Affidavit Of Title Definition
Affidavit of title is the oath document, specifying the seller as the actual owner of the title of the property.
A Little More on What is an Affidavit of Title
Affidavit of title is a legal document that states the seller owns the property and he is not under the bankruptcy proceedings. This document also explains the circumstances of potential legal issues related to the property or its owner. The Affidavit of Title protects the buyer from existing or potential legal issues faced by the seller. Every state has its own ownership policy though, yet the main elements of Affidavit of the title include:
- Seller’s information
- The seller as the exclusive owner of the property for sale.
- A statement that seller is not selling the property to another person at the same time.
- The reports do not include mandatory liens or asset valuations.
- A statement that seller is not filed for bankruptcy or is not going bankrupt.
Also, certain exceptions can also be put under the oath. For instance, you may consider that affidavits on property rights could just be repaid after closure or assets with certain liens or problems. Other exceptions include servitude, violations, and other issues don’t appear in public records.
If the exclusion of the affidavit is of buyer’s interest, the buyer may communicate with the seller that the asset must be repaired to the end.
In case of title insurance, the title company applies for the title certificate. Though the law depends on jurisdiction;however, most of the states accept only written certificate of ownership to transfer the ownership to the buyer. The affidavit protects the buyers and provides several documents to present at the court.
References for Affidavit of Title
Academic Research for Affidavit of Title
• Chained to the Title: Why the UPC Should Allow Real Property to Transfer by Small Estate Affidavit, Alvarez, F. (2014). We propose UPC ro adopt a change like Indiana’s deviation that enables the real property to be treated as an asset for small estates. This paper also discusses the UPC background, the probate process and housing market, providing an analysis of the shifting the title of less valued real property upon death. It also provides the implications of UPC revisions that enable low-value real property by estate affidavit.
What Is a Good Title, Birchmore, H. A. (1952). What Is a Good Title. Ga. BJ, 15, 281.
Connecticut Deeds in Lieu of Foreclosure: Lender concerns and Title Issues, Caron, D. R. (1990). Conn. BJ, 64, 433.
Dealing with Title Insurance in Foreclosure and Bankruptcy Situations, Carpenter, C. H. (1987). Dealing with Title Insurance in Foreclosure and Bankruptcy Situations. ALI-ABA Course Materials J., 12, 93.
Deeds in Lieu of Foreclosure, Fales, D. (1932). Deeds in Lieu of Foreclosure. Lincoln L. Rev., 6, 7.
Mortgages: Deed in Lieu of Foreclosure: Validity, Phelps, E. D. (1937). Mortgages: Deed in Lieu of Foreclosure: Validity. Michigan Law Review, 36(1), 111-120.
The Problem of Abstracts of Title, Zechiel, C. L. (1944). The Problem of Abstracts of Title. Ind. LJ, 20, 303.
Deeds in Lieu of Foreclosure, Holmes, R. A. (1986). Deeds in Lieu of Foreclosure. Colo. Law., 15, 394.
Structuring the Deed in Lieu of Foreclosure Transactions, Jones, M. F. (1984). Structuring the Deed in Lieu of Foreclosure Transactions. Real Prop. Prob. & Tr. J., 19, 58.
Affidavits of Heirship, Hayden, J. H. (1968). Affidavits of Heirship. Tex. BJ, 31, 741.
Validity of Deed in Lieu of Foreclosure of Mortgage, Phelps, E. D. (1937). Validity of Deed in Lieu of Foreclosure of Mortgage. Current Legal Thought, 4, 107.
Entity and Trade Name Registration Requirements and Customs in Colorado, Steiner, B. U. (1999). Entity and Trade Name Registration Requirements and Customs in Colorado. Colo. Law., 28, 5.
The Affidavit for Small Estates: How, When, and Why to Use It, Heller, B. (2017). The Affidavit for Small Estates: How, When, and Why to Use It. Colo. Law., 46, 43.