What is the difference between an affidavit of title and a title commitment?

An affidavit of title and a title commitment are two important legal documents relating to the ownership of residential real estate in New York. Both documents provide information related to the ownership of the property and help ensure the buyer is getting what they expect when they purchase the property. An affidavit of title is a sworn statement made by the seller detailing the background and history of the property. This document lists all past owners of the property and certifies that the seller holds a good and legal title to the property, meaning that there are no liens or encumbrances. A title commitment is a document issued by a title insurer. It details all the items to be included in a title insurance policy, which is a policy that protects the buyer in the case of a title defect. The title commitment outlines any existing liens or encumbrances, as well as what taxes must be paid at the time of the sale. In short, an affidavit of title is a document provided by the seller and tells the buyer that the seller has a good title. The title commitment, however, is a document provided by the title insurance company and outlines all the insurable items related to the title.

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What is the difference between an affidavit of title and a title commitment?

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