If sellers want to use an existing survey, which date should be listed in Paragraph 4 of the T-47 Residential Real Property Affidavit (TXR 1907)?
The purpose of the T-47 Residential Real Property Affidavit (TXR 1907) is to affirm that there have been no changes made to the property—other than those listed on the form—since the date the seller enters in the blank in Paragraph 4. That date should be the date from which the sellers have no knowledge of changes having been made to the property. At the bottom of Paragraph 4, the seller may list changes to the property that have occurred since that date or put "None" if there have been no changes.
The sellers have several options as to what date to fill in. Since the purpose of the affidavit is to affirm the existing survey, the sellers could use the date of the most recent existing survey, which may be a survey ordered by them or by a previous owner of the home. Alternatively, the sellers could use the date that they acquired the property because that could be seen as the earliest date that they have actual knowledge about any changes made to the property. It is ultimately up to the sellers to choose what date to use.
If an existing survey is used, I always feel more comfortable when the sellers put in the date they closed on the property. Then I suggest boundary coverage be done in the title policy.
Nowhere in this article there is a statement about the need to have the form notarized with the signature of every owner of the property. This little detail makes the form useful (or useless if not notarized).
The point of the article was specifically to discuss the date that should be used. It would have been a much longer article if they were discussing all areas of this form. However, you mentioning the need to have it notarized is a great idea for another article they can write, which would be very beneficial for others to read. 🙂
No all owners have to come in front of the notary….Just one of them
I always use the date of the existing survey since they are attesting that to THEIR knowledge, that survey is valid. However, I can see where the date they closed could also be used. What do most of you use?
Date of purchase of home..which is typically when survey was also done..but even if not..date of purchase
It should not be the date they close, as there is a time limit to signing the affidavit. Check your contract.
I don’t believe you have much recourse if later the Buyer, now the Owner discovers that there’s actually a mistake on the assigned survey. I would never advise a buyer to accept an assigned document of any sort.
Randy, “Never” is problematic. What you say is probably all right if your Buyer is a cash buyer that doen’t require a title policy. Otherwise if there is a title policy with boundary coverage, as there is with most purchases, you are costing your client unnecessary expense in paying for a new survey when there is a perfectly good existing survey that the title company and mortgage company will approve. Even if there is a cash buyer, the cost of boundary coverage is much less than the cost of a new survey and the the title policy WILL protect the… Read more »
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Be smart. Always get a new survey. Just because the seller doesn’t know of any changes to the property since they bought it doesn’t mean there haven’t been any changes. A neighbor might have built a structure or poured concrete encroaching onto their property without their knowledge. The neighbor also might have built a fence over the property line. A survey is cheap insurance.
Tom Grisk-Not as cheap as boundary coverage on the newly acquired title policy, if Title company agrees to write policy.
This article is incorrect. From a legal standpoint, the only date that is allowable on the T-47 is the date of the most recent survey, not the date the seller acquired the property. They have “constructive knowledge” of any changes that have been made since the survey and any structural alterations that are different from the survey, as they are the owners of the property. It doesn’t matter if it is a foreign investor who has never seen the property. That is the crux of the legal concept “constructive knowledge.”
I’m wondering about 2 issues I confront in “my world” compared to other’s experiences. In my market there are two title companies. Each of them tell me that if I want area and boundary coverage, I have to have a new survey, and an existing survey won’t suffice. They’ve also told me that if there are any changes noted on a T-47, they will require a new survey, even if no one is requesting area and boundary coverage. I guess a title company can require whatever they want, but both of these practices seem excessive to me. Are these common… Read more »
Stephen Williams-That is not the case in my area. The title companies I have dealt with readily accept existing surveys, unless there is no legitimate T-47. Quite a few years ago, a new survey was required on all transactions and maybe your title companies just stayed with that policy
I would suspect ties to a surveyor, but that is just me.