Fill and Sign the Control Number Ok 042 78 Form

© 2016 - U.S. Legal Forms, Inc. OKLAHOMA WARRANTY DEED [Husband and Wife / Two Individuals to Husband and Wife / Two Individuals] Control Number: OK-042-78 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. Notes re Waiver of Homestead ExemptionConcerning the “marital homestead”, the Oklahoma State constitution directs – under Art. 12, §2 – that “nor shall the owner, if married, sell the homestead without the consent of his or her spouse, given in such manner as may be prescribed by law”, and “Nothing in this article shall prohibit any person from mortgaging his homestead, the spouse, if any, joining therein; nor prevent the sale thereof on foreclosure to satisfy any such mortgage…”. The Oklahoma State legislature enacted statutory language parroting such requirement so that for an instrument affecting real property to be valid between the parties, both spouses must “subscribe” (i.e., sign) any “ deed, mortgage or contract affecting the homestead”. See 16 O.S. §4. Therefore, any spouse of a Grantor, not executing this deed as a party, should execute the Waiver of Homestead Exemption attached hereto. III. Documentary Stamp Tax STATUTORY REFERENCE: Pursuant to Oklahoma State Statute Title 68 Section 3201 there is imposed on each conveyance of real property a Documentary Stamp Tax when the consideration or value exceeds One Hundred Dollars ($100.00). AMOUNT OF TAX: The tax shall be prorated at the rate of seventy-five cents ($0.75) for each Five Hundred Dollars ($500.00) of the consideration or any fractional part thereof. EXEMPTIONS: Oklahoma State Statute Title 68 Section 3202 states the tax imposed by Section 3201 shall not apply to: 1. Deeds recorded prior to the effective date of Sections 3201 through 3206 of this title; 2. Deeds which secure a debt or other obligation; 3. Deeds which, without additional consideration, confirm, correct, modify or supplement a deed previously recorded; 4. Deeds between husband and wife, or parent and child, or any persons related within the second degree of consanguinity, without actual consideration therefore, Deeds between any person and an express revocable trust created by such person or such person’s spouse or deeds pursuant to which property is transferred from a person to a partnership, limited liability company or corporation of which the transferor or the transferor’s spouse, parent, child, or other person related within the second degree of consanguinity to the transferor are the only owners of the partnership, limited liability company or corporation. However, if the ownership of the partnership, limited liability company or corporation is changed within one (1) year of the property transfer, the seller shall immediately pay the amount of tax which would have been due had this exemption not been granted; 5. Tax deeds; 6. Deeds of release of property which is security for a debt or other obligation; 7. Deeds executed by Indians in approval proceedings of the District Courts or by the Secretary of the Interior; 8. Deeds of Partition, unless, for consideration, some of the parties take shares greater in value than their undivided interests, in which event a tax attaches to each deed conveying such greater share computed upon the consideration for the excess; 9. Deeds made pursuant to mergers of partnerships, limited liability companies or corporations; 10. Deeds made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary’s stock; 11. Deeds or instruments to which the State of Oklahoma or any of its instrumentality’s, agencies or subdivisions is a party, whether as Grantee or as Grantor or in any capacity; 12. Deeds or instruments to which the United States or any of its agencies or departments is a party, whether as Grantor or Grantee or in any other capacity, provided that this shall not exempt transfers to or from National Banks or Federal Savings and Loan Associations; 13. Any deed executed pursuant to a foreclosure proceeding in which the Grantee is the holder of a Mortgage on the property being foreclosed, or any deed executed pursuant to a Power of Sale in which the Grantee is the party exercising such Power of Sale or any deed executed in favor of the holder of a Mortgage on the property in consideration for the release of the borrower from liability on the indebtedness secured by such Mortgage except as to cash consideration paid; provided, however, the tax shall apply to deeds in other foreclosure actions, unless otherwise herein above exempted, and shall be paid by the purchaser in such foreclosure actions; or 14. Deeds and other instruments to which the Oklahoma Space Industry Development Authority or a Spaceport user, as defined in the Oklahoma Space Industry Development Act, is a party. NOTE: When submitting a deed that is exempt from Documentary Stamp Tax for recording, the Statute reference exemption must be included on the face of the document stating “No Documentary Stamp Tax Required pursuant to O.S. Title 68 Section 3202.(exemption number)” IV. DESIGNATING HOW THE GRANTEES WILL HOLD THE PROPERTY: A. In the State of Oklahoma, real property can be held by more than one person (concurrent estates) in the following ways: 1. If the Grantees ARE NOT married to each other, they can hold the property as: a. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size. b. Joint Tenants with the Right of Survivorship (JTWROS): is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. 2. If the Grantees ARE married to each other, they can hold the property as: a. Tenants in Common – See above b. Joint Tenants with the Right of Survivorship – See above c. Tenants by the Entirety - a type of concurrent estate formerly available only to married couples, where ownership of property is treated as though the couple were a single legal person. Like a JTWROS, the tenancy by the entirety also encompasses a right of survivorship, so if one spouse dies, the entire interest in the property passes to the surviving spouse, without going through probate. 3. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with Right of Survivorship; or, Tenants by the Entirety. B. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ C. For example: “. . . as tenants in common , . . .” OR “. . . as tenants by the entireties, . . .” OR “. . . as joint tenants with the right of survivorship , . . .” V. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Oklahoma. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Fo rms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF ) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE T HE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Warranty DeedPage 1 of 2 Property Address: Mailing Address: WARRANTY DEED [Husband and Wife / Two Individuals to Husband and Wife / Two Individuals] GRANTORS: and , Husband and Wife , and GRANTEES: , whose address is and , whose address is , Two Individuals. GRANTORS, in consideration of the sum of TEN AND NO/100 ($10.00) dollars, and other valuable considerations, in hand paid, the receipt of which is hereby acknowledged, do hereby grant, bargain, sell and convey unto the Grantees, as joint tenants with the right of survivorship , the following described real property and premises situated in County, State of Oklahoma: See Legal Description Attached as Exhibit A incorporated by reference Legal Description: together with all the improvements thereon and the appurtenances thereunto belonging, and Warranty DeedPage 2 of 2 warrant the title to the same. TO HAVE AND TO HOLD said described premises unto the said Grantee’s, Grantee’s successors and assigns forever, free, clear and discharged of and from all former grants, charges, taxes, judgments, mortgages and other liens and encumbrances of whatsoever nature. EXCEPT covenants, conditions, easements, restrictions and mineral conveyances of record. IN WITNESS WHEREOF , the Grantors have executed this Warranty Deed on the day and year set forth below. Date: Date: (Grantor’s Signature) (Grantor’s Signature) Print or Type Name Print or Type Name STATE OF OKLAHOMA, County of , SS. Before me, a Notary Public, in and for said County and State, on this day of , 20 , personally appeared , to me known to be the identical person(s), who executed the within and foregoing instrument, and acknowledged to me that he/she/they executed the same as his/her/their free and voluntary act and deed for the purposes therein set forth. Given under my hand and seal the day and year last above written. My Commission Expires: Notary Public Type or Print Name Warranty DeedExhibit A EXHIBIT A GRANTORS: GRANTEES: LEGAL DESCRIPTION: