What happens if I don’t have a survey on my T-47?
If you don’t have one, they might be able to get in touch with the title company at which they closed escrow on the purchase of the home and ask them for a copy. If you can’t find a survey, don’t bother filling in the T-47. Some of the fields are easy – date, name, address. The Affiant in question is you the seller.
Who is responsible for filling out the T-47 form?
The seller is responsible for filling out this form. The T-47 is a generally straightforward document used by title insurance companies to determine the coverage they are willing to provide. The confusion arises in Paragraph 4 where the seller is instructed to fill in a date after which no major changes to the property have occurred.
Do you have to sign a T47 when selling a house?
Also, be sure to have your seller sign, have notarized, and deliver a T-47 Affidavit to the Buyer along with the survey at the time of Contract execution. When submitting an offer, prospective buyers will often check Par. 6C. (1) of the TREC Contract in hopes of saving the cost of a new survey.
How do I fill out a 47 in Texas?
How to Fill out the Texas Residential Property Affidavit Form?Put the date and File Number.Identify the Affiant(s)Provide the Affiant's Physical Address.Describe the Property and Its Location.Identify the Notary Public.State Your Ownership Rights Type.Put the Date of the Last Major Changes.Provide Details (If Any)More items...
Is a survey required for closing in Texas?
During closings, agents may need to review an existing survey and determine if it is acceptable. In Texas, per paragraph 6. C of the TREC contract, the seller is required to provide both a survey and a fully executed T-47 affidavit, and if they fail to do so, the buyer can obtain a new survey at the seller's expense.
What is a GF number?
General File Number (GF Number) – and internal filing number which is assigned by title companies to individual real estate transactions.
Who usually pays for survey in Texas?
In general, the party who wants the survey is the one who pays. For instance, if the seller wants the survey, then they must hand over the money, and likewise for the buyer. The amount you pay typically depends on the size of the property, with more extensive surveys costing more.
How much does a survey cost in Texas?
The average cost to survey your property is about $500. However, it can range between $200 and $1,000, depending on the size and makeup of your landscape, where you live, and the type of survey you have in mind.
Is a title company required in Texas?
Texas does not require title insurance. The lender will require you to buy a Loan Policy of Title Insurance to protect their interest.
Can you get a mortgage without a survey?
Do you have to get a home buyers survey legally? No - but we'd strongly advise that you do before you move to exchanging contracts . Whether you're buying a home with cash or a mortgage, it's understandable that you'll want to save money where you can in the conveyancing process given the overall expense.
Do I have to have a survey when buying a house?
You don't need to get a survey done on the property you are buying. But a survey can help you avoid expensive and unwanted surprises, like an unexpected rewiring job, as well as giving you peace of mind by telling you that those hairline cracks, for example, don't mean the house is falling down.
Where can I get a copy of my property survey in Texas?
Offices such as your county's engineering department or building inspector may hold a copy of your survey if this was submitted as part of a building permit application.
Is a home survey necessary?
One of the most important things you should do when buying a property is to get a survey. When you're about to make a major financial investment, it makes good sense to protect your purchase by taking the advice of a property professional who can give your dream home the once-over.
What is a T-47?
The T-47 is a Residential Real Property Affidavit. It’s a notarized document that tells the buyer what the seller knows about the home’s boundaries.
How should the seller complete a T-47?
First, get a copy of the survey from when the home was purchased. If you don’t have one, they might be able to get in touch with the title company at which they closed escrow on the purchase of the home and ask them for a copy.
When should the seller fill in the T-47?
Complete the form before listing the home for sale – before you even receive a contract. That way you avoid missing a contractual deadline to provide the survey and the related affidavit.
How much does a home survey cost in Texas?
A survey on the average home in Texas might cost from between $350 and $550. By providing a T-47, you might be saving someone from buying a new survey. Depending on how you negotiate, either the seller or the buyer may need to buy a new survey, and someone definitely will if the seller does not fill in the T-47.
What section of a survey should you record the date you bought the home?
It should also be recorded on the survey that you have in front of you. Section 4 – this allows you to write the date that you bought the home (or the date of the survey if the survey was more recent). Then you have to put a list of things that you have changed that might affect the accuracy of the existing survey.
Does title insurance save $500?
In short – to possibly save someone $ 500. The person who buys a home will most often require title insurance – a commitment that they are buying what they think they’re buying, and that the seller has the right to sell it, and that it can be represented by boundaries drawn on a piece of paper called a survey.
Does a T-47 form need to be notarized?
Finally, please note that a T-47 form that has not been notarized does not meet the requirements of Par. 6C (1). The document arguably does not amount to an Affidavit until notarized. If the seller delivers a signed but un-notarized form, they may be liable to pay for a new survey, even if their existing survey is otherwise accurate.
Does a seller have to pay for a new survey?
If the seller DOES timely produce the survey and affidavit, then seller has met his/her obligations under this paragraph, and buyer (if the buyer box is checked at the end of the paragraph) must pay for a new survey if the existing survey doesn’t meet lender or title company needs for some reason.
What is an affiant in a title?
The Affiant is you the seller. If you are married or own the home in common with someone, only one of you needs to fill their name in and sign in front of a notary. Leave GF No. number blank – this is a file number for use by the title company at which you sell your home.
What happens if you don't deliver a T-47?
If you deliver the survey and T-47 within the number of days and it is not acceptable, the party specified pays for a new survey. If you do not provide it by the deadline, the seller pays regardless even if buyer party is specified, only if it is not acceptable. Who needs the T-47?
