20+ SAMPLE Affidavit of Ownership

What Is an Affidavit of Ownership?

First of all, what is ownership all about? Ownership, in its most fundamental meaning, refers to the condition, act, or right of holding anything, whether material or intangible. It might involve various rights, referred to collectively as title, that is separated and controlled by distinct parties. When someone owns anything, whether tangible or intangible, they are then considered to be the owner of that specific asset. Parties can gain ownership of an asset whenever they purchase an asset outright, get it as a gift, inherit it from someone, win it in a gamble or a bet, create it, and earn it through working.

Whenever a legal dispute happens and a simple certificate or proof of ownership is considered to be inadequate documentation, an affidavit of ownership then comes into play. But, what is this document about? An affidavit of ownership, also known as an ownership affidavit, is a legal document that a person can use to establish that he or she owns a piece of real land, a car, or any other intangible asset. As stated earlier, whenever a deed or certificate of title is insufficient, this document is frequently used as proof of ownership. An ownership affidavit will clarify how that person owns the property in question. Banks and lenders, as well as the local recorder’s office, frequently require this certificate as extra proof of ownership. Even though the ownership affidavit takes a higher hierarchy, a duplicate of a real property deed or certificate of the title might be needed as an attachment to this document, depending on the city or municipality.

What’s in an Affidavit of Ownership?

Listed and discussed below are some of the key components that should be present when writing an ownership affidavit:

Affidavit Title. This serves as the first major component of an ownership affidavit. The affidavit’s title simply informs the reader of the sworn declaration’s subject. The document would be called Affidavit of Ownership in this instance. The name of the individual who owns the property in question should be mentioned in the title section of the affidavit. The label of the case should also be included in this section if this document is brought to court. Any court records connected to the case will have the case label. A case label or case caption will include the name of the court, the location of the court, the names of all parties involved, and the case number.Additional Details of the Owner. This component of the affidavit may be included on the title page or be completely separate and should contain the additional details of the owner of the property in question, such as the address of the owner, the age, and how old he/she was when the property came to their possession.Statement of Truth. After the additional details of the owner of the property have been detailed (which will also serve as a statement of identity), the statement of truth section then comes next in this affidavit. This portion of the ownership affidavit testifies that the affidavit contains correct facts or that the facts stated here are being done to the best of the owner’s knowledge. This section of the affidavit is similar to testifying in a trial. When completing this section of the affidavit, remember that the declaration of truth must always be written in the first person and contain the name or names of the persons involved (in this case, the property owner/owners). It is also best kept short and simple because it just works as an acknowledging statement that the parties agree not to lie in the ownership document.Facts. This section of the affidavit of ownership is written after the statement of truth section. In this section of the ownership affidavit, the most important information about the property in question needs to be provided. Additionally, the owner/owners of the property must avoid using personal beliefs or viewpoints while authoring this part. This portion of the affidavit provides information about the property in question, including whether it is tangible or not, and if it is real estate, land, or a vehicle. The state, country, or location of the property, as well as its size, may be supplied for tangible properties. There is no prescribed length for this section of the affidavit of ownership; what counts is that it includes all of the relevant facts.Reaffirmation of Statment of Truth. When every relevant fact about the property in question has been thoroughly discussed in the previous section, a follow-up statement of truth will come next, which basically serves as a reaffirmation or reiteration statement. All that is required to be submitted in this section of the ownership affidavit is a quick explanation that everything stated in the preceding section is correct to the best of the property owners’ knowledge. This section should be very short, not exceeding more than a few phrases in length. The terminology in this reaffirmation part may differ somewhat from the initial statement of truth, but the reiteration portion has to be equivalent in most ways to the original statement of fact.Signature Block. The affidavit of ownership concludes with this clause. In this portion of the affidavit, the document must be signed by the property owner or all of the property’s owners. The ownership affidavit can be finished in its entirety before even being notarized and witnessed, but it’s important to remember that the signing process must take place in the presence of a certified witness or notary. Furthermore, this affidavit, like other affidavits, will necessitate the signature of a licensed notary and/or witness at the bottom.

Types of Property Ownership

Listed and discussed below are some of the most common types of property ownership that exist:

