The Texas residential property affidavit T-47 form is a legal document that homeowners use to disclose the condition of their property during a real estate transaction. It offers a comprehensive overview of the property’s status, ensuring transparency between the seller and the buyer. For those preparing to engage in a property transaction in Texas, completing this affidavit thoroughly is a step that cannot be overlooked. Click here to start filling out your form.
When buying or selling a home in Texas, the process involves several documents, one of which is the Texas Residential Property Affidavit, commonly known as the T-47 form. This affidavit is a crucial component of the real estate transaction, serving to detail the condition and features of a property as known by the seller. It complements the Seller’s Disclosure Notice, providing additional assurances and verifications about the property's history and any improvements or issues. Homeowners are often required to complete this document when they are seeking to sell their property, as it gives potential buyers insight into the property's past and current state, potentially impacting the negotiation process. Not only does it cover any modifications made to the property, but it also includes declarations about any known defects or malfunctions that could affect the property’s value or desirability. Properly completing and understanding the T-47 form is vital for both parties in ensuring a transparent and informed property transaction in Texas.
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
The Texas Residential Property Affidavit T-47 is a document used during the home selling process. It is typically required by title companies or lenders to get a clear picture of any improvements, additions, or significant changes made to the property since the previous survey. This form accompanies the current survey to assure the buyer and the lending institution that there have been no material changes affecting the property's boundaries or structure. Completing this form accurately is vital for a smooth transaction process. Follow these step-by-step instructions to fill out the T-47 form correctly.
After completing the T-47 form in its entirety, submit it along with your current survey to the requesting party, typically the title company or lender. This submission is a crucial step in the real estate transaction process, helping to expedite the closing by affirming that no significant changes need to be addressed in the current survey. Ensure all information is accurate and complete to avoid potential delays or legal challenges.
What is the Texas Residential Property Affidavit T-47 Form?
The Texas Residential Property Affidavit T-47 Form is a legal document used by homeowners when selling their property. This affidavit is typically required by title companies during the real estate transaction process. It serves as a sworn statement regarding any improvements, modifications, or repairs made to the residential property. Additionally, it covers the presence of any known liens or other encumbrances on the property.
Why do I need to complete the T-47 Form?
Completing the T-47 Form is necessary for several reasons. First, it provides the buyer with assurance regarding the condition of the property and any changes made during your ownership. Second, it facilitates the title insurance process by disclosing any facts that could affect the property's title. Lastly, failure to provide a completed T-47 can delay or even jeopardize the closing process, as it is a key document required by title companies.
What information do I need to fill out on the T-47 Form?
When filling out the T-47 Form, you'll need to provide comprehensive details about the property. This includes your ownership period, a description of the property, and any improvements or changes made. You should also disclose any known issues such as liens, boundary disputes, or encroachments. Accuracy is crucial; hence, reviewing property records and any previous inspection reports before completing the form is advisable.
How do I submit the completed T-47 Form?
To submit the completed T-47 Form, you will need to sign it in the presence of a notary public to validate your identity and the veracity of the document. Once notarized, the form should be submitted to the title company handling the real estate transaction. It's essential to comply with the submission deadlines provided by the title company or buyer to avoid any delays in the selling process.
Filling out the T-47 Residential Real Property Affidavit in Texas is a necessary step when dealing with certain real estate transactions. This document, which should accompany the title policy, needs to be completed correctly to avoid potential complications. Here are common mistakes people often make:
Not checking the form for completeness. Every field and section should be filled out to ensure the document is considered valid and comprehensive.
Incorrect property information. It is crucial to double-check that all property details, including address and legal description, are accurate and match the property being discussed.
Overlooking the requirement for notarization. The T-47 form must be notarized to be legally binding. Failing to have it notarized is a common oversight that can render the document ineffective.
Omitting relevant attachments. If there have been any changes or additions to the property, such as improvements or repairs, these should be documented and attached to the affidavit.
Failing to disclose all lien information. It's essential to disclose any and all liens against the property, as failure to do so can lead to disputes and complications.
Misunderstanding the affidavit's purpose. Some people might not fully grasp that this document is meant to verify the condition and modifications to the property since the last survey.
Not seeking professional advice. Given the legal implications of this document, consulting with a real estate attorney or a professional familiar with Texas property laws can prevent errors and omissions.
Delay in submission. Waiting too long to fill out and submit the form can delay the real estate transaction process. Ensuring timely completion and submission is key.
By avoiding these mistakes, individuals can streamline their real estate transactions and help ensure that the process goes as smoothly as possible.
When dealing with real estate transactions in Texas, particularly regarding residential properties, the T-47 affidavit is a commonly used form that certifies the condition of a property's survey. However, this form doesn't stand alone in the documentation process. Several other forms and documents often accompany it to ensure a smooth and legally compliant transaction process. Understanding these accompanying documents can provide clarity and assurance, making the transaction process less daunting for all parties involved.
