Failure to Furnish Good Title 2

What can a buyer do if Failure to furnish good title occurs

The title of property is an important consideration while buying a piece of land or property. The title is the original ownership of the land and unless someone is the original owner of the land or property he or she cannot make any deals regarding the property. In case someone does that it is a fraudulent act and is punishable under law.

The main problem of title fraud is that always the buyer remains at loss. The buyer must therefore always make attempts to ascertain the real and the rightful owner of the property before closing the deal. Having said that, it is the responsibility of the seller to prove that he is the rightful owner of the property he is selling to someone. For this he must give an affidavit stating that he has all the rights to sell or rent the property in question. The seller is also required to produce proof of his legitimate ownership. Failure to furnish good title to the property will give the buyer the full right rescind the deal and ask for any deposit that may have been made on the part of the buyer. The seller is obliged to give back all the money to the buyer without creating any hassles.

The good title is the right of the buyer and all the laws state that unless the seller provides a good title to the buyer at the time of closing of deal the buyer has all the rights to rescind the deal

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Sample Template Preview

Contractor’s affidavit and release.

State of _________
County of _________
I, _________, _________(title) of _________(firm or corporation), being first duly sworn depose(s) and say(s) that _________ was the general contractor in connection with the construction (repairs) of the improvements located on the property referred to in the owner’s affidavit.
That those improvements (repairs) were fully completed on or about the _________[date]; that the contract price due the contractor under the construction contract, in the sum of $_____, has been paid in full; that all subcontractors, materialmen and laborers have also been paid in full and have accepted such payments in full settlement of all claims and that there are no claims outstanding which would entitle the holder to claim a lien against the property, except: _________. (If any unpaid, name claimants and amounts due each. Also, in such event, affidavit should be supplemented by waiver or release of lien executed by each unpaid claimant. If all paid, state “none.”)
That _________ here waives and releases (his or her) (their) right to file a mechanics’ or materialmen’s lien against the property;
That this affidavit is made for the purpose of inducing _________ to make a loan on the property and _________(title insurance company) to insure the title to the property without exception to possible claims of mechanics, materialmen and laborers.
[Signatures]
[Acknowledgment]