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

An affidavit of title and a title commitment are two documents related to residential real estate law in Virginia. An affidavit of title is a legal statement that is made by a seller to a buyer, attesting to the fact that the seller is the rightful owner of the property and has a rightful claim to sell it. It typically includes the seller’s name, address, and signature, and may include other information such as the name of the previous owner and the description of the property. A title commitment, on the other hand, is a document created by the title company, which is a third party that verifies the legitimacy of the real estate transaction. The title commitment outlines the terms and conditions that must be met for the title to be transferred. It typically includes the description of the property, the names of the buyer and seller, and the amount of money that is to be paid. The title company will also confirm that the property is free from liens and other encumbrances and that the title will be transferred in an orderly and valid manner. In summary, an affidavit of title is a legal statement made by the seller of a property, attesting to the fact that they are the rightful owner and have the right to sell it. A title commitment, however, is a document created by a title company, which outlines the terms and conditions of the purchase and confirms that the property is free from liens.

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

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