MA Operations Summary - Revision history

Lisastill: /* Payment Customs */

2019-02-04T22:30:20Z

‎Payment Customs

2019-02-04T22:28:42Z

‎Recording/Document Requirements

2019-02-04T22:27:05Z

‎Taxes

2019-02-04T22:24:58Z

‎Document Types

2019-02-04T22:24:30Z

‎Recording/Document Requirements

2018-08-27T20:19:19Z

‎Payment Customs

2018-08-27T20:16:38Z

‎Taxes

2018-08-27T20:00:46Z

‎Tenancies

2018-08-27T19:59:56Z

‎Tenancies

2018-08-27T19:57:55Z

‎Document Types

@@ Line 99: / Line 99: @@
 *The owner’s policy is paid for by the purchaser.
 *The transfer tax on deeds is paid for by the seller, except Land Bank fees in Nantucket and Dukes Counties which are paid for by the buyer.
-*The recording fees are generally paid for by the buyer except with respect to the fees to record title-clearing evidence (e.g., discharge or satisfaction of seller’s mortgage).
+*The recording fees are generally paid for by the buyer except with respect to the fees to record title-clearing evidence (e.g., discharge or release of seller’s mortgage, condominium 6d certificate, etc).
 *Survey charges are paid for by the buyer, with the exception that the seller may be charged for work necessary to clarify a questionable description
 *Closing and settlement fees are paid for by the buyer.

@@ Line 54: / Line 54: @@
 ==Recording/Document Requirements==
 *Marital Status Stated	--  Not required on mortgage; required on deeds
-*Transfer Tax	--  Yes  Tax on deeds and L.T. Leases with consideration of more than $100 paid by grantor; separate transfer tax on Nantucket and Dukes County paid by buyer
+*Transfer Tax	--  Yes  Tax on deeds and L.T. Leases with consideration of more than $100 paid by grantor; separate Land Bank fees on Nantucket and Dukes County paid by buyer
 *Mortgage Tax	--  No
 *Address for grantor/grantee/property	--  All parties addresses required

@@ Line 88: / Line 88: @@
 ==Taxes==
 *Real estate taxes are assessed on January 1 of each year for the fiscal year that begins the immediately following July 1. Payments are either billed quarterly or semi-annually and are considered delinquent if not paid when due
 ::Quarterly - billed on the first day of July, October, January and April and due by the first day of August, November, February and May, respectively; payments are in advance

@@ Line 73: / Line 73: @@
 *Conveyance	--  Warranty Deed or Quitclaim Deed
 Quitclaim deeds used in majority of state; warranty deeds may also be accepted in western Counties; deeds from personal representatives of an estate, guardians and conservators contain fiduciary covenants
-*Security Instrument	--  Mortgage Deed
+*Security Instrument	--  Mortgage
 *Release	--  Discharge or Release

@@ Line 53: / Line 53: @@
 ==Recording/Document Requirements==
-*Marital Status Stated	--  Not required
+*Marital Status Stated	--  Not required on mortgage; required on deeds
-*Transfer Tax	--  Yes  Tax on deeds and L.T. Leases
+*Transfer Tax	--  Yes  Tax on deeds and L.T. Leases with consideration of more than $100 paid by grantor; separate transfer tax on Nantucket and Dukes County paid by buyer
 *Mortgage Tax	--  No
 *Address for grantor/grantee/property	--  All parties addresses required
@@ Line 62: / Line 62: @@
 *Notary Stamp/requirements	--
 *Parcel or tax index number	--  Not required
-*Recitation of Consideration	--
+*Recitation of Consideration	--  Yes; nominal consideration considered anything under $100
 *Derivation Clause	--  Yes
 *Corporate Signatures/Attestation	--
 *Ink Color/Font	--  Black/10 pt minimum
 *Legal Description 	--
-*Margins	--  1st page – 3” x 5” top right corner
+*Margins	--  1st page – at least 3" from top
 *Other Special Recording:	--
 ==Document Types==
 *Conveyance	--  Warranty Deed or Quitclaim Deed

@@ Line 96: / Line 96: @@
 ==Payment Customs==
 *The owner’s policy is paid for by the purchaser.
-*The transfer tax on deeds is paid for by the seller and the recording fees are generally paid for by the buyer except with respect to the fees to record title-clearing evidence (e.g., discharge or satisfaction of seller’s mortgage).
+*The transfer tax on deeds is paid for by the seller, except Land Bank fees in Nantucket and Dukes Counties which are paid for by the buyer.
 *Survey charges are paid for by the buyer, with the exception that the seller may be charged for work necessary to clarify a questionable description
 *Closing and settlement fees are paid for by the buyer.
 ==Post Closing Requirements==
 *Recon follow up required	--

@@ Line 87: / Line 87: @@
 ==Taxes==
-*Real estate taxes are assessed on January 1 of each year for the fiscal year that begins the immediately following July 1. Payments are generally due quarterly – July, October, January and April – and are considered delinquent if not paid when due. Some municipalities collect on a half-year basis.
+*Real estate taxes are assessed on January 1 of each year for the fiscal year that begins the immediately following July 1. Payments are either billed quarterly or semi-annually and are considered delinquent if not paid when due
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy	--  Attorney-agent

@@ Line 84: / Line 84: @@
 :if primary residence of grantor or grantor's spouse, non-titled spouse must join in or otherwise consent to the deed in order to release estates of homestead;
 :if not primary residence, either a statement in the deed under oath or a separate affidavit may be recorded stating the property is not the grantor's primary residence, nor the primary residence of the grantor's spouse or anyone else, and no one is entitled to an estate of homestead in the property [https://malegislature.gov/Laws/GeneralLaws/PartII/TitleI/Chapter188 MGL c. 188];
 ==Taxes==

@@ Line 81: / Line 81: @@
 *Community Property	--  No
 *Homestead	--  Yes
-*Joinder of Non-titled Spouse	--  Sometimes.    A non-title spouse does not have to join in or otherwise consent to a deed unless (i) a homestead has been filed of record by the title holder (Gen. Laws, Chapter 188) or (ii) the title-holding spouse is suing or being sued by his or her spouse for divorce (Probate Rule 411).
+*Joinder of Non-titled Spouse	--
 ==Taxes==
 *Real estate taxes are assessed on January 1 of each year for the fiscal year that begins the immediately following July 1. Payments are generally due quarterly – July, October, January and April – and are considered delinquent if not paid when due. Some municipalities collect on a half-year basis.