Good Funds in Massachusetts

From WFG Wiki

Overview

Sources

Wet or Dry Settlement

Wet

Definition

Loan proceeds must be disbursed in the form of a certified check, bank treasurer's check, cashier's check, or by federal funds wire transfer. MA Gen. Laws Ch. 183, §63B.

Requirements

Loan documents may not be filed with the Land Court (registered land) or recorded with the Registry of Deeds until the lender transfers the loan proceeds of the loan to the borrower, the borrower's attorney, or the lender's attorney. MA Gen. Laws Ch. 183, §63B.

Exceptions to Requirements

Good Funds Statute does not apply when there is no mortgage.

Cross-References