Understanding the T-47 Residential Real Property Affidavit
In Texas real estate, the T-47 Residential Real Property Affidavit is a key document that verifies the condition of a property. It helps protect buyers from fraud or misrepresentation when it comes to property lines and boundaries. It’s a sworn statement about the property that the seller provides to the buyer.
This guide will take a deep dive into the T-47 affidavit. We’ll explore its purpose, how to fill it out correctly, and the implications for everyone involved in a real estate transaction.
Whether you’re a real estate agent, a prospective homebuyer, or a seller in Texas, this information will help you navigate the process with confidence.
What is a T-47 Affidavit?
A T-47 Residential Real Property Affidavit, also known as an Affidavit of Physical Condition, is a sworn legal statement about a property’s physical state, especially regarding any changes made since the most recent property survey.
The point of the T-47 affidavit is to verify that there haven’t been any major changes to the property’s boundaries or structures since the date of the existing survey.
Why is the T-47 so important in Texas real estate?
In Texas real estate deals, the T-47 is a very important document for getting title insurance. It helps everyone avoid arguments about property lines and encroachments.
The T-47 protects buyers by giving them some assurance about the property’s condition. Lenders depend on the T-47 to figure out how much risk is involved in lending money on a particular property.
Who’s Involved in a T-47 Affidavit?
Several people play a part in the T-47 process when you’re buying or selling property.
- The Seller: The seller (or their representative) fills out and signs the T-47 Affidavit. It’s their job to accurately disclose any changes made to the property since the last survey was conducted.
- The Title Company: The title company usually provides the T-47 form to the seller. They also review the completed T-47 along with the property survey. The title company makes sure that the information lines up and meets all the requirements for title insurance.
- The Notary Public: A notary public has to witness the seller signing the T-47 affidavit and officially attest to the signature.
What information does a T-47 affidavit contain?
A T-47 affidavit is a sworn statement attesting to the accuracy of an existing property survey. It needs to include several key pieces of information.
- Identification of the affiant. The affidavit should clearly state who is making the statement, whether it’s the seller or a legal representative acting on their behalf.
- Legal description of the property. The T-47 must include the legal description of the property, matching what’s on the existing survey.
- Statement about changes. The affiant must state whether any changes have been made to the property since the date of the existing survey. If there have been changes (like adding a fence or building a structure), those changes must be described in detail.
- Signature and notarization. The affidavit must be signed by the affiant in the presence of a notary public, who will then notarize the document.
It’s really important that the information provided in the T-47 affidavit is accurate and complete. If it’s not, it can cause delays in closing or even lead to legal problems down the road.
Misrepresenting the condition of the property can open the seller up to legal liability, so honesty is definitely the best policy here.
Completing the T-47 Affidavit: A Step-by-Step Guide
So, you need to fill out a T-47 Affidavit? It’s not too bad, really. Here’s a breakdown of the process:
- Get the Form: Your title company or the seller’s agent will usually provide the T-47 form.
- Review the Survey: Dig out the existing property survey. You’ll need to compare it to the current state of the property.
- Who Are You?: Figure out who the “affiant” is – basically, who’s swearing to the accuracy of the form (usually the seller).
- Property Details: Double-check the legal description of the property on the affidavit. Make sure it matches the survey.
- No Changes?: If nothing has changed since the survey was done, simply affirm that statement on the form. Easy peasy.
- Changes? Details Needed: If there have been changes (new fence, addition, etc.), you’ll need to describe them in detail. Include dates, dimensions, and anything else that’s relevant. Be thorough!
- Sign and Notarize: Don’t sign the form until you’re in front of a notary public. They’ll verify your identity and witness your signature.
- Submit: Hand over the completed, notarized T-47 affidavit to the title company.
That’s it! Follow these steps, and you should be good to go.
T-47 Affidavit vs. Property Survey
It’s easy to confuse a T-47 affidavit and a property survey, but they are two different documents that serve different purposes in a real estate transaction.
A T-47 is a sworn statement from the seller about any changes they’ve made to the property since the date of the existing survey. A property survey, on the other hand, is a professional map of the property boundaries.
The T-47 verifies the current condition of the property relative to an existing survey, while a survey establishes the property’s boundaries and identifies any easements or encroachments.
When is a new survey required?
Even if the seller provides a T-47 affidavit, a new survey might be necessary in certain situations:
- If the seller can’t find a copy of the existing survey.
- If significant changes have been made to the property since the date of the existing survey.
- If the title company requires a new survey before they’ll issue title insurance.
Validity, Amendments, and Filing
So, you’ve got your survey and you’ve filled out your T-47 affidavit. What happens next?
How long is the T-47 affidavit valid?
Generally, the T-47 affidavit is considered valid until the closing date of the real estate transaction. That’s why it’s important to complete it as close to the closing date as possible.
Can I amend the T-47 affidavit?
Yes, changes can be made to the T-47, as long as everyone involved agrees to the changes and the updated document is notarized. In other words, all parties have to sign off on the amendment.
How do I file the T-47 affidavit?
Once the T-47 is completed and notarized, submit it to the title company. The title company will usually keep the original T-47 affidavit for their records.
Common Issues and Mistakes
Filling out the T-47 affidavit correctly is crucial for a smooth real estate transaction. Here are some common mistakes to watch out for:
- Inaccurate Property Descriptions: Failing to accurately describe any changes or improvements made to the property since the last survey.
- Incomplete Information: Leaving sections blank or providing vague answers. Honesty and thoroughness are key.
- Improper Notarization: Forgetting to have the affidavit properly notarized by a qualified professional. This invalidates the document.
These mistakes can lead to problems, including:
- Closing Delays: Errors can hold up the closing process as they need to be corrected.
- Title Insurance Issues: Title companies may refuse to issue insurance if the affidavit is incomplete or inaccurate.
- Legal Disputes: Discrepancies can lead to legal battles down the road, especially if property lines are unclear.
How much does a T-47 affidavit cost?
The cost of a T-47 affidavit varies. According to the standard real estate sales contract, the seller typically pays for it. However, this is always negotiable, and buyers and sellers may agree to split the cost or allocate it differently.
Frequently Asked Questions
What date goes on the T-47?
The T-47 affidavit should be dated the day it’s signed. Make sure you’re using the most current information available.
What happens if the T-47 affidavit is not filed?
Failing to file a T-47 can throw a wrench in the works. It might make it difficult to get title insurance, potentially delaying or even jeopardizing the closing process.
Can I use an old survey?
Using an old survey depends. If no changes have been made to the property since the survey was conducted, you might be in the clear. Otherwise, a new survey is likely necessary.
The Bottom Line
The T-47 Residential Real Property Affidavit is a crucial document in Texas real estate. It protects buyers and helps ensure that real estate transactions go smoothly.
Whether you’re a buyer, seller, or real estate professional, understanding the purpose, proper completion, and implications of the T-47 affidavit is essential. It helps everyone understand exactly what’s being conveyed in the transaction.
Proper due diligence, including a careful look at the T-47, is vital for a successful and secure real estate transaction. Don’t skip this important step!