The Texas residential property affidavit T-47 form is a legal document used in real estate transactions to confirm the ownership and condition of a property. This form provides essential information regarding the property’s title and any potential claims against it. Understanding the T-47 form is crucial for both buyers and sellers in ensuring a smooth property transfer process.
The Texas residential property affidavit T-47 form plays a crucial role in real estate transactions within the state. This document is primarily used to confirm the ownership and condition of a property, ensuring that buyers and lenders have accurate information before proceeding with a sale or financing. It serves as an affidavit of facts related to the property, including any improvements made, the existence of any liens, and the overall status of the property title. By providing this information, the T-47 form helps to establish transparency in the transaction process. It is essential for homeowners, potential buyers, and real estate professionals to understand the significance of this form, as it can impact the closing process and the final sale price. Completing the T-47 accurately and thoroughly can prevent potential disputes and misunderstandings down the line, making it a vital component of property transactions in Texas.
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The Texas residential property affidavit T-47 form is often misunderstood. Here are four common misconceptions about this important document.
This is not true. The T-47 form can also be required for refinancing or when transferring property between family members. Its purpose is to affirm the current status of the property and any changes that may have occurred.
While the T-47 form is a helpful tool in affirming property details, it does not guarantee that the title is free from defects. It is always advisable to conduct a thorough title search to uncover any potential issues.
Although primarily used for residential properties, the T-47 form can also apply to certain types of commercial properties. Understanding the context in which it is used is essential for proper application.
While it is possible for homeowners to fill out the T-47 form, seeking professional guidance can help ensure that all information is accurate and complete. Mistakes can lead to complications down the line, so consulting with a real estate attorney or a title company is often beneficial.
When dealing with the Texas residential property affidavit T-47 form, it is essential to understand its purpose and how to fill it out correctly. Here are some key takeaways to keep in mind:
Understanding these key aspects of the T-47 form can facilitate smoother real estate transactions and ensure that all parties are adequately informed.
Filling out the Texas residential property affidavit T-47 form can seem daunting, but it doesn’t have to be. Here are some essential dos and don’ts to guide you through the process.
By following these guidelines, you can navigate the T-47 form with confidence and ease. Remember, a well-completed affidavit is a crucial step in protecting your property rights in Texas.
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