The Texas residential property affidavit T-47 form is a document used in real estate transactions to confirm the ownership of a property and its current status. This form serves as a declaration that the information provided is accurate and helps facilitate the transfer of property. Understanding the T-47 form is essential for both buyers and sellers in Texas to ensure a smooth transaction process.
What is the Texas residential property affidavit T-47 form?
The T-47 form is an affidavit used in Texas real estate transactions. It is primarily utilized by property owners to confirm the current state of the property, particularly regarding its boundaries and any improvements made. This form helps to clarify any discrepancies that may arise during the title search process.
Who needs to complete the T-47 form?
The T-47 form must be completed by the property owner or the seller of the residential property. It is typically required when the property is being sold or refinanced. Lenders and title companies often request this affidavit to ensure that all information regarding the property is accurate and up-to-date.
What information is included in the T-47 form?
The T-47 form includes details about the property such as its legal description, the owner's name, and any improvements made to the property. Additionally, it may ask about the boundaries of the property and whether there have been any changes since the last title was issued. This information is crucial for maintaining clear title and avoiding future disputes.
How is the T-47 form submitted?
The completed T-47 form should be submitted to the title company or lender involved in the transaction. They will review the affidavit as part of the closing process. It is important to ensure that the form is filled out accurately and signed by the appropriate parties before submission.
Is the T-47 form legally binding?
Yes, the T-47 form is a legally binding document once it is signed. By signing the affidavit, the property owner attests to the accuracy of the information provided. If any information is found to be false or misleading, it could lead to legal consequences, including potential liability for damages.
Can the T-47 form be modified after submission?
Once the T-47 form is submitted and signed, it is generally considered final. However, if there are significant changes to the property or its boundaries, it may be necessary to complete a new affidavit. Consulting with a real estate attorney or title company can provide guidance on whether a new form is needed.
Where can I obtain a copy of the T-47 form?
The T-47 form can typically be obtained from title companies, real estate agents, or online resources related to Texas real estate. It is important to use the most current version of the form to ensure compliance with state regulations.
Understanding the Texas residential property affidavit T-47 form can be challenging. Many people hold misconceptions about its purpose and requirements. Here are ten common misunderstandings:
Being aware of these misconceptions can help you navigate the real estate process more effectively. Always consult with professionals if you have questions or need assistance with the T-47 form.
Incorrect Property Description: Failing to provide a clear and accurate description of the property can lead to delays. Make sure to include the full address and any relevant legal descriptions.
Missing Signatures: Omitting required signatures can render the form invalid. Ensure that all necessary parties sign the affidavit.
Inaccurate Information: Providing false or misleading information can cause serious issues. Double-check all details before submission.
Not Notarizing the Document: Failing to have the affidavit notarized can lead to complications. A notary's signature is often required for the document to be legally binding.
Neglecting to Include Dates: Omitting dates can create confusion. Always include the date of signing and any relevant transaction dates.
Using Incorrect Form Version: Ensure that you are using the most current version of the T-47 form. Using outdated forms may result in rejection.
Failing to Review for Errors: Not proofreading the form can lead to simple mistakes. Take the time to review for typos or inaccuracies.
Ignoring Instructions: Not following the instructions provided with the form can lead to incomplete submissions. Read all instructions carefully.
Submitting Without Required Documents: Failing to attach necessary supporting documents can delay processing. Make sure to include everything required.
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
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