A Comprehensive Guide: Step-by-Step Process of Creating an Affidavit of Title
An Affidavit of Title is a legal document used in real estate transactions to provide information about the ownership and status of a property. It serves as a sworn statement by the seller or grantor, affirming their ownership of the property and declaring that there are no liens, encumbrances, or claims that could affect the title.
How to Create an Affidavit of Title?
In order to create affidavit of title in Oklahoma, several important steps are involved in order to ensure its accuracy and validity. Know these steps in detail.
Gather Information: The first step in creating an Affidavit of Title is to gather all the necessary information about the property. This includes the property address, legal description, and the names of the current owner(s).
Research: Conduct a thorough research on the property's title history. This involves examining public records, such as deeds, mortgages, and liens, to verify the chain of ownership and identify any potential issues that need to be addressed.
Identify Liens and Encumbrances: Check for any outstanding liens or encumbrances on the property. Liens can include mortgages, unpaid taxes, or judgments against the property. It is important to address these issues and ensure they are resolved before completing the Affidavit of Title.
Draft the Affidavit: Using the gathered information, draft the Affidavit of Title, just as in case of an affidavit of support form. Include the legal description of the property, the names of the current owner(s), and a statement affirming their ownership of the property. Also, include a declaration that there are no outstanding liens, encumbrances, or claims against the property.
Swear or Notarize the Affidavit: Depending on local laws and regulations, the Affidavit of Title may need to be sworn or notarized. This typically involves the affiant (the person making the statement) signing the document in the presence of a notary public or another authorized official. The notary will then verify the identity of the affiant and administer an oath or affirmation.
Record the Affidavit: Once the Affidavit of Title is completed and properly executed, it may need to be recorded in the appropriate government office or agency. This ensures that the legal templates become part of the public record and provide notice to any interested parties.
Share with Relevant Parties: Provide copies of the Affidavit of Title to all relevant parties involved in the real estate transaction. This includes the buyer, the seller, their respective attorneys, and any financial institutions involved in financing the purchase.
Author Bio
Carl writes often about legal drafting of rental & commercial lease agreements, affidavit and bill of sale to help the people in needs.