Owner's Affidavit and Gap Undertaking is a document used in real estate transactions and other business transactions to ensure that a party is the rightful owner of a property they are selling or transferring. This document is signed by the owner, and by doing so, they are affirming that they are the rightful owner and have the right to transfer the property or title. Additionally, they are stating that there are no outstanding liens, debts, or other encumbrances on the property. The two main types of Owner's Affidavit and Gap Undertaking are the Title Gap Affidavit and the Statutory Affidavit. The Title Gap Affidavit is generally used when there is a gap in the chain of title, meaning that there is a period of time when ownership is unclear. This type of affidavit is used to eliminate any doubt as to the current owner's right to sell or transfer the property. The Statutory Affidavit is used when there is a legal requirement that a specific affidavit must be signed in order to transfer a piece of property or title. This type of affidavit is often used in foreclosure proceedings.
Owner's Affidavit and Gap Undertaking
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FAQ
Consisting of actions or proceedings based on any Exceptions to Title which may be asserted or attempted to be asserted, established.
An indemnity requested by a title insurance company from either a borrower or a seller to minimize its risk during the time between closing a real estate transaction and the actual recording of the instrument.
The Gap Between the Closing and Disbursal of Funds There is often a gap in time between the actual closing and disbursal of funds, and recording of the deed or mortgage at the county. Title insurance insures this ?gap? in time should a title defect arise prior to the new deed of mortgage being filed.
Gap insurance is an endorsement added to the title policy that provides additional coverage for title defects that may arise during a gap period.
: to reduce or eliminate a difference between two people, groups, or things. often + between. We hope to close the gap between well-funded suburban schools and the struggling schools in poorer communities.
A mutual indemnity agreement, also known as a mutual indemnity treaty, is an agreement (not a legally binding contract) between specific underwriters within a state to indemnify or hold one another harmless for some loss or damage for specific actions that may cause damage or loss related to a potential title claim.