Posted by Art_MD on 1/28/05 10:29am
Msg #18537

Affidavit of consideration

Got a call re: closing done 3 days ago. They were upset that I hadn't noterized the affidavit of consideration. Had to explain:
1. the rep of the secured party was not present.
2. there was no place for the rep's signature.
3. I noterize signatures, I don't noterize statements.

About the 5th or 6th time I had to explain this to lenders/title companies. Told them to get the doc noterized in their office.

Reply by HisHughness on 1/28/05 10:41am
Msg #18540

Art...

What is an affidavit of consideration? I don't think I have encountered any such animal.

Reply by Art_MD on 1/28/05 11:03am
Msg #18549

Says that a party representing the lender certifies that the consideration in the DOT is true and bona fide and that they are authorized to make the affidavit.
This is usually located right after the noterization section of a DOT and is part of the DOT - on the std fannie mae it is page 12 of 12 (form 3021)

Reply by HisHughness on 1/28/05 11:10am
Msg #18551

Art...

I'm looking at a Texas refi DOT, and there is no Affidavit of Consideration. Do those apply only to purchases?

Reply by BarbaraL_CA on 1/28/05 11:26am
Msg #18554

From my search of google, it appears that NJ may be the only state with this, but I can't be sure. The following is from a website describing the document, and the (RTF-1) is a link to the document itself.
The link to the website is: http://www.state.nj.us/treasury/taxation/index.html?lpt/rtf.htm~mainFrame


An Affidavit of Consideration (RTF-1) must be filed with any deed in which a full or partial exemption is claimed from the Realty Transfer Fee. There are 16 reasons listed in the instructions for full exemption from the fee, and partial exemptions for Senior Citizens, Blind or Disabled, Low and Moderate Income Housing and New construction.