The Affidavit is the legal document issued by the purchaser of the property signifying the potential legal issues status involving the seller or property. It the signed statement of facts stating the seller of the property holding the title.
An affidavit is a legal document allotted by a purchaser of a property. For instance, someone who looks to sell real estate would require providing the Affidavit of the title in order to claim that the property is theirs. Having this document helps the property owner because it signifies that the property does not get sold to another individual. It indicates that there are no liens against the property & the seller is not in the bankruptcy proceedings.
Use of Affidavit in Real Estate
The title affidavit gets designed for the purpose of protecting the buyer from the pending legal issues which sellers might experience face. If the problem arises in the near future, buyersget issued awritten record from a seller. That might be used in the legal proceedings.
Some guidelines for the title affidavit might vary from one state to another. The fundamental contents ofthe title affidavit include:
• The seller particulars, such as name as well as address
• The declaration that the seller has been the only sole proprietor of the record for the property getting sold
• Declaration to the state that the seller does not sell any property to anyone else
• A declaration there neither unpaid liens nor penalties are there against the land
• The declaration that the seller has not declared any bankruptcy or is not in bankruptcy proceedings presently
Besides this, outstanding exclusions may get provided in the title affidavit. For instance, the title affidavit may note that the mortgage exists on a property that will get paid off only after the closing. Or that the specific lien or the issue has got resolved. As a matter of fact, broader exclusions are items like:
• Easements
• Intrusions, and
• Other problems that might not appear on the public records
The basic use of the Affidavit in real estate includes:
• Protecting the buyer from any unforeseen legal matters
• Protecting the business from getting responsible for the liens
• Preventing the buyer from becoming the victim of fraud
The Affidavit generally contains the specific language. As earlier mentioned, this document should include the seller address, name, as well as statement from the seller. Moreover, it must also state whether there are any lien on a property or the seller has had any bankruptcy.
