can probably go into the county clerks office and do your own title work. You might first print off the assessor's information sheet for each property. It may have the last couple or three deeds indicated on it, and other transfers and changes of ownership information. By looking at copies of the deeds to properties, you can see the loans next to them that were put on when the properties were bought. That might not be all the loans, and they may even be paid off. However, it is a simple, easy place to start.
And you can get the information sheet online while you are at home or work. Just go to URL http://www.oklahomacounty.org/assessor/disclaim.htm
Good Investing***********Ron Starr**********
[ Edited by RonaldStarr on Date 05/26/2004 ][ Edited by RonaldStarr on Date 05/26/2004 ]
Thanks ACHAB and Ron Starr. Yes, I have paid the back taxes for 2002 and 2003. Oklahoma has a 2 year period before foreclosure is permitted. I will probably send them a courtesy letter and see if they pay the back taxes.
Randy Prince
Randy,
After you have moved this along post an update. I would be interested in hearing how things work out.
John
[addsig]