DISCLOSURE-TRANSFER TO THIRD PARTY-Lease Options

The affidavit to prove the transfer of property to third party

When you need to sell your property you will do that to another party and then you will become the third party and the buyer will be the second party. Many a tie you know that the current buyer is buying the property to sell it to the third party. This is a very complex thing and to make it simpler there is something known as disclosure transfer to third party.

This is an affidavit in which the seller recognizes that his or her property is being bought by the second party in order to give it to the third party. The third party may either be chosen before the transaction was made or after the transaction made.

Getting this affidavit saves the buyer as well as the seller from all the disputes that might arise in future. This affidavit informs the seller of the future of the property as well as transfers all the loan and credit associated with the seller over to the buyer. This affidavit also releases the seller of all the legal and general duties associated with the property.

You must always get this affidavit made in case you are actually transferring or selling your property that will be transferred to someone else in order to either pay off the debt or otherwise any reason whatsoever.

The legal papers must always be ready for just in case there is lawsuit filed against you, you will at least be able to prove that you have no liability of any sorts regarding the said property.

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AFFIDAVIT  OF  ACKNOWLEDGEMENT  AND  HOLD
HARMLESS  FROM  TRANSFER  OF  PROPERTY  TO  THIRD  PARTY

STATE  OF ___________________________
COUNTY  OF ___________________________

BEFORE ME, the undersigned authority, on this day personally appeared ___________________________________ who being first duly sworn, depose and say that:

According to an agreement dated ______________________ (hereinafter “Agreement”), Affiants (hereinafter “Seller”) have voluntarily agreed to sell property located at ___________________________ to ___________________________ (hereinafter “Buyer”).

Affiants acknowledge and understand Buyer’s intention to convey Buyer’s interest in the Property to a third-party buyer (hereinafter “Third Party Buyer”) who shall be any party selected at any time by Buyer according to similar criteria used by Seller to qualify Buyer.  Said qualification criteria are specified in the Agreement.

Affiants acknowledge and understand that Buyer’s right to convey Buyer’s interest in the Property to a Third Party Buyer may be exercised at any time, now or in the future.

Affiants acknowledge and understand that Buyer’s conveyance of Buyer’s interest in the Property to Third Party Buyer may be subject to some or all of the loans and other encumbrances to which the property is subject as of the date of this document.  Third Party Buyer shall not be required to assume said loans or pay off said loans.  Affiants expressly consent to Buyer’s conveyance of Buyer’s interest in the Property to Third Party Buyer, and that no agreements between Buyer and Affiant prohibits or otherwise hinders Buyer’s right to such conveyance.

Affiants acknowledge and understand that Third Party Buyer qualifies as a “future purchaser” in the context of the AFFIDAVIT OF ACKNOWLEDGEMENT AND HOLD HARMLESS FROM ASSUMPTION OF DUE ON SALE and in the context of the AFFIDAVIT AND ACKNOWLEDGEMENT OF DEBT AND CONDITIONAL RELEASE OF LIABILITY otherwise executed by Affiants.

Affiants acknowledge and understand that upon Buyer’s conveyance of its interest in the Property to any Third Party Buyer, Seller completely releases and absolves Buyer (and Buyer’s heirs, executors, administrators and assigns) of any and all liability, claims, causes of action or losses related in any way to Buyer’s past relationship or covenants with Affiants.

Affiants expressly agree that this instrument may be treated as a defense to any action or proceeding that may be brought, instituted, or taken by Affiants or on their behalf, and shall for ever be a complete bar to the commencement or prosecution of any action or proceeding whatever against the Buyer, Buyer’s assigns, and Buyer’s employees/officers/ representatives.

FURTHER AFFIANTS SAYETH NOT.

_______________________________________________________________(Seal)
Affiant

_______________________________________________________________(Seal)
Affiant

Sworn to and described before me this ______ day of _______________, 20____.

________________________________        ____________________________________
Witness                                                                        Notary Public

(Seal)