In essence, the Texas residential property affidavit T-47 form is a key component in the array of documents required for a real estate transaction. However, it's vital to recognize the significance of each accompanying form and document. Together, they ensure that all aspects of the property and the transaction are transparent, complying with legal standards, and secure for all parties involved. Gathering and understanding these documents is a crucial step towards a successful and smooth property transaction.
Owner’s Title Insurance Policy: This document is similar to the T-47 form because both provide assurances regarding the title of the property. An Owner’s Title Insurance Policy protects against loss due to defects in the title, somewhat like how the T-47 certifies no significant changes have been made to the property’s structure.
Warranty Deed: Like the T-47, a Warranty Deed is a document involved in the transfer of real estate. It guarantees that the property title is clear and free from any encumbrances, similar to how the T-47 affidavit attests to the current state of the property.
Quitclaim Deed: Both the Quitclaim Deed and the T-47 form are related to property documentation. However, whereas a Quitclaim Deed transfers any ownership interest the grantor might have without making any promises about the title, the T-47 affidavit deals with declarations about the property’s condition and improvements.
Mortgage Agreement: This agreement, similar to the T-47, is crucial in real estate transactions, detailing the borrower's obligations under the mortgage. Both documents play key roles in the financial and legal aspects of property ownership and transactions.
Home Inspection Report: Similar to the T-47, which declares the absence of new structures or significant modifications not previously documented, a Home Inspection Report provides a detailed account of the property's current condition, including any issues or repairs needed.
Survey: A property survey, like the T-47 affidavit, deals with the physical aspects of property. Both documents provide detailed information about the property’s boundaries, structures, and improvements to ensure there are no encroachments or zoning violations.
Closing Disclosure: This document, required for most real estate transactions, outlines the final terms and costs of the mortgage, similar to the T-47’s role in clarifying details about the property at the time of sale, ensuring both buyer and seller agree on the property's status.
Seller’s Disclosure Notice: Like the T-47 affidavit, this document provides the buyer with important information about the property, including known defects and other significant facts that could affect the property’s value or desirability, ensuring transparency in real estate transactions.
Filling out the Texas residential property affidavit T-47 form requires accuracy and attention to detail. Here are some key dos and don'ts to guide you through the process:
The Texas Residential Property Affidavit, or T-47 form, is a document used in real estate transactions within Texas, often misunderstood in its application and requirements. Below are some common misconceptions about the T-47 form, clarified for a better understanding of its use and importance.
It replaces the need for a survey: A common misconception is that the T-47 form can replace the need for a new property survey. However, the T-47 is often used in conjunction with a survey to certify that there have been no changes to the property since the last survey was conducted.
It's required for all real estate transactions: Not every real estate transaction in Texas requires a T-47 affidavit. Its necessity is dictated by the contract terms agreed upon by the buyer and seller or by the lender's requirements.
There's no deadline for submission: Many believe there is flexibility in when the T-47 needs to be submitted. In reality, the contract often specifies a deadline by which the completed T-47 and the accompanying survey must be provided to the buyer, lender, or title company.
It can be completed by anyone: The T-47 affidavit must be signed by the seller or someone with detailed knowledge of the property. This is to ensure the accuracy of the information provided regarding any changes to the property.
It's just a formality: While it might seem like just another piece of paperwork, the T-47 is a legally binding document that certifies the condition and boundaries of the property at the time of sale. Incorrect information can lead to legal troubles.
The information provided is not verified: Although the T-47 is completed by the seller, it needs to be based on the most recent survey conducted by a registered professional land surveyor. This ensures the information is accurate and reliable.
All changes to the property must be reported: Some believe every minor change should be listed on the T-47. In practice, only those changes affecting the property's boundaries or requiring a new survey (such as major constructions) need to be disclosed.
It's only for residential properties: Despite its name, the principles behind the T-47 affidavit can be applicable in commercial transactions as well, although a different form might be utilized. The T-47 is specifically tailored to residential real estate transactions.
It guarantees no future disputes: Submitting a T-47 does not guarantee that there will never be any disputes over property lines or improvements in the future. It's based on the current, known condition of the property.
It's applicable outside of Texas: The T-47 affidavit is specific to Texas and meets the state's unique legal requirements for real estate transactions. Other states may have their own forms and rules for similar purposes.
Understanding the purpose and proper use of the T-47 form is essential for anyone involved in a real estate transaction in Texas. By dispelling these misconceptions, parties can navigate the process more effectively, ensuring legal compliance and reducing the risk of future property disputes.
The Texas residential property affidavit T-47 form is a crucial document for homeowners in Texas looking to convey clear property details during a real estate transaction. Understanding how to properly fill out and use this form can streamline the process and prevent future legal complications. Here are eight key takeaways to keep in mind:
Properly filling out and understanding the Texas residential property affidavit T-47 form is an important step in the real estate transaction process. By keeping these key takeaways in mind, property owners and buyers can help ensure a smoother, more transparent conveyance of property.
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