Mortgage Lending: OKLAHOMA
Oklahoma law deems all contracts for deed that are “made for the purpose of establishing immediate and continuing right of possession” to be mortgages and requires foreclosure in the case of default.99 Prior to foreclosure, the seller must ensure that “the documents have been filed of record in the county clerk’s office” and the applicable mortgage tax is paid.100 This simple requirement provides a substantial amount of protection to contract buyers as they do not face forfeiture and instead are