Today we’re going to touch on the basics of the use of a prior survey and the T-47 that goes with it. You might be thinking what is a T-47? A T-47 is short for the T-47 Residential Real Estate Affidavit, this is a notarized form that is used with a prior survey when both the seller and the buyer want to use an older survey. This form has different sections that must be filled out by the current owner. The sections we have the most questions on are what is the correct date to put on number four of the form. This date should be the date that the current owner acquired the subject property. The other section is for number 6. This is where the current property owners sign, swearing all the facts provided are true and correct. All property owners must sign this section. This means if if’s a husband and wife, then both parties would sign, if it’s a brother and sister, they both would sign. An exception to this is if an estate is selling the property, then only the executor of the estate would have to sign. Keep in mind that you do have to sign this form in front of a notary so it will have to be a “wet” signature not an electronic signature on the form.
We consider a prior survey anything that is 12 months or older. This means if you bought the property in say January of 2018 and you had a new survey done at that time and then you are selling the property 6 months later, we wouldn’t require you to execute a T-47. If you had bought the property say two years prior and are wanting to use that survey, then we would require you to execute the T-47 stating any improvements that were made to the property such as a pool, fencing, detached garage or barn(s). If you bought the property as raw land, built a house and are now refinancing the construction loan, a new survey would be required to show the improvements, a T-47 wouldn’t work for this type of transaction.
What if you have a survey that the previous owners had used when you purchased the property and the title company ok’d the use of it? If the T-47 from that transaction is with that survey and you as the current owner fill out a new T-47 then more than likely it can be used again.
If you have any questions about prior surveys or the T-47 form, please don’t hesitate to let us know. We understand that every transaction is a unique situation and that there is not a cookie cutter answer that will fit all transactions.
