What does Affidavit Mean in Real Estate?

My cousin recently came across the term affidavit while looking over some property documents for a flat he is planning to purchase. He called me and asked what does affidavit mean in real estate. I informed him that an affidavit is a sworn, notarized statement provided by the seller in a real estate transaction. It affirms their ownership and the legal status of the property.

• It explicitly declares that the seller is the rightful and exclusive owner, not engaged in selling the property to anyone else, and that there are no unresolved liens, assessments, or bankruptcy proceedings affecting the title.

• This affidavit is designed to protect the buyer from unexpected legal or financial claims tied to the property. 

• Although the specifics and language may vary, the core elements typically include the seller’s personal information, a declaration of title ownership, and statements regarding liens, encumbrances, or legal proceedings.

• For example, the seller might disclose any mortgages or declare that any existing liens will be satisfied before closing.

Notarization in India involves an authorized official (such as a notary public, judicial magistrate, or oath commissioner) certifying that the deponent voluntarily swore or affirmed the truthfulness of the affidavit. I hope you found this helpful.

You must make sure you sign a real estate affidavit if you are selling real estate and wish to confirm the property's status. But what does affidavit mean in real estate? A sworn declaration of facts about a property or a real estate transaction is called an affidavit in the real estate industry. Usually, it is used to validate or corroborate specific information that is pertinent to a property's sale or purchase.

Affidavits in Real Estate in India

A legal commitment documented in a document endorsing the seller's property details is as an affidavit in real estate. To demonstrate to a buyer that you are the owner of a property, you might use an affidavit. It is executed on non-judicial stamp paper and attested by a notary public or magistrate.

Affidavits in real estate serve multiple purposes, including:

1. The property owner may file an affidavit confirming ownership and providing clarity on the property’s title status.

2. In cases of inheritance or transfer, heirs may file affidavits declaring no objection to property distribution.

3. If property-related documents like the Sale Deed or Property Card are lost, an affidavit declaring the loss and steps taken to retrieve them is required.

4. You can use affidavits to officially declare changes in the owner's name or address for property records.

5. Property owners may submit affidavits to municipal authorities declaring lawful construction or modifications made to the property.

I hope your query should be solved.

Get Notarized Affidavit in Proper Format with Ease via NoBroker

Read more

How Much Does a Lawyer Charge for an Affidavit in India