It would be an understatement to say that 2020 has been a tough year with a pandemic bringing the global economy to a standstill. The second quarter of the year was marked by lockdown which triggered rising unemployment levels and global recession. Nonetheless, real estate is still seen as an asset class that can generate positive returns in this time of uncertainty. Based on a report published by Statista, the industry obtained an estimated 461.7 billion US dollars in 2020 as revenue. Because many properties are being sold each day, the need for Affidavit of Titles is also increasing. Whether you sell houses or buy one, you need an affidavit to transfer ownership over the property. Find out more below. Read More
In general, an affidavit is defined as a sworn statement or declaration, made under oath before an authorized agent such as a notary public or even a judge. In the real estate industry, an affidavit of title refers to a written document created by the home sellers, attesting to the condition of the property title. Usually, it is a request made by title companies to issue title insurance. Moreover, the home seller states in the affidavit of title that the property is theirs to sell and they are not selling to anyone else. On top of that, it discloses any potential legal issues like lien and bankruptcy proceedings the property and seller might be going through.
How Do You Create an Affidavit of Title Using a Template?
There is a higher chance that your productivity rate will increase if you use a template. One of the reasons why is that all templates from our collection come in with a suggested content that promotes consistency in your document. For sure, there is no one way to make an affidavit but if you are looking for a cost effective and convenient way to do so, download a template now. Follow the steps below to guide you through the process of creating an affidavit using a template.
Use a Ready-Made Template
Are you having trouble looking for a reliable source where you can get a template from? Do not worry because we got you covered. Our website offers a variety of downloadable stencils that you can use for business-related purposes or not. To enjoy exclusive perks, sign up for any of our subscription plans. Getting your template is very easy. Click the download button and the template will automatically be stored in your device. This way, you can import the template to any editing tool.
Choose a Suitable Editing Tool
Now that you already have a template. The next step is to look for an editing tool suitable for the template format. You cannot use any editing software of your choice because it has to be compatible with your template. Otherwise, it will compromise the convenience the template could have contributed. To know whether you can work on a template or not, browse through your source’s website. All compatible editing tools should be featured there together with the templates. If not, then it is when you know you have to pick another template to use. Refer to Step 1 if you wish to download a template again.
Start Modifying Your Template
If you have found the best editing tool to go with your template, the next best thing to do is to start modifying your template. Open the editing tool on your device. Start a new project and import the template into the editing tool. If you cannot locate the template, click the download storage. It should be there. Start modifying by adding an appropriate title to your affidavit. The title should tell what the document is all about. After that, identify the affiant and the clerk, provide a description of the property, and indicate the acquisition date. If there are improvements and liens or encumbrance, add them as well.
Finalize the Document
To make sure that the affidavit is valid, let the affiant sign and get it notarized. Legal requirements pertaining to an affidavit of title varies depending on the what state you live in. Thus, it is crucial to be familiar with the laws over property transfer before starting to write an affidavit. You can consult an attorney to get advice and guide you through the process of buying or selling properties.
When do I need an affidavit of title?
There are three main reasons why you need an affidavit of title. First is when you wish to buy property. An affidavit will provide proof of several important things such as proof of ownership. Also, this affidavit proves the sellability of a property as it contains information about whether or not the property can be actually sold. Second, an affidavit of title is needed if you wish to sell a property as can provide assurance to the purchaser that you are who you say you are, and that you are free to sell the property at the best of your ability and interests.
Can’t I write an affidavit without a lawyer?
Anyone can write one, although an affidavit is considered a legal document. It will be valid as long as it is signed, witnessed, and notarized properly. Hence, you do not need a lawyer to create an affidavit. Consequently, it is important to keep in mind that certain affidavits should contain specific information so that they will fulfill the purpose intended to be served and meet legal requirements. So when using an affidavit form, ensure that it provides relevant information needed.
What are the consequences of not having an affidavit of title?
The purchaser is unprotected from several unfortunate events that could affect their legitimate claim on the property without an affidavit of title. Some consequences include contending with unexpected legal issues like judgments against the property, boundary line disputes, and/or sellers subject to power of attorney due to failing mind.
Why is an affidavit important?
Affidavit letters serve many important purposes. They are filed with the court as proof that specific information is true. In some cases, an attorney can use the affidavit letter on your behalf so that you do not have to appear in court or at another official legal proceeding.
There are many factors affecting property disputes. Because of that, it has become an inevitable problem to property owners. But do not sweat it out because an affidavit of title will clear out any problems over property ownership. If you are to make an affidavit, go to our website now and get the chance to download various ready-made legal documents.