Real Estate Word of the Day: Affidavit
An affidavit is a written statement sworn to before an officer who is authorized to administer an oath of affirmation. In real estate, this is typically used in the context of an affidavit of title. An affidavit of title is a written statement made by the property sellers, affirming that the property is theirs to sell, as well as disclosing any potential legal issues with the property such as liens or bankruptcies filed by the current owner. The affidavit is usually a safety net for the buyers, and is typically asked for by title companies in order to issue title insurance. The affidavit of title is typically given at the closing, and may be between 1-5 pages long.
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