Definition:
An affidavit is a legal document comprising a written statement made under oath or affirmation. In the realm of real estate, it serves as a powerful tool to assert facts or claims related to property transactions. This document is sworn before a person authorized by law, such as a notary public, making it a binding declaration of fact.
Key Features:
- Sworn Statement: The essence of an affidavit lies in its being a declaration made under oath, affirming the truthfulness and accuracy of the information it contains.
- Legal Document: As a formal legal document, an affidavit must adhere to specific requirements regarding its format, content, and the manner in which it is executed.
- Evidence in Court: Affidavits are commonly used in legal proceedings as evidence, providing a written testimony that supports the claims or statements of the parties involved.
Importance in Real Estate:
In Singapore’s dynamic real estate landscape, affidavits play a crucial role in various aspects of property transactions and disputes. They may be used to:
- Confirm the identity and legal status of the parties involved in a transaction.
- Assert the absence of liens or encumbrances on a property.
- Verify the accuracy of information presented in property agreements or contracts.
Types of Affidavits in Real Estate:
- Affidavit of Title: Confirms the seller’s ownership and the property’s freedom from liens.
- Affidavit of Property Value: States the property’s sale price or value, often used for tax purposes.
- Construction Affidavits: Assert facts about the construction, improvements, or repairs on the property.
Creating an Affidavit:
Creating an affidavit involves detailing factual statements relevant to the case or transaction, signing the document before an authorized official, and ensuring it meets all legal requirements. It’s crucial to:
- Clearly state the facts in a concise and orderly manner.
- Include the affiant’s personal information and signature.
- Have the affidavit notarized to confirm its authenticity.
Common Uses in Real Estate Transactions:
- Title Transfers: To declare the clear transfer of property titles without disputes.
- Financing: Affirming the financial details and obligations in mortgage agreements.
- Dispute Resolution: Providing sworn statements to support claims or defenses in real estate disputes.