The Texas residential property affidavit T-47 form is a legal document that homeowners use to detail the condition of their property when selling it. By completing this form, sellers provide potential buyers with a comprehensive report on the property's physical state, including any known defects or issues. To ensure a smoother sale process, fill out the form by clicking the button below.
In the complex world of real estate transactions within Texas, a critical document often comes into play – the Texas residential property affidavit, also known as the T-47 form. For homeowners looking to sell their property, this affidavit provides a detailed declaration, affirming the condition of the home's structure and the land it sits on. By completing this document, sellers offer potential buyers a comprehensive snapshot of the property's state, covering everything from boundary lines to any modifications made during their ownership. The meticulous nature of the T-47 form not only instills confidence in buyers about what they are investing in but also plays a pivotal role in streamlining the closing process by minimizing surprises that could potentially derail transactions. Though it might appear daunting at first glance, understanding the nuances and requirements can significantly affect the ease and outcome of a real estate sale. Therefore, for those navigating the Texas real estate landscape, getting acquainted with the ins and outs of the Texas residential property affidavit becomes indispensable.
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
Filling out the Texas Residential Property Affidavit (T-47 form) is a straightforward process, yet it requires careful attention to detail. This affidavit is typically used in conjunction with a title insurance transaction. It helps confirm certain facts about the residential property in question. By completing this form accurately, you ensure a smoother transaction process. Follow these steps to fill out the form correctly.
Once you've submitted the T-47 form, the title company or legal authority will review the information as part of the title insurance process. By following these steps and providing thorough, accurate information, you're contributing to a smoother transaction for all parties involved.
The Texas Residential Property Affidavit T-47 form is a document typically used in real estate transactions in Texas. It's an addendum to the title policy, where the homeowner attests to the condition of the property. This affidavit covers any changes, improvements, or additional encumbrances not previously recorded since the last survey was conducted.
Homeowners in Texas looking to sell their property are the ones who usually need to complete the T-47 form. It's often required by title companies during the sale process to ensure that there have been no significant changes to the property that would affect the title.
The T-47 form requires detailed information about the property, including:
The T-47 affidavit should be completed and submitted as early as possible in the transaction process, ideally at the time the seller provides the buyer with a commitment for title insurance. This timing helps prevent any delays in closing by addressing potential issues early.
No, a new survey is not required to complete the T-47 form as long as there have been no changes to the property that would affect the boundary lines or footprint of the property. However, if significant changes have been made, a new survey may be necessary.
No, the T-47 affidavit is designed specifically for residential properties. Commercial properties require a different set of disclosures and documents during the sale process.
If the information provided on the T-47 form is found to be incorrect, it could potentially delay the closing process. Inaccuracies might require a new survey or additional documentation to clarify the discrepancies. It's crucial to provide accurate and honest information on the affidavit to avoid any legal or transactional issues.
The T-47 form can typically be obtained from the title company handling the real estate transaction or a real estate attorney. It's important to use the most current version of the form to ensure compliance with Texas real estate regulations.
When filling out the Texas Residential Property Affidavit, known as the T-47 form, individuals often overlook certain details or make mistakes that can affect Real Estate transactions. It's essential to approach this document with care and attention. Below are four common mistakes to avoid:
Not checking for accuracy in property descriptions: The form requires a detailed description of your property. A mistake here can lead to significant issues, as the description must match the public records exactly. Ensure to double-check this information for accuracy.
Forgetting to attach the required documentation: The T-47 affidavit must be accompanied by a current or updated survey of the property. Failing to attach this document can invalidate the affidavit, potentially delaying the transaction process.
Not disclosing known property issues: It is crucial to disclose any known issues or defects with the property on this form. Failure to disclose such information can lead to legal consequences and erode trust in the transaction.
Delaying the submission of the form: Timing is critical in real estate transactions. Delaying the submission of the T-47 form can cause unnecessary delays in the closing process. Ensure the form is filled out and submitted promptly to avoid any setbacks.
In conclusion, when completing the T-47 form, it's important to be thorough, accurate, and timely. Avoiding these common mistakes can help ensure a smoother real estate transaction.
When it comes to residential real estate transactions in Texas, the T-47 Residential Real Property Affidavit is a crucial document that provides a snapshot of the property's condition and history according to the seller's knowledge. However, it's just one piece of the puzzle. Several other forms and documents are typically involved in the process, each serving a unique purpose and helping to ensure the transaction is thorough, legal, and fair for all parties involved. Let's take a closer look at some of these key documents often used in conjunction with the T-47 form.
In sum, completing a real estate transaction involves more than just a single form or document. From ensuring clear title with a Title Insurance Commitment to understanding specific property boundaries through a Survey or assessing the physical condition with a Home Inspection Report, each document plays a critical role. Together, these records help to build a comprehensive understanding of the property's legal, financial, and physical status, offering peace of mind and protection for both buyers and sellers in the residential property market.
The Texas Residential Property Affidavit T-47 closely resembles a Seller’s Disclosure Notice in its purpose to provide detailed information about the property's condition. Both documents aim to inform the buyer of any known issues or defects with the property in question, offering a transparent snapshot of its current state. This helps in building trust in real estate transactions by ensuring that all parties have a clear understanding of what is being bought and sold.
