What is meant by the term "affidavit of title"?

The term "affidavit of title" refers specifically to a sworn statement made by the seller regarding the condition of the property's title. This document is significant in real estate transactions as it outlines the seller's claims about the ownership and any encumbrances or claims against the title. By providing this sworn statement, the seller assures the buyer that the title is clear of issues, such as undisclosed liens or claims from other parties, and that they have the legal right to sell the property.

This is crucial for establishing trust between the buyer and seller and aids in the due diligence process during the transaction. A well-crafted affidavit of title can help simplify and expedite the closing process by addressing potential title issues upfront.