The statement that protects the buyer in a property deal
The alta statement is a statement that is to be signed by the seller buyer or lender in order to declare all that they know about the title or ownership of the property. This statement is helpful in getting the facts about the title of the property before the deal is closed. So in case you are buying a property you will become aware of the problems that are associated with the property and its title.
In the alta statement you may need to declare the following
- Any kind of construction work done in the last six months on the particular property.
- Any fixture that may have been attached to the property in the last six months.
- Any kind of contracts that may have been signed pertaining to the property in question.
- Any lien notices that may have been received for the property in question.
- Any kind of outstanding agreement that may have been on the property.
- Any kind of contracts that may be on the property.
Similar other information of any kind pertaining t the property in question must be mentioned in this statement. This statement must be signed by both the buyer as well as the seller and both the signs must be notarized.
It is the duty of the seller to state the truth and not hide anything about the ownership as well as any outstanding on the property to the buyer. The buyer must read all the statements carefully and then only sign the statement.
Sample Template Preview
Commitment No. _________
Loan No. _________
The undersigned certifies with respect to the land described in the above commitment:
1. That, to the best knowledge and belief of the undersigned, no contracts for the furnishing of any labor or material to the land or the improvements on it, and no security agreements or leases in respect to any goods or chattels that have or are to become attached to the land to any improvement on it as fixtures, have been given or are outstanding that have not been fully performed and satisfied; that there are no unrecorded contracts to purchase the land; and that there are no unrecorded leases to which the land is subject, except as listed below, and that if any leases are listed below, they contain no options to purchase, rights of renewal, or other unusual provisions, except as noted here: _________.
2. That, in the event the undersigned is a mortgagor in a mortgage to be insured under a loan policy to be issued pursuant to the above commitment, the mortgage and the principal obligations it secures are good and valid and free from all defenses; that any person purchasing the mortgage and the obligation it secures, or otherwise acquiring any interest in it, may do so in reliance on the truth of the matters recited here. This certification is made for the purpose of better enabling the holds or holders, from time to time, of the above mortgage and obligations to sell, purchasers or pledge against any defenses to them by the mortgage or the mortgagor’s heirs, personal representatives or assigns.
[Signature of individual owner or seller]
[Signature of purchaser]
The above statements are made by _________ not personally but as a trustee under the trust agreement known as Trust No. _________ and this date by virtue of the written authority and direction of the beneficiaries under the trust.
[Signature of trust officer or employee]
- Agreement to Extend Term of Trust
- Alternative Designation of Beneficiaries
- Alternative Provisions to Describe Beneficial Interests
- Complex Beneficiary Agreement
- Declaration of Appointment of Successor Trustee Where Agreement
- Notice Nonpayment of Rent
- Notice of Intent to Vacate
- Trustee’s Certification
- With Transferable Certificates of Beneficial Interest