Closing Affidavit and Agreement -Seller
Definition and meaning
A Closing Affidavit and Agreement -Seller is a formal document signed by the seller of a property during the closing process of a real estate transaction. This affidavit serves as a sworn statement by the seller, asserting that all information provided regarding the property is true and accurate. This includes details about any liens, encumbrances, or other claims against the property. It plays a critical role in the closing process by ensuring that the buyer receives clear title to the property.
Key components of the form
The Closing Affidavit and Agreement -Seller typically includes several important components:
- Commitment Statement: Identifies the commitment number and any defects or claims against the property.
- Bankruptcy Disclosure: Confirms that the seller is not undergoing bankruptcy.
- Gap Liability: Ensures there are no claims against the property after the commitment's effective date.
- Special Assessments: Details any unpaid assessments or charges related to the property.
- Indemnity Agreement: Holds the seller harmless from any inaccuracies in their declarations.
How to complete a form
Filling out the Closing Affidavit and Agreement -Seller requires careful attention to detail. Follow these steps to ensure proper completion:
- Provide Property Details: Fill in the property address and commitment number.
- Affirm Information: Answer each question truthfully regarding liens, bankruptcy, and assessments.
- Sign and Date: Sign the affidavit in the presence of a notary public.
- Gather Required Documents: Attach any necessary documents, such as lien waivers or prior closing statements.
Who should use this form
This form is designed for individuals or entities acting as sellers in a real estate transaction. It is necessary for any seller who wishes to ensure a smooth closing process, protect their legal rights, and confirm the accuracy of the information provided to potential buyers. Buyers are also encouraged to request this affidavit to secure their interests.
Common mistakes to avoid when using this form
While completing the Closing Affidavit and Agreement -Seller, be mindful of these common errors:
- Omitting Information: Ensure all sections are completed, including any required disclosures.
- Incorrect Signatures: Do not forget to sign the document in front of a notary.
- Failing to Review: Double-check all entries for accuracy before submission.
What to expect during notarization or witnessing
When having your Closing Affidavit and Agreement -Seller notarized, anticipate the following steps:
- The notary will confirm your identity by checking an approved form of ID.
- You will need to sign the document in the presence of the notary.
- The notary will affix their seal to confirm the signing date and their role in the process.
