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.
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