Title Affidavit
Frequently Asked Questions about Title Affidavits in Commercial Real Estate
What is a Title Affidavit?
A Title Affidavit is a sworn statement by the property owner (often called an Owner’s Affidavit or Seller’s Title Affidavit) declaring facts related to the ownership and condition of the title to a property.
What is the purpose of an Owner’s Affidavit?
An Owner’s Affidavit helps establish that the seller is unaware of any title defects, unpaid debts, encumbrances, or other claims against the property. It supports the issuance of title insurance.
Is a Seller’s Title Affidavit the same as an Owner’s Affidavit?
Yes, in many cases the terms Seller’s Title Affidavit and Owner’s Affidavit are used interchangeably, especially in commercial real estate transactions.
Why is a Title Affidavit important in a CRE transaction?
The affidavit provides legal assurances about the title’s condition, helping reduce risks for buyers and making it easier for the title company to issue insurance.
Where can I find a definition of Seller’s Title Affidavit?
You can refer to the glossary entry titled “Seller’s Title Affidavit” linked in the Related Content of the blog post.
How can I download the entire CRE glossary including Title Affidavit terms?
Click the link in the post that says “Click here to get this CRE Glossary in an eBook (PDF) format.”
Does the post provide a sample Title Affidavit?
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What kind of information is typically included in a Title Affidavit?
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Click here to get this CRE Glossary in an eBook (PDF) format.