Definition and Examples of Title Certificates
How Title Certificates Work
What Title Certificates Mean for You
Definition and Examples of Title Certificates
A title certificate is a legal document commonly used in real estate transactions to verify facts regarding the property and to relieve the new owner from legal liability for any existing liens. Title certificates are documented to be valid, and making false claims in a title certificate is illegal. Title certificates provide additional protection to the buyer in case there are legal issues regarding the ownership of the property that may arise after the transaction is completed.
How Title Certificates Work
Title certificates place the responsibility for any additional existing liens on the seller. For example, if you are selling your home, after accepting a purchase offer, you will sign a sales agreement with the buyer. Then, as the seller, you will likely need to fill out your title certificate and have it documented before completing the transaction. Title insurance companies often require a title certificate before providing title insurance.
If any issues arise regarding the title after the sale, such as a lien on the property by the lender, the buyer can use the title certificate against the seller to try to hold them accountable. Title certificates may provide additional guarantees concerning the property.
What Title Certificates Mean for You
For sellers, a title certificate is a document that needs to be completed before selling your home. You should ensure that all facts about your ownership are accurately stated and provide the title certificate to the buyer.
For buyers, a title certificate is an additional layer of protection against legal issues. It is designed to protect you from any future claims of ownership or other legal problems. Having a document stating that the ownership was free and clear of external claims at the time of purchase will help exonerate you from liability.
Source: https://www.thebalancemoney.com/what-is-an-affidavit-of-title-5215664
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