The Texas Department of Insurance recently proposed an update to the T-47 Affidavit requirement. Under the proposed rule, sellers would have the option of providing the new T-47.1 Declaration, which does not need to be notarized, in lieu of the T-47 Affidavit. It’s expected that this proposal will be adopted with an effective date of November 1, 2024.
In anticipation of this rule change, TREC proposed an amendment to Paragraph 6C(1) of the One to Four Family Residential Contract to include the option of providing the T-47.1 Declaration when the seller furnishes the buyer with an existing survey. TREC’s proposed rule will be voted on at the November commission meeting.
Thanks for the update!
This is wonderful news….I’ve made this suggestion many times over the last several years
Pat is right! As usual!
That is great news now clients won’t have to run around to get that done
That’s fantastic!
That’s a great idea!
Happy to see the much needed change!!
Great improvement. However, does the above mean that until the 1-4 is changed sellers will still have to use the current T-47? Kind of confusing at the moment with a new form but no reference to it being permitted with current contracts.
Wonderful! A much needed change.
Meh, a little late. Now with Remote Online Notarizations, sellers can get a t47 notarized from home online. Better than nothing I suppose.
I never saw the value of the notary for this document. Just as long as the seller states there have or have not been any changes to the existing survey, it should be sufficient. I approve of no notary to the T-47.
This never made sense to me when Title Companies have always covered it as well. Having to explain to Sellers that its required as part of the Listing package to avoid delays but required as part of the 1-4ResCon to avoid having to purchase another. The form is still a good form, just not having to have it as an Affidavit makes more sense.
Very good change. It never made sense to me to have to get this form notarized.
If it is not to be voted on until the November commission meeting (11/04/2024), how could it have an effective date of November 1, 2024?
I think the end result will be more title companies and lenders rejecting existing surveys.
Exactly. At last land closing the escrow agent was telling us that the title company underwriters are now rejecting the current T-47 because of the implications that the seller is also signing that there have been no changes to the property even before the current sellers have purchased. IE in other words to way back whenever. Plus our brokerage has form that all have to sign about the buyers needing their own survey because of the legal aspects of an incorrect survey. Had sellers who were saying they had not made changes to the property ever. And when they used… Read more »
That was my first thought! But I do like no notary.
Why have both? Why not replace the T-47 with the new T-47.1? What is the purpose of having both forms.
I think it should be notarized. Further, I think they should have to provide the T-47 as usual practice for the benefit of every one so there is not misunderstanding about any known changes.
It’s just a pain for the seller. We can have them sign all other paperwork via docusign with no notary, but 1 little form requires it. For some markets it’s no big deal but in bigger areas that may mean a 30+ minute commute one way just to go sign a form.
great idea! Currently the title companies get a notarization at closing any way. I’m assuming a declaration is still legally binding with respect to factual info, etc.
Right, but the problem is, the way the contract reads, is seller must provide survey AND T47 affidavit in X amount of days if box 1 is checked. Meaning your client needs to have the survey and T47 turned in before that date or the buyer can get a new survey at seller’s expense.
Thank you!
Great change!
Great idea! Long past due!
Is there a link to the new T-47.1 form?
great news…thanks
Thanks great news we could use 👍🏾
Much needed change!! This was the only form we couldn’t send with the listing agreement to sign electronically since it had to be notarized. And, many times, the sellers aren’t even in the same town or state and have to find time out of work to get it done and returned.
This is a very good change. Thank you for this consideration!!
Great News! Thanks for the update!
It’s about time!
Is this available now? I cannot find the T-47.1 Declaration in Zipforms.
I have looked at the new T-47 in zip forms and it is dated 11-1-2024. It still requires a Notary Public to acknowledge the Sellers signing. Someone did not think this through. Replacing a required notary acknowledgment with a jurat needing a notary public is not streamlining the process.
The disfunction of these associations is frustrating.