Similar to a Warranty Deed, the T-47 form also plays a crucial role in the transaction process by offering assurance regarding the property's title. While the Warranty Deed officially transfers property ownership rights and guarantees that the seller holds clear title to the property, the T-47 supports this process by disclosing the property's history and condition, indirectly contributing to the understanding of its title status and any potential encumbrances or restrictions.
Comparable to a Title Insurance Commitment, the T-47 affidavit helps identify any previously unreported issues that could affect the property’s title. Though a Title Insurance Commitment provides a detailed report on the title's status and outlines conditions for issuing a title insurance policy, the T-47 complements this by revealing the seller's knowledge of the property's history, potentially uncovering issues not recorded in public records.
Equatable to a Home Inspection Report, the T-47 shares the objective of uncovering and documenting any defects or issues with the property. While a Home Inspection Report is generated by a professional inspector following a detailed examination of the property, the T-47 is completed by the seller based on their knowledge and disclosures about the property's condition, both contributing essential information for a buyer's decision-making process.
The T-47 form also mirrors the function of a Property Survey in documenting the physical characteristics of the real estate. Much like a Property Survey outlines boundaries, improvements, and encroachments, the affidavit may include references to such attributes or changes made during the seller's ownership, offering crucial details that might affect the property's value and usability.
Functionally akin to a Lead-Based Paint Disclosure, the T-47 affidavit serves a similar purpose when it pertains to reporting specific types of information about residential properties. Required for homes built before 1978, the Lead-Based Paint Disclosure provides details about the presence of such paint, paralleling the T-47’s broader goal of disclosing known property conditions that could impact health and safety.
Aligning with the objectives of a Flood Zone Statement, the T-47 form may inform potential buyers about the property’s susceptibility to flooding—a critical consideration in many areas. Though a Flood Zone Statement specifically addresses whether a property lies within a flood hazard area as designated by FEMA, disclosures in the T-47 about past flood damages or risks offer complementary information, influencing a buyer's decision and preparation for potential flood insurance requirements.
Comparable to the purpose of a Mold Disclosure Statement, the T-47 affidavit is instrumental in highlighting any known environmental hazards within the property, including mold. While a Mold Disclosure Statement focuses exclusively on the presence of mold and potential health risks, the T-47 encompasses a broader spectrum of property conditions, including mold, thereby assisting buyers in assessing potential risks.
The T-47 affidavit is akin to an Energy Performance Certificate (EPC) in that it could provide information impacting the property’s energy efficiency and potential costs. Although an EPC gives a detailed energy performance rating and recommendations for improvement, insights offered in the T-47 regarding the property's heating, ventilation, and air conditioning systems can guide buyers on expected energy use and efficiency.
When dealing with the Texas Residential Property Affidavit T-47, it's crucial to approach the process with attention and accuracy. This affidavit serves as an integral component in real estate transactions, providing essential information about the property's condition and history. Below are several do's and don'ts to guide you through completing the form accurately:
When dealing with the Texas Residential Property Affidavit, also known as the T-47 form, several misconceptions frequently arise. Clarifying these misunderstandings is crucial for homeowners and real estate professionals alike. This ensures that the use of the T-47 form in transactions is both accurate and effective.
Misconception #1: The T-47 Can Replace a Survey
Many believe that the T-47 affidavit can serve as a substitute for a property survey. However, this is incorrect. The T-47 is intended to accompany an existing survey, verifying its accuracy as of the form's date. It cannot serve as a standalone document for the purposes of detailing property boundaries.
Misconception #2: A New T-47 is Needed for Every Transaction
Another common misunderstanding is that a new T-47 must be completed for each property transaction. In reality, if there have been no changes to the property or its boundaries since the last survey and accompanying T-47, the existing documents can be reused for new transactions.
Misconception #3: Only the Seller Needs to Sign the T-47
It's often assumed that only the seller must sign the T-47 form. Yet, the form requires notarization, which means it must be signed by the homeowner in the presence of a notary. This ensures the document's legitimacy and potency in verifying the current state of the property.
Misconception #4: No Legal Consequences if Incorrect Information is Provided
Some believe that inaccuracies in the T-47 have no legal repercussions. This is far from the truth. Providing false information on a T-47 can lead to legal challenges, particularly if these inaccuracies lead to disputes or financial losses for the buyer or seller.
Misconception #5: The T-47 is Not Legally Required
There's a notion that the T-47 is optional. While it may not be legally required in every transaction, most lenders demand it to ensure the property's boundaries haven’t changed. Skipping this step can potentially delay or derail financing for a property.
Misconception #6: The T-47 Must be Filed with Public Records
Finally, there's a misconception that the T-47 must be filed with county or city records. In actuality, the T-47 is kept among the private transaction documents between buyers, sellers, and their respective agents and lenders. It is not a public document and does not need to be recorded with any governmental office.
The Texas Residential Property Affidavit, known as the T-47 form, is a crucial document used in real estate transactions within the state. This document serves to provide a detailed statement concerning the condition of a property's title, disclosing any known issues that might affect its ownership or use. Proper completion and understanding of this form can significantly impact the success of a real estate transaction. Here are five key takeaways about filling out and using the T-47 form:
Ultimately, the T-47 form plays a significant role in ensuring transparency and trust in the real estate transaction process. Both buyers and sellers are urged to approach this document with the seriousness it warrants, understanding its requirements and ensuring all information provided is complete and accurate. By doing so, parties can help secure a smooth and legally sound transaction.
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