What is an affidavit of the title?

used in real estate transactions, an honorary title is a legal document that states some facts concerning the property. In general, the seller offers the property of the title of the title and states the seller's family status that the seller is the owner that the seller is not in bankruptcy and that there are no lien or burden affecting these assets. The document is generally signed under the oath and witnesses notaries.

Most transactions with properties are transmitted by a clear name. A clear title is a title where no other parties other than the seller have a legal interest in real estate. On the purchase side, there are many pages that share the title, including the buyer, creditor and title insurance.

Each party is interested in avoiding matters that could lead to a decrease in the value of the property or it would be expensive to solve. A title committed during most real estate transactions, investigating property ownership and any legal questionsEC. Research on the title of the title may be carried out on the basis of available recorded documents, usually in the local administration office.

There is usually a gap between the date of the title and recording the document. During this gap, additional assets concerning assets such as a lien against assets, divorce documents that transfer their assets to the spouse or bankruptcy proceedings could be recorded. These items would affect the name of the property and submit the problem to the buyer. One way to reduce the liability arising from the gap between the title and the document. If there were any lien or other legal matters after the deadline date, the buyer would rely on the title of the title to prove that the seller is responsible for Thos items.

The honorary statement of the title can also be used on behalf of the mortgage or title insurance company. In these cases it is sometimes referred to as dopis o compensation. A letter of compensation is a document in which one party apologizes to the other party from responsibility. The honorary statement of the title can be used to protect the creditor or the title company from responsibility for the problems arising from the date of the title.

Potential responsibility in real estate transaction may be higher when buying a house for short sales or after the market closure. If the owner has financial problems with the property, the owner and other financial problems can have. In these situations, it is even more important to explore a lien or other legal matter.