Legislative changes in Oklahoma have introduced a new requirement for property acquisition in the state. As of November 1, 2023, an affidavit is now compulsory for certifying compliance with the law that restricts the ownership of Oklahoma property by foreign individuals or entities, according to a report by Steptoe & Johnson PLLC.
The statute, which mandates compliance affidavits to be attached as exhibits to all deeds filed for record in any county across the state, is applicable to all deeds presented for recording from November 1, 2023, and onwards. The legislation aims to limit the ability of foreign persons or entities to acquire title to property in Oklahoma, or supply funding to others seeking to acquire property in the state.
It’s crucial for individuals, particularly those not native to the U.S., and entities aiming to acquire property in Oklahoma to be fully aware of these changes in legislation. Any deeds that are not accompanied by the necessary affidavit ascertaining compliance to this law may face difficulties with their recording.
Legal professionals working in large corporations and law firms should keep abreast with such developments to provide accurate guidance to their clients and associates, especially those who have vested interest in Oklahoma property or plan to acquire one in the near future.