Closings glossary
Affidavit of title
A sworn seller statement given at closing affirming no undisclosed liens, judgments or claims against the property. It supports the coverage written between the final search and the moment of recording.
What is an affidavit of title?
Quick Answer
The full definition
A sworn seller statement given at closing affirming no undisclosed liens, judgments or claims against the property. It supports the coverage written between the final search and the moment of recording.
Where does affidavit of title come up in a New York City closing?
A Bronx seller swears no contractor worked on the building in the prior eight months, which is what allows mechanic's lien coverage to be written into the policy.
What else should you read before closing?
In the glossary
- Gap coverageCoverage for matters recorded between the effective date of the search and the recording of the insured instruments. The seller's affidavit of titl...
- Mechanic's lienA statutory lien securing payment for labor or materials that improved real property. The filing deadlines run from the last date work was performe...
- Judgment lienA lien created by docketing a money judgment against the owner. It reaches real property in the county of docketing and is a routine payoff item at...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- Closing statementThe itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer m...
Questions this raises
- What documents do I sign at closing?Note, mortgage, title affidavit, settlement statement and transfer tax returns for buyers; deed and releases for sellers. What each document actual...
- What does title insurance cover?Old liens, recording errors, forged deeds, undisclosed heirs, easements: what a New York title policy covers, what Schedule B excludes, and how cla...
Title issues
- Unsatisfied mortgage of recordA paid-off mortgage with no recorded satisfaction still reads as a live lien in ACRIS. Here is how it is found, how it is cleared, and who pays for...
- Judgment lien against the sellerA docketed money judgment attaches to New York real property the seller owns in that county. Here is how it surfaces, how it clears, and who pays it.
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Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.