September’s Closing Tip is all about the T-47 Affidavit.
We continue to have confusion as to why we ask for a T-47 Survey Affidavit up front with an existing survey, and then we have another affidavit signed at closing.
The initial T-47 Survey Affidavit is required under the TREC contract as both the existing survey and affidavit must be approved in order to use the existing survey. It is the initial affidavit that puts the parties on notice if there have been changes to the property that could result in a new survey requirement.
The final T-47 Survey Affidavit is a title insurance requirement and is a Texas Department of Insurance promulgated form. It is dated as of the closing date and affirms that there have been no changes through that date so that we can give the buyer and/or lender the survey amendment to their policy.