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**FOR IMMEDIATE RELEASE**
OCTOBER 20, 2023
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Oklahoma Real Estate Licensees,
The Oklahoma Senate Bill 212, set to be enacted on November 1, 2023, introduces important changes you need to be aware of. Our team has put together in-depth resources to equip you with everything you need to know. The Commission asks everyone in the real estate community – from brokers and educators to associates and local boards and associations – to continue utilizing and disseminating resources created by the Commission to keep everyone informed as we navigate this change.
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What is the purpose of this bill? The primary aim of SB 212 is to ensure transparent and compliant property ownership. Going forward, any deed to be recorded with the county clerk will require an attached affidavit. This document is a formal statement by the entity or individual taking title, attesting that they're abiding by Oklahoma's laws on foreign property ownership. |
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1. Affidavit Requirement
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Purpose: The affidavit stands as a testament that the entity or person complies with state laws on foreign ownership.
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Content: It confirms the individual/entity is above 18, either a U.S. Citizen or a potential bona fide resident of Oklahoma, acknowledges the law on foreign property ownership, and the prohibition on using certain funding sources.
2. Responsibility & Execution
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Who signs?: The buyer. Title companies should present this affidavit at closing for signature.
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Licensees Role: As real estate professionals, your duty is not just to inform buyers about this requirement but also to ensure its execution before the deal closes. The earlier in the process this is done, the better.
3. Citizenship Verification
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Who checks?: You, as a licensee, won't bear this responsibility. Instead, your task is solely to make sure clients are aware and that the form is available to them for signing before the transaction closes.
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Does this law change who is eligible to purchase property in Oklahoma? No. SB 212 simply adds the procedural requirement that a person, entity, or trust coming into title must execute an affidavit to enable the county clerk to file a deed.
What if someone refuses to sign the affidavit? Without the affidavit, the county clerk won't record a deed.
Are there exceptions? The law applies to any real estate transaction where a deed is recorded, including minerals.
What about properties bought at County auctions? Yes, the affidavit is still mandatory.
Liabilities for real estate licensees? Licensees are shielded from verifying citizenship status or the accuracy of the affidavit. Their key responsibility is information dissemination.
Is there going to be a document for licensees to have Buyers sign when submitting an offer? The Buyer(s) just need to sign the OREC Sales Contract / Purchase Offer which will now include a new provision affirming the Buyer is either a U.S. Citizen, alien, or non-citizen of the U.S. capable of executing the affidavit at or prior to closing.
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