VIEWS: 551 PAGES: 5 CATEGORY: Buying and Selling Commercial Real Estate POSTED ON: 5/17/2010
This affidavit of title is used when a corporation owns real property and wants to sell the property. It states that the officers of the corporation have the authority to sell the property and they have received shareholder approval. Most states require an affidavit of title which specifies that the seller owns the property. The affidavit provides added protection for the buyer that the property is free and clear of any major legal problems involving claims of ownership by other parties. This document is usually required by a title company issuing title insurance at the closing of the sale.
This affidavit of title is used when a corporation owns real property and wants to sell the property. It states that the officers of the corporation have the authority to sell the property and they have received shareholder approval. Most states require an affidavit of title which specifies that the seller owns the property. The affidavit provides added protection for the buyer that the property is free and clear of any major legal problems involving claims of ownership by other parties. This document is usually required by a title company issuing title insurance at the closing of the sale. AFFIDAVIT OF TITLE CORPORATION STATE OF ____________) ) S.S.: COUNTY OF __________) [Instruction: Insert applicable state and county information where affidavit being made.] The Officers of _____ [Instruction: Insert Company name.], being duly sworn, depose and say under oath: 1. Representation – The statements in this Affidavit are true to the best of our knowledge, information and belief. 2. Officers – We are the officers of _____ [Instruction: Insert Company name.], a Corporation of the State of _____________ [Instruction: Insert state Corporation incorporated in.] (the “Corporation”), with its principal offices at _____ [Instruction: Insert principal business address of corporation.]. We are citizen(s) of the United States and at least 18 years old and are familiar with the By-laws of the Corporation 3. Ownership of Property – The Corporation is the sole owner of the Property located at _____ [Instruction: Insert property address of property being sold.] (the “Property”). The Corporation has entered into a Sale Agreement dated _____ [Instruction: Insert date of sale agreement.] to sell and dispose of this property to _____________________ [Instruction: Insert Buyer’s name.] (the “Buyer”). 4. Authorization – This Sale, and the making of this affidavit of title, have been duly authorized by a proper resolution of the Board of Directors of the Corporation. A copy of this resolution, bearing the seal of the Corporation, is attached and made a part of this affidavit. The Corporation is legally authorized to transact business in the State of _______________. [Instruction: Insert state.] It has paid all necessary taxes presently due. Its charter, franchise and corporate powers have never been suspended or revoked. The Corporation is not restrained from doing business nor has any legal action been taken for that purpose. It has never changed its name or used any other name. 5. Approval by Shareholders – This Sale and the making of this Affidavit of title, have been duly authorized by the Shareholders. A copy of the authorization and approval of the shareholders is attached. © Copyright 2011 Docstoc Inc. 2 6. Possession of the Property – The Corporation is in sole possession of this property. There are no tenants or other occupants occupying the property nor are there any claims relating to the ownership and possession of the Property. Except for agreement with the Buyer, it has not signed any agreement or contract to sell or transfer ownership of the property. 7. Improvements – No additions, alterations or improvements have been made to this property within the past 4 months. The Corporation has obtained all necessary permits and certificates of occupancy and has paid up to date in full all expenses and charges for municipal improvements such as sewers, sidewalks, curbs or similar improvements benefiting this property. There are no monies due and owing for construction, alteration or repair work on this property. 8. No Mortgages or Liens – There are no mortgages, liens, security interests, or other encumbrances now existing or to be created in the future which will affect the ownership of this property. 9. No Suits, Judgments, or Bankruptcy or Insolvency Proceedings – There are no pending suits or judgments, executions, attachments in any court or other forum against the Corporation or other legal obligations which may be enforced against this property. There are no bankruptcy or insolvency proceedings against the Corporation and the Corporation has never been declared bankrupt. No one has any security interest in any personal property or fixtures on this property. 10. Exceptions and Additions –The following is a complete list of exceptions and additions to the above statements. This includes all liens or mortgages which are not being paid off as a result of this transaction. [Instruction: Insert list of exceptions and additions, if any. If extensive, attach as a schedule.] 11. Inducement to Buyer – We make this affidavit for the sole purpose of inducing the Buyer to purchase the Property and We are aware that the Buyer will rely on our truthfulness and the statements made in this affidavit. Sworn to before me this _________________ day of ______________________, 20_____ [Instruction: Insert date.] [signature] Deponent [dated] © Copyright 2011 Docstoc Inc. 3 [signature] Attorney at law Attach the Resolution of the Board of Directors and authorization by the Shareholders © Copyright 2011 Docstoc Inc. 4
"Affidavit of Title - Corporation"