The T-47 Residential Real Property Affidavit (also known simply as the T-47) is a notarized form that complements a survey in a Real Estate transaction. It is used when both parties to the transaction want to use an older survey from when the seller bought the home and is used to attest the correctness of the survey from the sellers point of view. As a seller, you’ll need to fill out this form correctly and fully and give it to your real estate agent for their files. In order to do that, we’re going to need to take a look at Paragraph 6.C. in the One to Four Family Residential Contract (Resale).
Paragraph 6.C. Survey
Where you see in the above photo checkbox 2 & 3 do not apply here, because a T-47 is not required when using a New Survey. The T-47 is only used when you select Paragraph 6.C.(1), which allows the seller to use the existing survey that is in place. The survey and T-47 must meet the requirements of the lender and title for it to be used, however those are the documents needed to use an existing survey. It’s very important to note the part in bold on the contract that says – the seller has a specific amount of days to deliver both the survey and the T-47 to the buyer. If the seller fails to do so, the buyer may order a new survey and the seller will be required to pay for it regardless of which box is checked later in the section. These two checkboxes define who will pay for the survey in the event that the survey and T-47 are not accepted by the title company or the lender.
The T-47 Affidavit
The first section of the T-47 Residential Real Property Affidavit form is for basic information, such as date, name, address, legal description of the property & what county it is in. There is also a blank where the notary needs to fill in what the state they are a notary in.
The T-47 is based on a majority of the below 6 items……..
If you are the owner of the property and filling out this form, you do not need to fill this section out. If you are acting on behalf of the property owner, you would need to explain who you are and your relationship to the property. There is an excellent example in the section, if you are the property manager, you would write “Affiant is the manager of the Property for the record title owners.”
By signing this form, you are affirming these two statements – first, that you are familiar with the property (and improvements) and second, that you are involved in a transaction with that property and that transaction involves area and boundary coverage in the title policy. Section 3 also goes on to further clarify exceptions and amendments to area and boundary coverage in the title policy.
In Section 4 there are two important details that need to be filled in. The first blank requires a date. This date must match the date of the survey that is being used. A lot of sellers will enter the date they bought the house, but this is incorrect. The sellers, by using this form and the old survey, are affirming that to their knowledge, none of the items listed (a. through d.) have occurred. This includes knowledge that the (now) sellers would have obtained from the (former) sellers of the home when they bought it. This section states that no changes have been made (and gives specifics) to the property that would affect the survey and the boundaries set forth in it. If changes have been made, the last line allows you to state exactly what has been changed. They leave a rather large blank section for this and you should fill in any items that would apply. What applies? Look back to items a. through d. for guidance. If any of those things changed, you should state them here and be specific. If there have been no changes, the form states that you should write “None” in the space provided.
More statements that you are affirming by signing this document in Section 5 and 6. The first, is acknowledging that the title company will rely on the statements contained on this form to be truthful and will compare it to the items on the survey. It also states it does not warranty or guarantee the location of the improvements to the property. The second, states that the seller understands that they have no liability to the title company if the information is incorrect unless they have failed to disclose something.
Wrapping up the form is the section for the notary. You’ll need to take this form to a notary and sign it in their presence. Once notarized, the T-47 should be delivered along with the survey within the time allowed in the contract. Many agents will upload these documents into the MLS to ensure that any agent representing a potential buyer can quickly pull them and deliver them to their client (although it should be noted that having the documents in the MLS does not constitute delivery and the listing agent should ensure that they are given to the buyer’s agent)
For more information regarding the Survey & T-47 in Real Estate transactions don’t hesitate to reach out to us at Info@DFWEliteLiving.com or at 469.912.0499….