Affidavit of Title - Explained
What is Affidavit of Title?
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What is Affidavit Of Title?
Affidavit of title is the oath document, specifying the seller as the actual owner of the title of the property.
How is an Affidavit of Title Used?
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:
- Sellers 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 buyers 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.
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