Table of Contents
The Texas residential property affidavit T-47 form plays a crucial role in real estate transactions within the state. This form serves as a declaration of the ownership and condition of a residential property, providing essential information to both buyers and lenders. Typically completed by the seller, the T-47 form requires details about any improvements made to the property, boundary lines, and any encroachments that may exist. It also addresses whether the property has been subject to any easements or other restrictions that could affect its use. By signing this affidavit, the seller affirms the accuracy of the information provided, which can significantly influence the buyer's decision-making process. Understanding the T-47 form is vital for all parties involved in a real estate transaction, as it helps ensure transparency and protects against potential disputes related to property ownership and condition.
Common mistakes
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Incomplete Information: Many people fail to fill out all required fields. Leaving sections blank can delay processing.
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Incorrect Property Description: Providing an inaccurate legal description of the property is a common error. Ensure that the description matches the information on your deed.
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Signature Issues: Not signing the form or signing in the wrong place can lead to rejection. Always double-check that you’ve signed where indicated.
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Wrong Notary Information: Failing to have the affidavit properly notarized can invalidate the document. Make sure the notary includes all necessary details.
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Missing Dates: Forgetting to include dates can cause confusion. Always provide the date of signing and any relevant transaction dates.
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Failure to Review: Skimming through the form before submission can lead to overlooked mistakes. Take the time to review the entire document carefully.
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Not Keeping Copies: Many people do not keep a copy of the completed affidavit. Always retain a copy for your records in case of future disputes.
Example - Texas residential property affidavit T-47 Form
(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
More About Texas residential property affidavit T-47
What is the Texas residential property affidavit T-47 form?
The T-47 form is a document used in Texas real estate transactions. It serves as an affidavit that provides important information about the property, particularly regarding its boundaries and the absence of certain encroachments. This form is often required by lenders during the closing process to ensure that the property being financed is accurately described and free from disputes over its boundaries.
Who needs to complete the T-47 form?
The T-47 form is typically completed by the property owner or seller. It is an important part of the closing process, especially when the buyer is obtaining financing. Lenders may require this affidavit to confirm that the property is as described and that there are no issues that could affect its value or the lender’s interest in the property.
When is the T-47 form required?
This form is usually required during the closing of a residential real estate transaction in Texas. If a buyer is obtaining a mortgage, the lender will likely ask for the T-47 to ensure that the property is accurately represented and to protect their investment. It’s advisable to check with the lender early in the process to determine if the T-47 is needed.
What information is included in the T-47 form?
The T-47 form includes details about the property, such as its legal description and any known boundary issues. It may also require the seller to affirm that there are no encroachments, such as fences or buildings that extend onto neighboring properties. The form helps clarify the property lines and ensures that there are no disputes regarding the property’s boundaries.
How do I obtain a T-47 form?
You can obtain the T-47 form from various sources. Many title companies and real estate attorneys provide this form as part of their services. Additionally, it may be available through online legal document services or the Texas Real Estate Commission's website. It’s important to ensure that you are using the most current version of the form.
Can I fill out the T-47 form myself?
Yes, you can fill out the T-47 form yourself, but it is often advisable to seek assistance from a real estate professional or attorney. They can help ensure that all information is accurate and that the form is completed correctly. Errors or omissions could lead to complications during the closing process or create issues later on.
What happens if I do not submit a T-47 form?
If you do not submit a T-47 form when required, it could delay the closing process. Lenders may refuse to proceed without it, as they need assurance regarding the property’s boundaries and any potential encroachments. This could lead to a loss of the sale or additional negotiations to resolve the issue.
Is the T-47 form legally binding?
Yes, the T-47 form is a legally binding document. By signing it, the seller affirms that the information provided is true and correct to the best of their knowledge. Providing false information could lead to legal consequences, including potential liability for any issues that arise from misrepresented property boundaries.
How long is the T-47 form valid?
The T-47 form does not have a specific expiration date, but it is typically valid for the duration of the transaction for which it was completed. If significant time passes or if there are changes to the property, a new T-47 may be required to ensure that the information remains accurate and current.
Where do I submit the T-47 form once completed?
Once completed, the T-47 form should be submitted to the title company handling the closing of the property. They will review the form and include it in the closing documents. It’s also a good idea to keep a copy for your records, as it may be needed for future reference.
Key takeaways
The Texas residential property affidavit T-47 form is an important document in real estate transactions. Here are some key takeaways to consider when filling out and using this form:
- Purpose: The T-47 form serves to confirm the ownership and condition of a property. It is often used during the closing process of a real estate transaction.
- Who Completes It: Typically, the seller or property owner is responsible for completing the T-47 form. This ensures that the information is accurate and reflects the current state of the property.
- Affidavit Nature: The form is an affidavit, meaning it is a sworn statement. The person filling it out must provide truthful information, as any inaccuracies can lead to legal issues.
- Notarization: The T-47 must be notarized. This adds an extra layer of verification to the information provided, ensuring that it is legally binding.
- Property Description: Be sure to include a detailed description of the property. This includes the address and any identifying features, which helps to avoid confusion.
- Disclosure of Liens: The form requires disclosure of any liens or encumbrances on the property. This is crucial for the buyer to understand any potential financial obligations.
- Submission Timing: Submit the T-47 form early in the transaction process. This allows for any issues to be resolved before closing, preventing delays.
- Consulting Professionals: It may be beneficial to consult with a real estate attorney or a title company. They can provide guidance on completing the form accurately and understanding its implications.
Form Attributes
| Fact Name | Description |
|---|---|
| Purpose | The Texas residential property affidavit T-47 form is used to affirm the use of a property and to clarify the ownership status, especially during transactions involving title insurance. |
| Governing Law | This form is governed by the Texas Property Code, particularly sections relating to property ownership and title insurance. |
| Who Uses It | Typically, sellers or property owners complete the T-47 form when selling or refinancing their residential property. |
| Signature Requirement | The form must be signed by the property owner, and it may require notarization to ensure authenticity. |
| Submission | Once completed, the T-47 form is submitted to the title company handling the transaction to facilitate the title insurance process. |
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Dos and Don'ts
When filling out the Texas residential property affidavit T-47 form, it's essential to follow specific guidelines to ensure accuracy and compliance. Here are nine important dos and don'ts to consider:
- Do read the entire form carefully before starting.
- Do provide accurate and complete information.
- Do double-check your entries for any errors.
- Do sign and date the form where indicated.
- Do keep a copy of the completed form for your records.
- Don't leave any required fields blank.
- Don't use correction fluid or tape on the form.
- Don't submit the form without reviewing it thoroughly.
- Don't ignore deadlines for submission.
By adhering to these guidelines, you can help ensure a smooth process in completing the T-47 form.