What is a T-47?
The T-47 is a Residential Real Property Affidavit (notarized document) that accompanies a survey in a transaction. It’s purpose is to validate the accuracy of survey obtained previously and explain differences resulting from subsequent improvements and changes to the property. Why should I provide a T-47?
Do you need a T-47 for a title?
Surveys and T-47’s are required by the Title Company, lender and buyer to close. Existing surveys accompanied by a T-47 Affidavit are acceptable if they are an accurate representation of boundaries of land and improvements of the property. If you don’t have an acceptable survey, either buyer or seller might be required to purchase ...
What is a T-47 survey?
You might be thinking what is a T-47? A T-47 is short for the T-47 Residential Real Estate Affidavit, this is a notarized form that is used with a prior survey when both the seller and the buyer want to use an older survey. This form has different sections that must be filled out by the current owner. The sections we have the most questions on are what is the correct date to put on number four of the form. This date should be the date that the current owner acquired the subject property. The other section is for number 6. This is where the current property owners sign, swearing all the facts provided are true and correct. All property owners must sign this section. This means if if’s a husband and wife, then both parties would sign, if it’s a brother and sister, they both would sign. An exception to this is if an estate is selling the property, then only the executor of the estate would have to sign. Keep in mind that you do have to sign this form in front of a notary so it will have to be a “wet” signature not an electronic signature on the form.
What if you have a survey that the previous owners had used when you purchased the property and the title company?
What if you have a survey that the previous owners had used when you purchased the property and the title company ok’d the use of it? If the T-47 from that transaction is with that survey and you as the current owner fill out a new T-47 then more than likely it can be used again.
Do you need a T-47 to sell a house?
This means if you bought the property in say January of 2018 and you had a new survey done at that time and then you are selling the property 6 months later, we wouldn’t require you to execute a T-47. If you had bought the property say two years prior and are wanting to use that survey, then we would require you to execute the T-47 stating any improvements that were made to the property such as a pool, fencing, detached garage or barn (s). If you bought the property as raw land, built a house and are now refinancing the construction loan, a new survey would be required to show the improvements, a T-47 wouldn’t work for this type of transaction.
Do both parties sign if it's a brother and sister?
This means if if’s a husband and wife, then both parties would sign, if it’s a brother and sister, they both would sign. An exception to this is if an estate is selling the property, then only the executor of the estate would have to sign.
What is the bottom of paragraph 4?
At the bottom of Paragraph 4, the seller may list changes to the property that have occurred since that date or put “None” if there have been no changes. Some title companies may require use of their own version of the T-47.
What is a T-47?
The T-47 is a generally straightforward document used by title insurance companies to determine the coverage they are willing to provide. The confusion arises in Paragraph 4 where the seller is instructed to fill in a date after which no major changes to the property have occurred.
Can a title company ask for a new survey?
Sellers should be aware that any date other than the date of the last survey will likely prompt the title company to request a new survey. It is ultimately up to the sellers what date they choose to use.
What Is a Texas Residential Property Affidavit?
As mentioned above, this type of residential real property affidavit follows and authorizes an estate transactions survey. The buyer and seller may either agree to pay to get a new survey composed or use an already existing one for the transaction to come into force. If the parties eventually decide not to spend money on a new survey, they should use this affidavit form to complement and authorize an older survey.
What is a T-47 affidavit?
Over the years, the Texas residential property affidavit (also known under its short names Form T-47 and T-47 Affidavit) has caused certain confusion amongst Texas residents. We are about to clear the air for you a little. Naturally, when a real property unit is sold, a proper title survey must be performed so that the future owner does not have any problems. Parties to the sales transaction should come to terms as to what survey to use for the ownership transfer and whether they need a new survey to be held. As the seller is more interested in resolving the matter, that person is responsible for providing a residential property affidavit.
Why do you need an affidavit for a Texas real estate transaction?
For example, you can assure the buyer that all the paperwork is transparent and in order. That, in turn, can persuade them to make their decision to purchase a piece of property in your favor. But let us not forget about another important reason to fill out the form, which is saving.
How much does a title survey cost in Texas?
A title survey, in turn, may cost between $350 and $550 in Texas. This fact effectively means that the seller may save up to $500 by simply using a Texas residential real estate affidavit form. It is also worth mentioning that not only the seller might be held responsible for providing a new title survey. It really depends on how the parties negotiate and what conclusions they come to. Thus, the buyer and the seller may agree to share their duties as property owners and share the new title survey expenses.
What is the purpose of a T-47?
To sum up, the primary purpose of the T-47 affidavit form is to affirm there is no problem with the property’s title and all the necessary papers are in order. It is worth mentioning that should the seller put any date other than indicated in the last survey in an already notarized residential real estate affidavit, they will be facing some legal circumstances. If they do so by accident, they shall immediately inform the title company and request a new title survey.
Why do you need a T-47 form?
Thus, the seller should use the T-47 form to attest the accuracy of a performed survey from their point of view. Therefore, as a seller, you will need to know precisely when to prepare the form and how to fill out the affidavit form correctly.
What is the purpose of a Texas residential affidavit?
In plain words, the state title insurance companies use this document to assess and then claim the amount of coverage they are ready to provide for the subject piece of real property. Thus, the purpose of the Texas residential property affidavit seems pretty clear, but that is until you are faced with Paragraph 4 of the document. In this paragraph, the seller must indicate the date since when the real property unit has suffered no major changes. We will break it down in more detail to you what date to insert in the form compilation guidelines section below.
