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The Texas residential property affidavit T-47 form plays a crucial role in real estate transactions within the state, serving as a vital tool for both buyers and sellers. This form is primarily used to clarify the ownership and status of a property, helping to streamline the closing process. By providing essential information about the property’s current condition, the T-47 form addresses any potential issues that may arise during the sale. It typically includes details such as the property’s legal description, the names of the parties involved, and any existing liens or encumbrances. Additionally, the affidavit affirms that the seller has not made significant alterations to the property since the last title insurance policy was issued, ensuring transparency and trust in the transaction. Understanding the T-47 form is essential for anyone involved in a residential property sale in Texas, as it safeguards the interests of all parties and helps to prevent disputes down the line.
Document Specifics
| Fact Name | Description |
|---|---|
| Purpose | The T-47 form is used to provide a sworn statement regarding the ownership and condition of a residential property in Texas. |
| Governing Law | The T-47 form is governed by Texas Property Code, specifically Section 12.001. |
| Who Uses It | Homeowners, title companies, and lenders typically use the T-47 form during real estate transactions. |
| Affidavit Requirement | The form requires the signer to affirm that the information provided is true and correct to the best of their knowledge. |
| Property Description | The T-47 form includes a detailed description of the property, including its address and legal description. |
| Signature Requirement | The form must be signed by the property owner in the presence of a notary public. |
| Submission | The completed T-47 form is typically submitted to the title company as part of the closing process. |
| Importance | It helps ensure that the buyer receives clear title to the property and protects against future claims. |
| Validity | The T-47 form remains valid as long as the information provided is accurate and the property ownership has not changed. |
Similar forms
The Texas residential property affidavit T-47 form serves a specific purpose in real estate transactions, but it shares similarities with several other important documents. Here are five documents that are comparable to the T-47 form, along with explanations of how they relate:
- Affidavit of Title: Like the T-47, this document confirms the ownership of property and outlines any claims or liens against it. Both documents aim to provide assurance to buyers and lenders regarding the property's legal status.
- Property Deed: The property deed transfers ownership from one party to another. Similar to the T-47, it includes details about the property and serves as a public record, ensuring transparency in ownership and rights.
- Title Insurance Policy: This document protects buyers and lenders from potential disputes over property ownership. It works alongside the T-47 by providing a guarantee that the title is clear, addressing any issues that may arise post-purchase.
- Bill of Sale: A Bill of Sale is essential for confirming the transfer of ownership of personal property. For those looking for a template, details can be found at https://fillable-forms.com/.
- Seller's Disclosure Notice: This form requires sellers to disclose any known issues with the property. Both the Seller's Disclosure and T-47 help buyers make informed decisions by revealing important information about the property's condition and history.
- Loan Application: When applying for a mortgage, buyers must provide detailed information about their financial status and the property. The T-47 complements this by assuring lenders of the property's ownership and condition, which is crucial for loan approval.
Texas residential property affidavit T-47 Example
(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
Understanding Texas residential property affidavit T-47
What is the Texas residential property affidavit T-47 form?
The Texas residential property affidavit T-47 form is a document used in real estate transactions in Texas. It serves to affirm the status of a property, particularly regarding its ownership and any existing liens or encumbrances. This form is often required by title companies to ensure a clear title transfer during the sale of residential property.
Who needs to complete the T-47 form?
The T-47 form must be completed by the seller or the current property owner. It is typically required when selling a residential property to provide assurance to the buyer and title company about the property's legal standing. If there are multiple owners, each may need to sign the affidavit.
When is the T-47 form used?
This form is used during the closing process of a residential property sale. It helps clarify the ownership and any potential issues that could affect the title. Buyers and lenders often require it to confirm that the seller has the right to transfer ownership without complications.
What information is included in the T-47 form?
The T-47 form includes details about the property, such as its legal description, the names of the current owners, and any liens or encumbrances. The form also contains a declaration that the information provided is accurate to the best of the owner's knowledge. This helps protect both the buyer and the seller in the transaction.
Is the T-47 form legally binding?
Yes, the T-47 form is a legally binding document. By signing it, the seller affirms that the information provided is true and correct. Misrepresentation can lead to legal consequences, including potential liability for damages if issues arise after the sale.
How is the T-47 form submitted?
The completed T-47 form is typically submitted to the title company handling the transaction. It is often provided during the closing process, where all necessary documents are reviewed and signed. The title company will then keep the affidavit on file as part of the transaction records.
Can the T-47 form be modified after submission?
Once the T-47 form has been submitted and signed, it cannot be modified. If any changes need to be made, a new affidavit may need to be completed. It is crucial to ensure that all information is accurate before signing to avoid complications later in the transaction.
What happens if the T-47 form is not provided?
If the T-47 form is not provided, it could delay the closing process. Title companies may require this affidavit to issue a title policy. Without it, buyers may face uncertainty about the property's title, potentially leading to complications in the sale.
Are there any fees associated with the T-47 form?
There are generally no direct fees for completing the T-47 form itself. However, the title company may charge fees for processing the document as part of the overall closing costs. It's advisable to check with the title company for a detailed breakdown of any associated fees.
Where can I obtain the T-47 form?
The T-47 form can be obtained from various sources, including title companies, real estate agents, or online legal document providers. It is important to ensure that you are using the most current version of the form to comply with Texas regulations.
Dos and Don'ts
When filling out the Texas residential property affidavit T-47 form, it's important to approach the process with care. Here are some essential dos and don'ts to keep in mind:
- Do ensure that all information is accurate and complete. Double-check names, addresses, and property details.
- Do sign and date the affidavit in the appropriate places. An unsigned form may not be accepted.
- Do consult with a real estate professional if you have questions. They can provide guidance and clarify any uncertainties.
- Do keep a copy of the completed form for your records. This can be useful for future reference.
- Don't leave any sections blank unless instructed. Incomplete forms can lead to delays.
- Don't use white-out or other correction methods on the form. If you make a mistake, it’s better to start over with a new form.
- Don't rush through the process. Take your time to read the instructions carefully.
- Don't forget to check for any additional documentation that may be required to accompany the affidavit.
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