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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1646 By: Newhouse
AS INTRODUCED
An Act relating to the Nontestamentary Transfer of
Property Act; requiring certain option be offered to
buyers of interest in real property; requiring
designation of grantee benefi ciary in accordance with
certain requirements; providing for codification; and
providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1259 of Title 58, unless there
is created a duplication in numbering, reads as follows:
During a closing conducted by a third -party closing agent,
including settlement agents, att orneys, and escrow and title
companies, the buyer of an interest in real property shall be
offered the option to use a transfer-on-death deed. If the buyer
chooses to use such deed, the buyer shall designate a grantee
beneficiary or beneficiaries of the i nterest in accordance with the
requirements of the Nontestamentary Transfer of Property Act.
SECTION 2. This act shall become effective November 1, 2024.
59-2-2760 TEK 1/16/2024 11:04:42 AM