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The Texas residential property affidavit T-47 form plays a crucial role in real estate transactions across the state. This form is primarily used to confirm the ownership and condition of a residential property, providing essential information to lenders, buyers, and title companies. It serves as a declaration from the property owner, affirming that there have been no significant changes to the property since the last title insurance policy was issued. By detailing any improvements or alterations made, the T-47 helps prevent potential disputes and misunderstandings during the closing process. Additionally, the form requires the owner's signature and may need to be notarized, ensuring its authenticity and legal standing. Understanding the nuances of the T-47 is vital for anyone involved in buying or selling residential real estate in Texas, as it not only streamlines the transaction but also protects the interests of all parties involved.
Key takeaways
The Texas residential property affidavit T-47 form is an important document in real estate transactions. Understanding its purpose and proper usage is essential for homeowners and buyers alike.
- The T-47 form serves as a declaration regarding the property boundaries and any improvements made to the property.
- This affidavit is often required by lenders during the refinancing process or when obtaining a new mortgage.
- Completing the T-47 form accurately is crucial, as any discrepancies may lead to delays in the transaction.
- It is important to provide a clear description of the property, including its address and legal description.
- Signatures from all property owners are required to validate the affidavit.
- Once completed, the T-47 form should be submitted to the title company or lender as part of the closing process.
- Keep a copy of the signed T-47 form for personal records, as it may be needed for future reference.
Dos and Don'ts
When filling out the Texas residential property affidavit T-47 form, attention to detail is crucial. This form plays a significant role in the real estate transaction process, particularly for properties that have undergone changes. Here are some essential dos and don'ts to keep in mind.
- Do read the instructions carefully before starting.
- Do provide accurate and complete information about the property.
- Do ensure that all signatures are present and properly dated.
- Do double-check the legal description of the property for accuracy.
- Don't leave any sections blank unless instructed to do so.
- Don't use white-out or correction fluid on the form.
- Don't submit the form without reviewing it for errors.
- Don't forget to keep a copy of the completed form for your records.
By following these guidelines, you can help ensure that your T-47 form is filled out correctly, minimizing the risk of delays in your real estate transaction.
Documents used along the form
The Texas residential property affidavit T-47 form is an important document in real estate transactions, particularly for residential properties. Along with this form, several other documents are commonly utilized to ensure a smooth and transparent process. Below is a list of these documents, each serving a specific purpose in the transaction.
- Deed of Trust: This document secures a loan by placing a lien on the property. It outlines the borrower's obligation to repay the loan and the lender's rights in case of default.
- Articles of Incorporation: This essential legal document establishes a corporation's existence in New York, detailing its name, purpose, and structure. Understanding this form is vital for business owners as it not only legitimizes their corporation but also secures personal asset protection. Learn more by exploring Fast PDF Templates.
- Title Insurance Policy: This policy protects the buyer and lender against any claims or disputes regarding the property’s title. It ensures that the title is clear and free from liens or encumbrances.
- Property Disclosure Statement: Sellers are often required to provide this statement, which discloses any known issues or defects with the property. This document helps buyers make informed decisions.
- Closing Statement: Also known as a settlement statement, this document outlines all costs associated with the sale, including fees, taxes, and the final amount due at closing.
- Home Inspection Report: This report details the condition of the property after a professional inspection. It can reveal potential issues that may need to be addressed before finalizing the sale.
Understanding these documents is crucial for both buyers and sellers. Each plays a vital role in protecting interests and ensuring a successful real estate transaction in Texas.
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Things to Know About This Form
What is the Texas residential property affidavit T-47 form?
The Texas residential property affidavit T-47 form is a legal document used primarily in real estate transactions. It serves to affirm certain facts about a property, particularly regarding its ownership and the absence of any liens or encumbrances. This form is often required by lenders during the closing process to ensure that the buyer is acquiring clear title to the property.
Who needs to complete the T-47 form?
The T-47 form is typically completed by the seller of the property. It is essential for sellers to provide accurate information about the property’s status. Buyers may also need to review the completed affidavit to confirm the seller’s assertions regarding the property. In some cases, lenders may require additional verification from the seller to protect their interests.
What information is included in the T-47 form?
The T-47 form includes several key pieces of information, such as:
- The legal description of the property.
- The names of the current owners.
- A declaration that there are no outstanding liens or claims against the property.
- Any relevant details about the property’s use or occupancy.
Providing accurate and complete information is crucial, as any discrepancies can lead to legal issues or delays in the transaction process.
What happens if the T-47 form is not completed correctly?
If the T-47 form is not completed correctly, it can create significant problems for both the seller and the buyer. Potential issues include:
- Delays in closing the transaction.
- Legal disputes over ownership or claims against the property.
- Potential financial liability for the seller if misrepresentations are made.
To avoid these complications, it is advisable for sellers to carefully review the form and consult with a real estate attorney or professional if they have any questions or concerns.
Preview - 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
Document Specifics
| Fact Name | Description |
|---|---|
| Purpose | The T-47 form is used to provide a sworn statement regarding the property boundaries and improvements for a residential property in Texas. |
| Governing Law | The use of the T-47 form is governed by Texas Property Code Section 12.002. |
| Affidavit Requirement | Homeowners must complete the T-47 affidavit to affirm that there are no encroachments or boundary disputes on the property. |
| Filing Process | The T-47 form must be filed with the county clerk's office in the county where the property is located. |
| Signatures | The form requires signatures from the property owner and a notary public to validate the affidavit. |
| Legal Implications | Submitting a false statement on the T-47 form can result in legal penalties, including potential civil liability. |
| Use in Transactions | The T-47 form is often used in real estate transactions to provide assurance to buyers and lenders regarding property boundaries. |
| Expiration | The T-47 form does not have a specific expiration date, but it is recommended to update the affidavit if there are any changes to the property. |
How to Fill Out Texas residential property affidavit T-47
Filling out the Texas residential property affidavit T-47 form is a straightforward process. This form is important for establishing certain facts related to the property in question. Below are the steps to ensure you complete it accurately.
- Begin by entering the property owner's name at the top of the form. Make sure to include both first and last names.
- Next, provide the property address. This should include the street number, street name, city, state, and zip code.
- Then, fill in the legal description of the property. This can usually be found on your property deed or tax records.
- In the next section, indicate the date of acquisition of the property. This is the date when you officially took ownership.
- Now, state the type of property you are dealing with (e.g., single-family home, duplex, etc.).
- Complete the section regarding any liens or encumbrances on the property. Be honest and thorough in this part.
- After that, sign and date the form at the bottom. Make sure your signature matches the name provided at the top.
- Finally, submit the completed form to the appropriate authority, which may be your county clerk's office or a title company.
Once you have filled out the T-47 form, it’s essential to keep a copy for your records. This will help you in future transactions or if any questions arise regarding your property.