Tuesday, June 18, 2024

New real estate laws initiate in November

New real estate ownership laws in Oklahoma went into effect on Nov. 1, specifically concerning alien ownership of Oklahoma real estate.

Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate is posted below, with the highlighted section being the part activated at the beginning of this month.

No alien or any person who is not a citizen of the United States shall acquire title to or own land in this state either directly or indirectly through a business entity or trust, except as hereinafter provided, but he or she shall have and enjoy in this state such rights as to personal property as are, or shall be accorded a citizen of the United States under the laws of the nation to which such alien belongs, or by the treaties of such nation with the United States, except as the same may be affected by the provisions of Section 121 et seq. of this title or the Constitution of this state.

Provided, however, the requirements of this subsection shall not apply to a business entity that is engaged in regulated interstate commerce in accordance with federal law.

On or after the effective date of this act, any deed recorded with a county clerk shall include as an exhibit to the deed an affidavit executed by the person or entity coming into title attesting that the person, business entity, or trust is obtaining the land in compliance with the requirements of this section and that no funding source is being used in the sale or transfer in violation of this section or any other state or federal law. A county clerk shall not accept and record any deed without an affidavit as required by this section. The Attorney General shall promulgate a separate affidavit form for individuals and for business entities or trusts to comply with the requirements of this section, with the exception of those deeds which the Attorney General deems necessary when promulgating the affidavit form.

The affidavit is only required for deeds transferring ownership of real estate on or after the Nov. 1, 2023, effective date. It does not apply to deeds filed of record prior to that date nor does it apply to leases or personal property. If the bank is making a purchase money loan for real estate on or after the effective date, it will require that the affidavit be executed by the purchaser and recorded with deed.

The OBA hosted a Zoom meeting with Brad Clark, from the Oklahoma attorney general’s office, on Oct. 30 to discuss the changes made to Title 60 O.S. § 121 – Alien ownership of Oklahoma real estate.

You can visit OBA.com to watch and download the entire meeting, along with questions and answers at the end, and also view the slides Clark used during the meeting. Additionally, there are links to take you to new affidavit forms to comply with the changes in the new law along with FAQs.