What's a T-47 and Do I Need One When I Sell?

Posted on Wednesday, February 3rd, 2016 at 4:39pm.

What's a T-47 and Do I Need One When I Sell?

If you’re planning to sell your home, there are several important documents you need to have on hand before your home even hits the market. One of these documents is the T-47 form. This form is also known as the Residential Real Property Affidavit, and addresses all the changes to your property and its boundaries since you became the owner. This notarized document is used by the buyer’s title company and lender to determine whether they will accept the existing survey of your home.

Filling out the T-47 form can save time and money by not requiring a new survey to be taken of your property. Surveys typically cost about $500, and must be completed within a specified time period before closing. If you choose to use your existing home survey, it’s important to fill out this form before listing your home on the market. The T-47 form must be notarized and include a copy of your latest home survey. If you don’t have a copy of your survey, you may be able to request a copy from the title company you used when you purchased the home. It’s best to allow yourself plenty of time to collect the existing survey and notarize the form.

The contract you negotiate with the buyer will outline whether or not a T-47 form is required. If you choose to present this form to the buyer, you must do so within a specific time period. If you fail to provide the document within the time specified, you (the seller), will be required to pay for a new survey. If you provide the T-47 and the existing survey is rejected, then either the buyer or seller will be responsible for ordering and paying for a new survey. You must list all the changes to your property that have occurred since you purchased the home, like a new fence or addition to your home. The title company and lender will use this information to help make their decision whether or not to accept the existing survey.

If you are able to provide your existing survey, it’s a good idea to submit the T-47 affidavit to the buyer and save a little money. If you’re unsure whether you need a T-47 for your home sale, talk to your Realtor. Check out our Gathering Documentation page to find out what other paperwork is necessary for your home sale. If you have any questions about Austin real estate, please contact us today!

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