Absolutely. It’s critical. Because the contract is the heart of the transaction. It spells out what you’re buying, the price, terms, etc. Any issues relating to the transaction are spelled out in the contract. It’s vital. Also, after closing, if you get audited or even just doing your regular taxes, typically, your accountant needs the contract to identify what the terms of the transaction were.
An Abstract is a book that is a collection of documents that pertain to a specific piece of real estate. If you have an Abstract, all the documents that have ever been filed at the County Clerk’s office, that apply to that particular piece of property, are contained therein.
In Oklahoma, if you’re buying or selling a piece of property, then you really do need an Abstract. Because the Abstract is what tells if the title is good, and if the person you’re buying the property from, actually owns it. An attorney’s review of the Abstract is a must! Title insurance is optional.
A survey is not required on every transaction or every sale of a piece of property. It’s advisable, so that you identify your property boundaries to you know whether there are encroachments. But it’s not absolutely required on every transaction.
The first thing you should do is contact an attorney that’s experienced in real estate matters. The law now offers alot more protection to borrowers that are being foreclosed on, and there may be some things that attorney can do that may benefit you.
Not every situation. Normally, a title company handles the closing. The “closing” is the process of wrapping up the transaction, collecting the documents, transferring the money and transferring the ownership of the property. Oftentimes, attorneys handle these matters. You need a title company or an attorney. I don’t suggest you try handling a transaction on your own.