What is an 'owner's affidavit' in a Delaware closing?
Why A sworn statement by the owner confirming no unrecorded liens, judgments, or other encumbrances affecting the property Is Correct
Answer A: A sworn statement by the owner confirming no unrecorded liens, judgments, or other encumbrances affecting the property
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
People Also Study
Related Delaware Questions
- Under Delaware fair housing law, discrimination based on marital status is:Fair Housing
- An owner's title insurance policy in Delaware is typically purchased by:Escrow & Title
- What is 'title insurance' for a lender versus 'title insurance' for an owner in Delaware?Escrow & Title
- Which of the following is an example of real property?Property Ownership
- Title insurance protects against:Escrow & Title
- Testers in fair housing enforcement are people who:Fair Housing
- An option contract requires the optionor (seller) to:Contracts
- Mutual rescission of a real estate contract requires:Contracts
Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →