The Texas residential property affidavit T-47 form is a document used in real estate transactions within Texas. It serves as a sworn statement by the seller regarding the condition of the property at the time of sale. This affidavit is often required as part of the closing process to ensure transparency and honesty in the transaction.
When navigating the complexities of real estate transactions in Texas, homeowners and prospective buyers often encounter a myriad of documents, each with its own purpose and requirements. Among these, the Texas residential property affidavit T-47 form stands out as a crucial piece for those involved in the sale or refinancing of residential properties. This legally binding document is essentially a sworn statement by the seller of a property, attesting to the presence or absence of any improvements, alterations, or repairs made during their period of ownership. It serves as a complement to the title insurance process, providing insurers with necessary information to issue a title policy without the need for a new survey, provided that an existing survey is accurately reflected and no significant changes have been made. Understanding the nuances of this affidavit, including when and how to use it effectively, can streamline the selling or refinancing process, offering peace of mind to all parties involved.
T-47 RESIDENTIAL REAL PROPERTY AFFIDAVIT
(MAY BE MODIFIED AS APPROPRIATE FOR COMMERCIAL TRANSACTIONS)
Date:___________________________________ GF No.___________________________________
Name of Affiant(s):__________________________________________________________________
Address of Affiant:___________________________________________________________________
Description of Property:_______________________________________________________________
County__________________________________ , Texas
"Title Company" as used herein is the Title Insurance Company whose policy of title insurance is issued in reliance upon the statements contained herein.
Before me, the undersigned notary for the State of ________________, personally appeared Affiant(s) who after by
me being sworn, stated:
1.We are the owners of the Property. (Or state other basis for knowledge by Affiant(s) of the Property, such as lease, management, neighbor, etc. For example, “Affiant is the manager of the Property for the record title owners.”)
2.We are familiar with the property and the improvements located on the Property.
3.We are closing a transaction requiring title insurance and the proposed insured owner or lender has requested area and boundary coverage in the title insurance policy(ies) to be issued in this transaction. We understand that the Title Company may make exceptions to the coverage of the title insurance as Title Company may deem appropriate. We understand that the owner of the property, if the current transaction is a sale, may request a similar amendment to the area and boundary coverage in the Owner’s Policy of Title Insurance upon payment of the promulgated premium.
4.To the best of our actual knowledge and belief, since _______________________________ there have been no:
a.construction projects such as new structures, additional buildings, rooms, garages, swimming pools or other permanent improvements or fixtures;
b.changes in the location of boundary fences or boundary walls;
c.construction projects on immediately adjoining property(ies) which encroach on the Property;
d.conveyances, replattings, easement grants and/or easement dedications (such as a utility line) by any party affecting the Property.
EXCEPT for the following (If None, Insert “None” Below:)
5.We understand that Title Company is relying on the truthfulness of the statements made in this affidavit to provide the area and boundary coverage and upon the evidence of the existing real property survey of the Property. This Affidavit is not made for the benefit of any other parties and this Affidavit does not constitute a warranty or guarantee of the location of improvements.
6.We understand that we have no liability to Title Company that will issue the policy(ies) should the
information in this Affidavit be incorrect other than information that we personally know to be incorrect and which we do not disclose to the Title Company.
_________________________________________
SWORN AND SUBSCRIBED this ______ day of __________________, 20_______.
_______________________________________
Notary Public
When dealing with real estate transactions in Texas, one often encounters the need to complete the Texas residential property affidavit, known as the T-47 form. This document serves a specific purpose and requires accurate and detailed information regarding the property in question. To ensure a smooth process, it's crucial to follow the steps for filling out this form carefully. Presented here is a straightforward guide to assist in completing the T-47 form confidently.
Once the T-47 form is completed accurately and has been notarized, it becomes a valid document that can be used in conjunction with other necessary paperwork for real estate transactions. It's important to keep a copy for personal records and provide the original to the appropriate legal or real estate professional. Completing this form is a key step in ensuring the smooth progression of property-related matters in Texas.
The Texas Residential Property Affidavit, known as the T-47 form, is a document used in real estate transactions. This affidavit accompanies the title policy and provides important information about the property's boundary lines, easements, and improvements. Here are answers to some commonly asked questions regarding the T-47 form.
