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.
Which related terms should you know?
These are the terms that come up alongside affidavit of title in the same file.
- Gap coverage
- Coverage for matters recorded between the effective date of the search and the recording of the insured instruments. The seller's affidavit of title supports it.
- Mechanic's lien
- A statutory lien securing payment for labor or materials that improved real property. The filing deadlines run from the last date work was performed or materials furnished.
- Judgment lien
- A 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 a closing.
- Title exception
- A matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted by the buyer.
- Closing statement
- The itemized accounting of every credit, debit and disbursement at a closing. Commercial deals use a HUD-1 or ALTA settlement statement; consumer mortgage closings pair it with the Closing Disclosure.
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?
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.
Closing checklists
- Residential sale closing checklistWhat a New York seller has to deliver: payoff letters, the deed, the affidavit of title, transfer tax returns, cured violations and marketable title.
- Estate sale closing checklistSelling a decedent’s New York property turns on the fiduciary’s authority: letters, the estate tax lien, the executor’s deed and Surrogate’s Court ...
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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.