Changes are afoot in Oklahoma’s property laws. As of November 1, 2023, any deed filed with an Oklahoma county clerk will now need to include an affidavit. Yet, this is not just any affidavit; it’s one that needs to be executed by the party or entity coming into ownership of the property and is to confirm that the person or entity is in accordance with state laws related to foreign ownership of property. This change comes into effect soon and will have a direct impact on the legal departments of any corporation or law firm dealing with property deeds in Oklahoma.
Undoubtedly, this change will require significant compliance efforts from companies and other entities to ensure they are in line with these new regulations. The affidavit will stand as a proof of citizenship and adherence to the state laws on foreign ownership.
The changes have been brought forward by Weiner Brodsky Kider PC. By imposing this regulation, Oklahoma aims to increase transparency and compliance with existing state laws surrounding property ownership. It’s presumably an effort to prevent unauthorized foreign ownership of property.
Now, the responsibility is on legal professionals representing entities engaging in property transaction in Oklahoma. They need to ensure their clients comply with this new requirement. This could involve advising their clients about the necessary procedures for preparing and executing the affidavit, checking over the documents for accuracy before they are submitted, and ensuring that the correct procedures are followed at all times.
Overall, this new measure takes a more proactive approach to enforcing the state’s property laws. It also pushes the task of ensuring compliance onto the parties involved in the property transaction, along with the legal professionals who advise and represent them.