Welcome to the Oklahoma Land Title Association
OLTA is a statewide trade association representing the title insurance and abstracting industry in Oklahoma. Founded in 1907 and proudly serving our membership through regulatory and legislative advocacy, continuing education and up-to-date information in keeping with our mission to enhance and protect the industry.
What is Title Insurance?
When you buy a home, you receive a title to the property, meaning you are now the full legal owner of that property. Title insurance for real estate provides protection against loss if a covered defect is found in the title to real property. You can purchase it for a one-time premium, paid in most cases at closing.
Title insurance usually covers four types of “hidden” risks: errors, liens, ownership claims, and invalid deeds. If a claim is made against your property, the title insurance company will negotiate with the other party to settle the claim, defend you in court if necessary, pay any incurred legal costs, and satisfy any covered claims. Having title insurance can save you time, money, even your home.
What’s Happening Now
Bank of America Nears $17 Billion Settlement Over Mortgages
The New York Times | August 6, 2014
Bank of America and the Justice Department have reached a tentative deal that would cost the bank nearly $17 billion to settle an investigation into its sale of toxic mortgage securities in the run-up to the financial crisis, according to people briefed on the matter, the latest eye-popping rebuke of a giant bank.
Fed’s Lockhart Says Rate Hike Still Not Likely Until Second Half 2015
Reuters | August 6, 2014
Atlanta Federal Reserve Bank President Dennis Lockhart said on Wednesday that despite recent strong U.S. economic growth he still feels the Fed should not raise interest rates until likely the second half of next year.