Affidavit of Title (LLC)
Definition and meaning
An Affidavit of Title for a Limited Liability Company (LLC) is a legal document that attests to the ownership of property by the LLC. It confirms that the entity has the right to possess and encumber the property while declaring that there are no other claims against it. The document is typically used during property transactions and financing processes, ensuring that the lender is aware of the property’s status and ownership. It serves as a means to protect both the LLC and the lender from potential disputes regarding title and ownership.
Key components of the form
The Affidavit of Title includes several critical components that must be addressed:
- Identifying Information: Details about the LLC, such as its name and the managing member's information.
- Property Description: A clear description of the property being mortgaged, including its address.
- Ownership Confirmation: Statements verifying that the LLC is the sole owner of the property and detailing possession.
- Liens and Encumbrances: A declaration that there are no other legal claims against the property.
- Improvements Status: Information regarding any additions or alterations to the property.
- Signature and Notarization: The affidavit must be signed by the managing member and may require notarization to validate it legally.
How to complete a form
Completing the Affidavit of Title involves the following steps:
- Fill out the LLC details: Enter the name of the LLC and the managing member's information accurately.
- Describe the property: Provide a detailed address and any other relevant information about the property.
- Verify ownership: Clearly state that the LLC owns the property and list any tenants or occupants if applicable.
- List liens or encumbrances: Confirm that no additional claims against the property exist.
- Sign and notarize: The managing member should sign the affidavit, and a notary public should witness the signing to ensure validity.
Who should use this form
The Affidavit of Title should be used by:
- Limited Liability Companies that are entering into mortgage agreements
- Individuals acting on behalf of their LLCs who need to affirm ownership of property
- Those involved in real estate transactions where proof of title is required
- Entities seeking to secure loans from lenders while providing necessary legal assurances
Common mistakes to avoid when using this form
When completing the Affidavit of Title, consider avoiding the following common mistakes:
- Incomplete Information: Ensure all required fields are filled accurately to avoid delays.
- Failure to Notarize: Neglecting to have the affidavit notarized can invalidate the document.
- Incorrect Property Description: Double-check the property address to prevent legal issues.
- Omitting Tenants: Failing to mention any occupants can misrepresent the property’s status.
- Misrepresentation: Ensure all statements are truthful and backed by documentation.
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FAQ
A deed transferring Ohio real estate is filed in the county recorder's office of the county where the property is situated. The county recorder's office records the deed in the county's ?official records? and indexes the deed by party names, date, and property description.
An affidavit is a written declaration under oath, made without notice to the adverse party. A deposition is a written declaration under oath, made upon notice to the adverse party. Oral testimony is that delivered from the lips of the witness. Section 2319.03 Use of affidavit.
A statewide mandatory tax of 1 mill ($1 per $1,000 dollars of the value of property sold or transferred) applies in all 88 of Ohio's coun ties. In addition, counties may also impose a permissive real property transfer tax of up to 3 additional mills.
The affidavit shall recite the names of the other survivorship tenant or tenants, the address of the other survivorship tenant or tenants, the date of death of the decedent, and a description of the real property. The county recorder shall record any certificate or affidavit so filed in the official records.
Contact your lender. Form an LLC. Obtain a tax ID number and open an LLC bank account. Obtain a form for a deed. Fill out the warranty or quitclaim deed form. Sign the deed to transfer property to the LLC. Record the deed. Change your lease.
In Ohio, a survivorship deed creates a ?joint tenancy? between two or more owners. Owners are called survivorship tenants. Upon the death of one of the survivorship tenants, his or her interest in the property will pass to the surviving tenants automatically. ?
The statute allows the affiant to state facts about a wide variety of matters, such as birth and death, the identity of parties, possession of the property, the location of physical features such as fences or streams and, most broadly, ?the happening of any condition or event that may create or terminate an estate or
Ohio law permits anyone knowledgeable about facts which may affect the title to property to record an Affidavit of Facts Relating to Title with the county recorder. This affidavit serves as evidence of facts and matters that have a bearing on title to the property.