Three Documents to Become Familiar With When Buying Land
A special warranty deed provides assurance that the property's seller owns the property in question and has not faced any title issues during this ownership. A special warranty deed guarantees that the buyer won't face any legal action or title issues as a result of the actions of the property's previous owner.
An Affidavit of Title is a legal document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. The affidavit is a sworn statement of fact that specifies the seller of a property holds the title to it.
A land contract — often described by other terminology listed below — is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments.
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