Real Estate is commonly purchased with borrowed money. In the most common transactions, a seller conveys title to a buyer who immediately executes a mortgage and promissory note in favor of a lender. In most arm’s length transactions, there is no connection between the seller and the buyer’s lender. The seller’s interest in the property usually ends after executing the deed; however, there are ways that the seller can function as the lender.
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Oklahoma took a major step toward digital closings by passing Senate Bill 915 in 2019, but there are still a lot of questions about how Remote Online Notaries work.
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Oklahoma’s TODD is not a one size fits all estate planning tool. In limited scenarios with one Grantee Beneficiary who is aware of the instrument and a lawyer who knows how to correctly draft the Beneficiary Affidavit, they can save time and probate expense, but they are not a good substitute for a full estate plan and trust when you have multiple beneficiaries or you have beneficiaries who may not want the property or the liens attached to it.
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