What is an affidavit in the context of property transactions?

An affidavit in the context of property transactions serves as a sworn statement of fact. It is typically used to verify specific information related to property ownership or other pertinent details regarding a property transaction. This legal document is executed by an individual who swears to the truth of the statements contained within it, often under penalty of perjury.

Affidavits can play a critical role in a variety of situations such as proving identity, confirming property descriptions, or establishing the absence of liens or other encumbrances. Given the importance of accurate and truthful information in real estate, affidavits provide a reliable way for parties to affirm their claims officially.

Understanding what an affidavit is reinforces its significance in maintaining transparency and legal compliance in property dealings, distinguishing it clearly from other documents that might pertain to property transactions, such as contracts, tax records, or mortgage agreements, which have different purposes and functions within the realm of real estate.