What is the purpose of the Texas Residential Property Affidavit T-47 form?
This form serves to disclose specific information about a residential property, such as any changes made to the boundary lines, easements, or any improvements since the last survey was conducted. It helps to ensure that all parties in a real estate transaction have accurate and up-to-date information about the property's physical condition and any modifications that may have occurred.
Who needs to fill out the T-47 form?
The seller of a residential property in Texas is typically required to complete the T-47 form. It must be filled out accurately and notarized to be legally valid. The completed form is then given to the buyer, the buyer's lender, or the title company involved in the transaction.
When should the T-47 form be submitted in a real estate transaction?
The T-47 form should be submitted early in the real estate transaction process, usually at the time the title commitment is issued or shortly thereafter. This allows potential issues to be identified and addressed before the sale is finalized.
Is notarization required for the T-47 form?
Yes, the T-47 form must be notarized to be considered valid. The notarization process confirms the identity of the person signing the form and verifies that the signature is genuine.
What happens if information on the T-47 form is incorrect?
If the information provided on the T-47 form is found to be incorrect, it could lead to delays in the transaction, disputes between the buyer and seller, or even legal action. It is crucial that the seller provides accurate information about the property to avoid these potential problems.
Can the T-47 form replace a new survey?
No, the T-47 form does not replace a new survey. It is an affidavit that provides information based on the seller's knowledge and any previous surveys. In some cases, a buyer or lender may still require a new survey to be conducted.
Do all Texas real estate transactions require a T-47 form?
No, not all real estate transactions in Texas require a T-47 form. However, it is commonly requested by title companies and lenders for residential property sales to provide assurances about the property's condition and boundaries.
Where can I find a T-47 form?
The T-47 form can be obtained from a Texas real estate agent, title company, or online through legal forms websites. Ensure that the most current version of the form is used to comply with Texas real estate regulations.
How long is the T-47 form valid?
The T-47 form is valid for the duration of the real estate transaction for which it was completed. If the transaction does not occur, or if significant changes happen to the property after the form is submitted, a new T-47 form may be required.
What are the consequences of not submitting a T-47 form in a required transaction?
Failing to submit a T-47 form when required can delay or disrupt the real estate transaction. It can lead to increased scrutiny by the buyer, lender, or title company and may result in additional requirements, such as obtaining a new property survey.
Filling out the Texas Residential Property Affidavit T-47 form is a crucial step in the home selling process, but it's one that often trips up homeowners. One common mistake made is neglecting to complete the form accurately and thoroughly. Homeowners might unintentionally leave out details or provide incorrect information about the property's history, improvements, or issues. This can lead to potential disputes or legal complications during the sale process, as the form serves as a legal declaration of the property's condition and history.
Another frequent error is failing to update the affidavit to reflect current conditions. As time passes, properties undergo changes—repairs are made, additions might be constructed, and systems are updated. If the T-47 isn't updated to mirror these changes, it can misrepresent the property. This oversight might not only jeopardize the sale but also affect the buyer's trust and their willingness to proceed with the purchase.
Overlooking the need for professional advice is also a critical mistake. Many property owners fill out the T-47 without seeking input from a real estate professional or legal advisor. This lack of professional guidance can result in errors or omissions that have legal ramifications. Professionals are equipped to help homeowners understand the significance of each section of the form and how best to accurately represent their property's history and condition.
Lastly, a common pitfall is not attaching required documentation to the T-47 form. The form often necessitates accompanying documents, such as repair receipts, permits for improvements, or inspections reports, to substantiate the declarations made in the affidavit. Failure to include these documents can make the affidavit incomplete or inaccurate, leading to problems during the transaction process. Ensuring that all necessary documentation is attached and accurately reflects the current state of the property is essential for a smooth transaction.
When dealing with residential real estate transactions in Texas, the T-47 Residential Real Property Affidavit is a key document. This affidavit is typically used to provide a snapshot of any changes to the property's survey boundaries that might have occurred since the last survey was conducted. Yet, to make a residential transaction smooth and comprehensive, several other forms and documents are often utilized along with the T-47 form. These documents help in detailing various aspects of the property, ensuring compliance with legal standards, and securing the interests of all parties involved.
