T-47 Residential Real Property Affidavit Guide
As experts in the field of Texas real estate, we understand the importance of ensuring all necessary documents are completed accurately and on time. One such document is the T-47 Residential Real Property Affidavit, which is commonly used in Texas real estate transactions. In this comprehensive guide, we will provide you with all the information you need to know about completing the T-47, including what date goes on the form, why it's important, and how to ensure it is completed correctly.
Items we will cover:
- What is a T-47 affidavit?
- Why is the T-47 affidavit important?
- Who prepares the T-47 affidavit?
- What are the contents of the T-47 affidavit?
- What Date Goes on the T-47?
- How to Complete the T-47
- How is the T-47 affidavit executed?
- What happens if the T-47 affidavit is not filed?
- What is the difference between a T-47 affidavit and a survey?
- Can the T-47 affidavit be amended?
- What is the cost of a T-47 affidavit?
- How long is the T-47 affidavit valid?
- Who retains the original T-47 affidavit?
- What are some common mistakes made while completing a T-47 affidavit?
- What are some frequently asked questions about T-47 affidavit in Texas?
What is a T-47 affidavit?
A T-47 affidavit, also known as the "Affidavit of Physical Condition," is a legal document used in the state of Texas during a property sale. It is used to certify that the seller of a property has not made any changes or alterations to the property since the survey was completed. It is a sworn statement made by the seller that attests to the condition of the property.
Why is the T-47 affidavit important?
The T-47 affidavit is an essential document that plays a crucial role in the property buying process in Texas. It protects the buyer from any fraudulent activities or misrepresentations made by the seller regarding the property's boundary condition. The affidavit ensures that the buyer is aware of the property's current boundary condition and can make an informed decision regarding the purchase.
Who prepares the T-47 affidavit?
Typically, the title company provides or a real estate agent representing the seller the T-47 affidavit to the seller when the seller is listing the property for sale or when the seller receives a contract from a buyer. The affidavit must be executed before a notary public, who certifies that the signature on the affidavit is genuine.
What are the contents of the T-47 affidavit?
The T-47 affidavit contains information about the property, such as its legal description, address, and the date of the survey. It also includes a statement from the seller that attests to the condition of property and whether any changes or alterations have been made to the property since the survey was completed. The seller must disclose of any of the following changes have occurred: construction projects such as new structures, additional buildings, rooms, garages, swimming pools or other permanent improvements or fixtures; changes in the location of boundary fences or boundary walls; construction projects on immediately adjoining property(ies) which encroach on the Property; conveyances, replattings, easement grants and/or easement dedications (such as a utility line) by any party affecting the Property
What Date Goes on the T-47?
The date that should be used on the T-47 is the date that the document is signed by the affiant, who is typically the seller. It is important to ensure that the date is accurate and reflects the date that the affiant actually signed the document. If there are any discrepancies or errors on the T-47, it could result in delays or issues with the real estate transaction.
How to Complete the T-47
Completing the T-47 can be a complex process, and it is important to ensure that it is done correctly to avoid any legal issues or delays in the real estate transaction. Here are the steps to follow when completing the T-47:
- Identify the affiant. The affiant is typically the seller of the property, but it can also be a representative of the seller, such as a real estate agent or attorney.
- Identify the property. The T-47 should include the legal description of the property, including the lot number, block number, and subdivision name.
- Provide details about any changes to the property. The affiant should provide details about any changes that have been made to the property since the last survey was completed. This may include additions, repairs, or alterations.
- Sign and date the T-47. The affiant should sign and date the T-47 to certify that the information provided is accurate and complete.
- Submit the T-47 to the appropriate parties. The completed T-47 should be submitted to the buyer, the title company, and any other relevant parties.
How is the T-47 affidavit executed?
The T-47 affidavit must be executed before a notary public. The seller signs the affidavit in the presence of the notary public, who then certifies the signature. The notary public will also affix their seal to the affidavit to certify that they have witnessed the signing of the document.
What happens if the T-47 affidavit is not filed?
If the T-47 affidavit is not filed, the buyer may not be able to obtain title insurance for the property. Title insurance protects the buyer from any defects in the title of the property, and without the T-47 affidavit, the buyer may not be able to obtain this protection. The buyer may also select to purchase a new survey at either the seller's expense or the buyer's expense, which can be negotiated.
What is the difference between a T-47 affidavit and a survey?
A survey is a drawing or map that shows the property's boundaries and its location in relation to other properties. The T-47 affidavit, on the other hand, is a statement made by the seller that attests to the condition of the property and whether any changes or alterations have been made to the property since the survey was completed.
Can the T-47 affidavit be amended?
Yes, the T-47 affidavit can be amended if there is a need to correct any errors or omissions. However, any changes made to the affidavit must be executed before a notary public, and all parties involved in the sale of the property must agree to the changes.
What is the cost of a T-47 affidavit?
The cost of a T-47 affidavit varies depending on the title company or attorney preparing the document along with the cost of a notary. The Texas Department of Insurance promulgates the T-47 Affidavit, and the parties to the contract can access that through their website. A knowledgeable real estate agent can also provide a T-47 Affidavit to the seller if that real estate agent is representing the seller.
How long is the T-47 affidavit valid?
The T-47 affidavit is valid until the closing of the sale of the property. Once the sale is closed, the affidavit becomes a permanent part of the property's record.
Who retains the original T-47 affidavit?
The title company and the buyer will typically retain the original T-47 affidavit. A copy of the affidavit may also be filed with the county clerk's office where the property is located. Real Estate Brokers in the State of Texas are required to maintain transaction records for up to four years on transactions that they are a party to.
What are some common mistakes made while completing a T-47 affidavit?
Some common mistakes made while completing a T-47 affidavit include failing to provide a legal description of the property, not including the date of the survey, or not disclosing any changes or alterations made to the property. It is crucial to ensure that all information provided in the affidavit is accurate and complete to avoid any potential legal issues in the future.
What are some frequently asked questions about T-47 affidavit in Texas?
FAQs
- Is the T-47 affidavit required for all property sales in Texas?
Yes, the T-47 affidavit is required for all property sales in Texas. - Can the T-47 affidavit be executed after the closing of the sale?
No, the T-47 affidavit must be executed before the closing of the sale. - Who is responsible for paying for the T-47 affidavit?
If there is a cost involved, the cost of the T-47 affidavit is typically paid for by the seller but the parties must rely on the exact language of the contract to determine who is responsible for the cost. - What happens if the T-47 affidavit contains inaccurate information?
If the T-47 affidavit contains inaccurate information, it can lead to potential legal issues in the future. - Can the buyer waive the requirement for a T-47 affidavit?
No, the requirement for a T-47 affidavit cannot be waived. It is a necessary document for the protection of the buyer during the property buying process.
Conclusion
In conclusion, the T-47 affidavit is an essential legal document that plays a crucial role in the property buying process in Texas. It certifies the condition of the property and protects the buyer from any fraudulent activities or misrepresentations made by the seller. It is crucial to ensure that the affidavit is completed accurately and completely to avoid any potential legal issues in the future.
Below, you'll find a sample T-47 Affidavit accompanied by step-by-step instructions for filling it out. If you have any questions or require further guidance, our team of experienced real estate agents is ready and eager to assist you in navigating the complexities of real estate transactions. We welcome the opportunity to support you on this journey. Please don't hesitate to reach out with any questions you may have.
