When is the T-47 Residential Real Property Affidavit typically completed?

The T-47 Residential Real Property Affidavit is typically completed at closing. This affidavit is a crucial document in real estate transactions, specifically regarding residential properties, as it provides a sworn statement from the property owner affirming the accuracy of the information about the property and confirming its current state regarding ownership, use, and any zoning issues.

Completing the T-47 at closing ensures that all parties have the most up-to-date and accurate information as they finalize the transaction. It serves to protect the buyer and the lender by verifying that the property has not been altered in a way that would affect its value or legality since the time of the initial listing or during the period leading up to closing.

Other times, such as during funding or inspection, may involve different types of documentation and agreements but do not specifically require the submission of the T-47. The affidavit's purpose is directly related to verifying property conditions and ownership at the point of closing to implement the final transfer of the property.