The Texas residential property affidavit T-47 form serves as a crucial document in real estate transactions, particularly when it comes to verifying ownership and the condition of a property. This form helps clarify the details surrounding a property, ensuring that buyers and lenders have accurate information before proceeding with a sale. Understanding its purpose and implications can significantly streamline the closing process and protect the interests of all parties involved.
The Texas residential property affidavit T-47 form plays a significant role in the realm of real estate transactions, particularly for those involved in the buying or selling of residential properties. This form serves as a declaration by the property owner regarding the state of the property, affirming that there have been no substantial changes to the property boundaries or improvements since the last survey. It is crucial for potential buyers and lenders, as it provides assurance about the accuracy of property descriptions and the absence of encroachments or other legal issues that could affect ownership rights. The T-47 form is typically required during the closing process and must be executed by the seller, ensuring that all parties are aware of the property's current condition. By completing this affidavit, sellers can facilitate a smoother transaction, while buyers gain confidence in their investment, knowing that the information provided is both reliable and legally binding. Understanding the nuances of the T-47 form can empower homeowners and prospective buyers alike, helping them navigate the complexities of property ownership and ensuring compliance with Texas real estate laws.
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 form is an important document used in real estate transactions. It helps clarify the ownership and status of a property. However, several other forms and documents often accompany the T-47 to ensure a smooth transaction. Below is a list of these related documents, each serving a specific purpose.
Understanding these documents can help ensure that your real estate transaction goes smoothly. Each plays a vital role in protecting the interests of all parties involved. Always consider consulting a professional for guidance tailored to your specific situation.
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The Texas residential property affidavit T-47 form serves important functions in real estate transactions. Here are key takeaways regarding its use and completion:
The T-47 form is an affidavit used in Texas real estate transactions. It provides information about the property and the ownership status. This document is often required by lenders during the closing process to confirm that there have been no significant changes to the property since the last recorded deed.
The T-47 form must be completed by the property owner or seller. It is typically required when a property is being sold or refinanced. Lenders may request this form to ensure that the property has not undergone any changes that could affect its value or title.
The T-47 form includes details such as:
The T-47 form is submitted to the title company or lender during the closing process. It serves as a declaration by the property owner, affirming the current state of the property. This helps to streamline the closing process and ensures that all parties have accurate information about the property.
No, the T-47 form is not required for every property transaction. It is specifically used in situations where a lender requests it, often during refinancing or when a new loan is being secured. Always check with your lender or title company to determine if it is necessary for your transaction.
If the T-47 form is not completed, it may delay the closing process. Lenders often require this affidavit to ensure the property’s title is clear. Without it, you may face additional scrutiny or even a refusal to proceed with the transaction.
The T-47 form can be obtained from your title company, lender, or through various real estate websites. Ensure you are using the most current version to avoid any issues during your transaction.
The T-47 form should be submitted to your title company or lender as part of your closing documents. Follow their instructions for submission, which may include electronic submission or providing a physical copy.
There are typically no fees specifically associated with completing the T-47 form itself. However, costs may arise from the overall closing process, including title insurance and other related fees. Always confirm with your title company for a complete breakdown of any costs involved.
The Texas residential property affidavit T-47 form is an important document in real estate transactions, but several misconceptions often cloud its purpose and use. Here are four common misunderstandings:
Understanding these misconceptions can help ensure that all parties involved in a real estate transaction are properly informed and prepared. Proper use of the T-47 form can facilitate smoother transactions and protect the interests of both buyers and sellers.