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.

Related Topics

• Property Law (Intro)
• Tangible and Intangible property?
• Knowledge Capital
  
• Calculated Intangible Value
• Real and Personal Property?
• Chattel
• Littoral Land
• Fixtures?
• Appurtenance
• Readily Removable Fixtures
• What is ownership?
• Role of Government in ownership of property?
• Allodial System
• Role of property rights in economic activity?
• What are the limitations on property ownership rights?
• What is nuisance?
• What is Zoning?
• What is Eminent Domain?
• Just Compensation
• What is Property Taxation?
• Assessment Ratio
• Millage Rate
• Homeowners Association (HOA)
• Accession?
• Rule of First Possession?
• Lost or Mislaid Items?
• Adverse Possession?
• Encroachment
• Contracts?
• Gift?
• Confusion?
• Establishing and transferring ownership in real property?
• Absolute Title
• Warranty Deed
• Register of Deeds
• Conveyance
• What is a fee simple interest in real property?
• Absolute Interest
• Restrictive Covenant
• What is a life estate in real property?
• What is a leasehold estate in real property?
• What are common types of co-ownership relationships in real property?
• Owning Real Estate Personally vs as LLC
• What if Co-Owners of Real Estate Want Out
• Community Property and Separate Marital Property?
• What is an easement interest in real property?
• What is a license of real or personal property?
• Bundle of Rights
• Absorption Rate
• Fair Housing Act
• Federal Housing Administration (FHA)
• Housing and Urban Development (HUD)
• National Housing Act
• Design Build Contract
• Building Permits
• Certificate of Acceptance
• Construction Surety Bond
• Acquisition, Development, and Construction Loan (ADC)
• Flipping (Real Property)
• Buy, Strip, and Flip
• Homeowner Affordability and Stability Plan
• Building Residual Method
• Accessory Dwelling Unit
• Property Management
• Cost-Plus Contract
• Real Estate Investment Fund
• Listing Agreement
• Property Lawyers
• Multiple Listing Service
• Home Equity
• Register of Deeds
• Title Search
• Opinion of Title
• Certificate of Title
• Abstract of Title
• Chain of Title
• Clear Title
• Cloud on Title
• Defective Title
• Defect of Record
• Action to Quiet Title
• Abeyance
• Encumbrance
• Affidavit of Title
• Warranty of Title
• Title Insurance
• American Land Title Association (ALTA)
• Earnest Money
• Private Mortgage Insurance
• Closing (Property)
• Settlement Statement
• Real Estate Settlement Procedure Act (RESPA)
• HUD-1 Form
• Closing Statement
• Closing Costs
• Buying Real Estate as an LLC
• What is a mortgage?
• What are the Rights of a Mortgage Holder?
• Deed of Trust or Security Deed?
• Trust Deed
• Certificate of Release
• Judicial Foreclosure
• Lis Pendens
• Deficiency Judgment
  
• Short Sale 
• Homeowners Protection Act
• Deed in Lieu of Foreclosure
• Tax Deed
• Tenancy at Will 
• Closed End Lease Definition
• One Percent Rule
  
• Net Lease
• Triple Net Lease (NNN)
• True Lease Definition
• Land Lease Option
• Hell or High Water Contract
• Habendum Clause
• Attornment
• Implied Warranty of Habitability
• Emblements Definition
• Co-Tenancy Clause
  
• What is a bailment?
• Consignment
• Unilateral-benefit and mutual benefit bailments?