Blank Texas residential property affidavit T-47 PDF Form Edit Document

Blank Texas residential property affidavit T-47 PDF Form

The Texas residential property affidavit T-47 form is a legal document used to affirm the ownership and condition of a property during real estate transactions. This form is crucial for ensuring transparency and protecting the interests of all parties involved. Completing the T-47 accurately can help facilitate a smoother closing process.

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The Texas residential property affidavit T-47 form plays a crucial role in real estate transactions within the state, particularly when it comes to clarifying the ownership status of a property. This form serves as an affidavit that confirms the existence of certain facts regarding the property, which may include details about the property's title, any encumbrances, and the seller's authority to convey the property. It is essential for both buyers and sellers to understand that the T-47 form is often required by title companies to ensure that the title is clear and marketable. Additionally, the form helps to establish a clear chain of title, which can prevent disputes in the future. Completing the T-47 accurately is vital, as any discrepancies could lead to delays in the closing process or complications in the transfer of ownership. As a result, both parties should pay close attention to the information provided in this affidavit to safeguard their interests in the transaction.

Sample - Texas residential property affidavit T-47 Form

T-47 RESIDENTIAL REAL PROPERTY AFFIDAVIT

(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 Breakdown

Fact Name Details
Purpose The Texas residential property affidavit T-47 form is used to confirm the status of a property and its ownership details for title insurance purposes.
Governing Law This form is governed by the Texas Property Code and relevant title insurance regulations in Texas.
Who Uses It Typically, sellers, buyers, and title companies utilize the T-47 form during real estate transactions to ensure accurate title representation.
Filing Requirements The affidavit must be signed by the property owner and notarized to be considered valid.
Information Included The form requires details such as the property address, ownership history, and any existing liens or encumbrances.
Importance for Title Insurance Providing accurate information on the T-47 form is crucial, as it helps title companies assess risks and issues related to the property title.

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Misconceptions

The Texas residential property affidavit T-47 form is often misunderstood. Below are nine common misconceptions regarding this form, along with clarifications to enhance understanding.

  1. The T-47 form is only for sellers. This is incorrect. Both buyers and sellers may need to complete the T-47 form during a real estate transaction.
  2. The form is not legally binding. In fact, the T-47 form serves as a sworn statement and carries legal weight, making it important for all parties involved.
  3. The T-47 form is optional. This is a misconception. In many cases, lenders require the completion of the T-47 form as part of the closing process.
  4. The T-47 form only addresses property boundaries. While boundary issues are covered, the form also addresses improvements, encroachments, and other property-related matters.
  5. The form can be filled out after closing. This is misleading. The T-47 form should be completed prior to closing to ensure all parties have accurate information.
  6. Only licensed professionals can complete the T-47 form. This is not true. Homeowners can fill out the form, but they must provide accurate and truthful information.
  7. The T-47 form is the same as a survey. This is a misconception. The T-47 is an affidavit, while a survey is a detailed map of the property.
  8. Once submitted, the T-47 form cannot be amended. This is incorrect. If errors are found, it is possible to amend the form, but it should be done promptly.
  9. All lenders require the T-47 form. Not all lenders have the same requirements. Some may not require it, but many do, so it's essential to check with the specific lender.

Understanding these misconceptions can help individuals navigate the complexities of real estate transactions in Texas more effectively.

Documents used along the form

The Texas residential property affidavit T-47 form is an important document used in real estate transactions, particularly for verifying ownership and property details. When dealing with property transactions in Texas, several other forms and documents often accompany the T-47 to ensure a smooth process. Here’s a brief overview of some of these essential documents.

  • Deed: This legal document transfers ownership of property from one party to another. It outlines the rights and interests being conveyed and is recorded in the county clerk's office.
  • Title Commitment: Issued by a title company, this document outlines the conditions under which a title insurance policy will be issued. It details any liens, claims, or encumbrances on the property.
  • Operating Agreement: Essential for defining the management structure and operational guidelines of an LLC. For more information, visit California PDF Forms.
  • Survey: A professional survey provides an accurate representation of the property boundaries and any improvements. It is often required to confirm property lines and easements.
  • Closing Disclosure: This form outlines the final terms of the mortgage loan, including loan terms, monthly payments, and closing costs. It must be provided to the buyer at least three days before closing.
  • Property Disclosure Statement: Sellers are typically required to disclose known issues with the property, such as structural problems or environmental hazards. This helps protect buyers from unforeseen issues.
  • Affidavit of Heirship: This document is used to establish the rightful heirs of a deceased property owner. It can help clarify ownership and facilitate the transfer of property without a will.

Understanding these documents can significantly ease the complexities of real estate transactions in Texas. Each plays a vital role in ensuring that all parties are informed and protected throughout the process.