Affidavit of Title Law and Legal Definition
Affidavit of title is a written document specifying under oath that a seller is the actual possessor of the title of a property. The affidavit of title generally contains in it:
1. the name and address of the seller;
2. a statement that the seller is the true owner
3. a statement that the seller has not sold or entered into a contract to sell the property to another buyer;
4. a statement that there are no liens against the property to be sold;
5. a statement that there are no assessments against the property; and finally;
6. a statement that the sellers have not declared bankruptcy.
The benefits of an affidavit of title are:
1. it provides added protection against the seller for the buyer that the property is free and clear of any major legal problems involving claims of ownership by other parties;
2. the affidavit offers the buyer another written document to be used against a seller if any future problems come up when someone claims to have a lien against or ownership of the property; and
3. an affidavit of title can offer guarantees about the property that may not otherwise be available to the seller.