What is a T-47 residential real property affidavit?
The first section of the T-47 Residential Real Property Affidavit form is for basic information: date, name, address, legal description of the property, and what county it is in. There is also a blank where the notary needs to fill in what state they are a notary in (we see this missed quite often).
What is the purpose of a T-47 form?
The purpose of the T-47 Residential Real Property Affidavit (TXR 1907) is to affirm that there have been no changes made to the property—other than those listed on the form—since the date the seller enters in the blank in Paragraph 4. That date should be the date from which the sellers have no knowledge of changes having been made to the property.
Where can I get a notarized T-47 form?
Don’t forget to write “None” if nothing has changed. Take the T-47 to a notary to sign it and have the affidavit notarized. You can find notaries in banks, in offices, at title companies, and law offices for example. When should the seller fill in the T-47?
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.
How do I fill out a Texas T-47?
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 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.
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?
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.