Utilizing these documents in conjunction with the T-47 form provides a thorough understanding of a property, encompassing its legal, financial, and physical condition. This comprehensive approach not only facilitates a smoother transaction process but also ensures the security and peace of mind for both the buyer and the seller. Knowing what each document represents and why it's important affords all parties involved a greater sense of clarity and confidence throughout the real estate transaction.
Warranty Deed: Similar to the T-47, a warranty deed is a legal document that guarantees the property's title is free from defects. Both documents are essential in real estate transactions for establishing the seller's rights to transfer property ownership.
Quitclaim Deed: Quitclaim deeds, like the T-47, are used in property transactions but do not guarantee a clear title. They simply transfer the seller's interest in the property to the buyer, similar to how the T-47 identifies the ownership and boundary details without any warranty.
General Contractor’s Affidavit: This document, used in construction, attests that all work has been completed and all subcontractors paid. It is akin to the T-47, as both serve as formal affirmations regarding specific statements related to real estate.
Title Insurance Commitment: A title insurance commitment provides detailed information on the conditions under which a title insurer will insure a property's title. Like the T-47, it outlines details crucial to finalizing real estate transactions, ensuring parties are informed of the property's status.
Mortgage Survey: A mortgage survey involves creating a map of the property, showing boundaries and structures, comparable to the T-47, which may also include information on improvements and easements affecting residential property.
Homeowners Association (HOA) Resale Certificate: The resale certificate provides critical information about the HOA's financial health and regulations. It's similar to the T-47 in that both documents are necessary for transparent real estate transactions, ensuring buyers are fully aware of conditions affecting their potential new home.
Property Disclosure Statement: Sellers use this document to disclose information on the property's condition, including any known defects. It shares the T-47's purpose of providing transparency, allowing buyers to understand the property's state and history before completing the purchase.
Flood Zone Statement: This document indicates whether a property is in a flood zone, crucial for insurance and safety considerations in real estate transactions. Like the T-47, which might include information about the property's boundaries and any conditions affecting its use or value, the flood zone statement informs buyers about specific property risks.
When filling out the Texas Residential Property Affidavit (T-47 form), certain guidelines will ensure the process is smooth and compliant with legal requirements. Below are key dos and don'ts to consider:
Dos:
Don'ts:
The Texas Residential Property Affidavit, known as the T-47 form, is often surrounded by misconceptions that can create confusion among homeowners and buyers. Understanding these misconceptions can help in making informed decisions related to property transactions.
All homeowners must complete the T-47 form: This is not true. The T-47 form is typically required during the sale of a property when the seller has an existing survey and there have been no substantial changes to the property. It is not a universal requirement for all homeowners.
The T-47 can replace the need for a new survey: This belief is misleading. While the T-47 affidavit can be used in conjunction with an existing survey to satisfy the title company's requirements under certain conditions, it does not universally negate the need for a new survey, especially if significant changes have been made to the property.
Filing the T-47 with the county is necessary: In reality, the T-47 need not be filed with the county clerk's office. It is typically retained by the parties involved in the transaction and the title company. The document is more of a declaration than a publicly recorded instrument.
There are no legal consequences for inaccuracies in the T-47: On the contrary, submitting a T-47 affidavit with false or inaccurate statements can carry legal consequences. As an affidavit, it is a sworn statement; therefore, accuracy is crucial.
The buyer cannot request a new survey if the seller provides a T-47: This is not correct. Buyers always have the option to request a new survey at their own expense, even if a T-47 affidavit and an acceptable previous survey are provided.
The T-47 is only applicable to residential properties: While it is primarily used in residential transactions, the misunderstanding here lies in the definition of "residential properties." The term can encompass a range of property types, including single-family homes, condominiums, and even certain types of small multifamily properties, as long as they are used for residential purposes.
The Texas Residential Property Affidavit, known as the T-47 form, serves as a critical document within the state's real estate transactions. To effectively utilize and fill out this document, there are several key points one should understand:
Adhering to these key takeaways when dealing with the Texas Residential Property Affidavit can help ensure a smoother, more secure real estate transaction. Proper completion and understanding of the T-47 can protect the interests of both the buyer and the seller.
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