Joint Tenancy. The first prominent type of property ownership that exists would be joint tenancy. One of the most prevalent types of land ownership is this form of property ownership. Two or more renters possess equal shares of a property in a joint tenancy. The renters will then have equal rights, income, and usage of the property, as well as the opportunity to share the mortgage and tax payments. Joint tenancies, on the other hand, have a variety of disadvantages, such as the creditor’s legal right to collect what they owe through the forced sale of the asset if one of the tenants has outstanding obligations.Sole Ownership. Another type of property ownership that exists would be sole ownership. The whole ownership of a real estate asset goes to a single individual in this sort of property ownership, which is why it’s called sole ownership. The most appealing aspect of this sort of property ownership is that choices concerning the specific property, such as how to best utilize it or whether to sell, do not require approval from renters or anybody else other than the owner. As tempting as this type of property ownership may appear, title transfer to the owner’s successors is a key disadvantage of this style of property ownership. The heirs will need to probate their estate in order to do so, which may be a costly and time-consuming procedure.Owning Corporation. Another type of property ownership that exists would be this one. Because companies are different legal entities, they can hold the title to a real estate asset, as in this example of property ownership. The biggest disadvantage of this type of ownership would be a liability. For instance, if someone is injured on the property, the owner corporation can be prosecuted, and a creditor can buy and sell an asset. While liability insurance might help lessen the risks, policy restrictions leave asset owners susceptible.Tenany in Common. The last type of property ownership to be discussed here is the Tenancy in Common type of property ownership. A tenancy-in-common property is one that is jointly owned by two or more people at the same time. This sort of ownership, on the other hand, might be divided into various percentages among the renters, resulting in unequal use, rights, or revenue. One thing to note in this type of property ownership is that survivorship rights are not included in this sort of property ownership. The decedent’s portion is inherited by their heirs in the case of death, who then engage in a tenancy-in-common arrangement with the other remaining owners. Another prevalent form of commercial property and land ownership is this one.

How to Create an Affidavit of Ownership

In order to be deemed effective, the creation process of an affidavit of ownership needs to abide by certain steps, all of which will be discussed below:

1. Identify the Parties Involved

The first step that needs to be done when creating an affidavit of ownership would be to identify the parties involved in this document. Typically, the parties involved here are the owner/s of the said property in question. In identifying the owners, their details usually need to be included, such as their name, age, address, occupation, and others. After the details have been properly identified, they will then be put in writing in the statement of identity section of the affidavit.

2. Describe the Property

After identifying who are the parties involved in the affidavit of ownership (the property owners), it’s time to proceed to this step, in which the property in question will be described. When describing the said property, be sure to include details such as the type of property that is owned by the entity, when it was acquired, and how it came to be in possession of the property owner.

3. Create the Important Statements

After providing a detailed description of the property in the previous step, it’s time to proceed to this one, in which the necessary statements of the affidavit are to be created. The statements being referred to are the statement of identity and the statement of affirmation. The personal information of the people involved, including their name, age, employment, place of residence, and any other pertinent information, is typically documented in the statement of identification. Create a statement of truth after that, which, as previously said, is used to testify that the affidavit contains correct facts or that the facts contained here are being done to the best of the persons involved’s knowledge.

4. State the Facts of the Affidavit

After creating the necessary statements of the affidavit of ownership (statement of identity and statement of truth), this step will then follow, in which the facts of the affidavit will then be stated. In this step of creating the affidavit of ownership, the property ownership information, such as how the owner obtained it, when the owner acquired it, and so on, must be extensively explored. The state, country, or place where the property was purchased/is presently located may also be mentioned. It is recommended that the people concerned avoid expressing personal beliefs or viewpoints and instead rely on objective facts. It’s also a good idea to mention the facts explicitly.

5. Sign the Affidavit and Get it Notarized

This serves as the final step in creating the affidavit of ownership. This section of the affidavit of ownership must include the location where the affidavit will be signed. The documentation must also be printed and signed in front of a notary, who will also have to sign the entire form. The final affidavit must be kept in a safe place in case it is needed as confirmation of property ownership in the long run.


FAQs

What is the difference between Tenancy in Common and Joint Tenancy?

These two types of property ownership appear to be comparable at first glance. In reality, there are numerous differences between these two forms of property ownership. The asset is co-owned by two or more persons in both cases. A tenancy in common, unlike a joint tenancy, does not offer survivorship rights. Furthermore, a tenancy in common does not give equal usage, rights, or income to all owners, but a joint tenancy does.

What does intellectual property ownership entail?

Intellectual property ownership is a legal right that can occasionally be attached to the stated form of an idea or other intangible subject matter. It typically allows the holder to exert exclusive use rights in connection to the IP’s subject matter. The phrase intellectual property usually refers to the concept that the subject matter is the result of the mind or intellect and that the rights to it may be defended in court just like any other type of property, physical or intangible.

What does personal property mean?

Any item that is not real estate falls under the category of personal property. It might be intangible, such as stocks and bonds, or physical, such as automobiles or electronic devices. Because this form of property is normally considered an asset, a lender may consider it when an individual applies for a mortgage or other loans. They are seldom taxed in comparison to immovable property.

Disputes happen every time, and they are usually most common on tangible properties such as land. Whenever this happens, a simple proof of ownership such as a land title may suffice. However, when it gets severe enough depending on the situation, such simple documentation may no longer be enough, and if that’s the case, an affidavit of ownership will then be required. Should you find difficulties in drafting one, this article contains plenty of examples that may be of great help to you whenever you find yourself in the situation of needing one.