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?