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4. Why do I have to provide a ten year residence history at closing?
Answer - The ten year residence history is just one part of an affidavit that both buyers and
sellers are required to sign at closing and is retained by the closing company. It both helps the closing company defend against
claims of creditors in the event someone with the same or similar name has judgments or collections against themselves. It also enables the closing company
to make positive identification in instances where a claim is valid. The affidavit also deals with items that can affect "clear title" on a property such as
divorces, bankruptcies, marriages, etc. are filed in public record by party by name AND address. In this way
persons with common names, (Johnson, Smith, etc.) can differentiate themselves from others with similar or same names.
Back to the Closing FAQ's
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