MA Underwriting Summary - Revision history

Lisastill: /* Search/Exam */

2019-02-04T22:51:59Z

‎Search/Exam

Lisastill: /* Mortgage/Transfer Tax */

2019-02-04T22:45:16Z

‎Mortgage/Transfer Tax

Lisastill: /* Mortgage/Transfer Tax */

2019-02-04T22:44:33Z

‎Mortgage/Transfer Tax

Lisastill: /* Time Limitations */

2019-02-04T22:35:16Z

‎Time Limitations

Lisastill: /* Time Limitations */

2018-08-28T02:37:42Z

‎Time Limitations

Lisastill: /* Time Limitations */

2018-08-28T02:29:27Z

‎Time Limitations

Abfields: /* UPL */

2014-10-29T00:18:42Z

‎UPL

Abfields: Created page with "==Search/Exam== *Minimum Search Requirements -- No act; but PMM (1-4 family residential) requires a 50 year search for required attorney certificate. Attorney must do 50 ye..."

2014-10-29T00:14:06Z

Created page with "==Search/Exam== *Minimum Search Requirements -- No act; but PMM (1-4 family residential) requires a 50 year search for required attorney certificate. Attorney must do 50 ye..."

New page

==Search/Exam==
*Minimum Search Requirements -- No act; but PMM (1-4 family residential) requires a 50 year search for required attorney certificate. Attorney must do 50 year search to avoid liability under consumer protection statutes.
*Plant or other search restrictions -- No
*Additional Requirements for REO Searches -- N/A
*Foreclosure Checklist -- N/A
*Special Searches Required (Code, HOA, Utilities)? --
*Survey Requirements --
**Purchase – yes
**Refinance – no

==UPL==
*UPL Hot Button Issues -- Extreme caution required for MA Transactions; WFG approved attorney is ________________; closing with any other attorney requires written approval from Compliance.
==Vesting==
==Witness Requirements==
No witness required, but instruments must be acknowledged

==Property Tax ==
Real estate taxes are assessed on January 1 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.

==Mortgage/Transfer Tax==
The transfer tax is imposed on the seller on deeds or long-term leases at $2.28 per $500 of consideration in all areas except Cape Cod; and $5.70 per $1,000 of consideration on Cape Cod. Additionally, on Nantucket and Martha’s Vineyard the buyer is required to pay a fee of 2% of the purchase price to the county land bank.
==Spousal Joinder Requirements/Homestead==

==Power Of Attorney==

==Construction Liens==

==Foreclosure Review==

==Instrument Requirements ==

==Who May Serve As Trustee On Deed Of Trust==

Mortgages customarily used.

==Time Limitations==
*US Judgment Liens -- 20 years, renewable for 20 years
*State Court Judgment Liens --
*Federal Tax Liens -- 10 years (+30 days); can be refiled
*State Tax Liens --
*Estate Tax Lien -- Federal 10 years
*State Inheritance Tax Liens --
*Mechanics Liens --
*Financing Statements -- 5 years, can be renewed for 5 year term
*Mortgages --
*HOA Liens --
*Condominium assessments --
*Child Support Liens --

==Odd Stuff==
*An attorney practicing in Massachusetts can release a mortgage by use of an affidavit. The affidavit, however, is very comprehensive and must be accompanied by evidence to support it. See Gen. Laws, Chapter 183, sec. 55 (subsection g). The requirements of the statute are stringent and compliance with these requirements can be a complicated process.

@@ Line 22: / Line 22: @@
 ==Mortgage/Transfer Tax==
-The transfer tax is imposed on the seller on deeds or long-term leases with a consideration is $100 or more at a rate of $2.28 per $500 of consideration in all areas except Cape Cod (Barnstable County); and $6.48 per $1,000 of consideration on Cape Cod (Barnstable County). Additionally, on Nantucket and Martha’s Vineyard the buyer is required to pay a fee of 2% of the purchase price to the county land bank.
+The transfer tax is imposed on the seller on deeds or long-term leases with a consideration of $100 or more at a rate of $2.28 per $500 of consideration in all areas except Cape Cod (Barnstable County), and $6.48 per $1,000 of consideration on Cape Cod (Barnstable County). Additionally, on Nantucket and Martha’s Vineyard the buyer is required to pay a fee of 2% of the purchase price to the county land bank.
 ==Spousal Joinder Requirements/Homestead==

@@ Line 48: / Line 48: @@
 *Federal Tax Liens	--  10 years (+30 days) from assessment date; can be refilled; attaches to after acquired property
 *State Tax Liens	--  10 years; can be refilled; attaches to after acquired property
-*Federal Estate Tax Lien --  10 years
+*Federal Estate Tax Lien --  10 years from date of death
-*State Estate Tax Liens	--  10 years
+*State Estate Tax Liens	--  10 years from date of death
 *State Corporate Excise Tax -- 3 years from assessment
 *Mechanics Liens	--
 *Financing Statements	--  5 years, can be renewed for 5 year term
-*Mortgages	--  35 years from recording if no stated maturity date within mortgage; 5 years after stated maturity date [https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleV/Chapter260/Section33 MGL c. 260, §33]
+*Mortgages	--  5 years after stated maturity date; 35 years from recording if no stated maturity date within mortgage [https://malegislature.gov/Laws/GeneralLaws/PartIII/TitleV/Chapter260/Section33 MGL c. 260, §33]
 *HOA Liens	--
 *Condominium assessments	--
-*Child Support Liens	-- 10 years from recording date
+*Child Support Liens	-- 10 years from recording date or perfection; can attach to after acquired property
 *Errors in Acknowledgements, consideration, seals, corporate or individual, authority -- 10 years from recording date
 ==Odd Stuff==
 *An attorney practicing in Massachusetts can release a mortgage by use of an affidavit. The affidavit, however, is very comprehensive and must be accompanied by evidence to support it. See Gen. Laws, Chapter 183, sec. 55 (subsection g). The requirements of the statute are stringent and compliance with these requirements can be a complicated process.

@@ Line 1: / Line 1: @@
 ==Search/Exam==
-*Minimum Search Requirements	--  No act; but PMM (1-4 family residential) requires a 50 year search for required attorney certificate.   Attorney must do 50 year search to avoid liability under consumer protection statutes.
+*Minimum Search Requirements	--  Purchase Money Mortgage (1-4 family residential) requires a 50-year search from a "good" deed (one to a bfp for consideration) for required attorney certification under  [https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXV/Chapter93/Section70 MGL c. 93, sec. 70];  See REBA TS 1 [https://www.reba.net/standards-forms/title-standards/ts1/]
 *Plant or other search restrictions 	--  No
 *Additional Requirements for REO Searches	--  N/A
 *Foreclosure Checklist	--  N/A
-*Special Searches Required (Code, HOA, Utilities)?	--
+*Special Searches Required (Code, HOA, Utilities)?	--  Probate/Family Court
 *Survey Requirements 	--
 **Purchase – yes

@@ Line 10: / Line 10: @@
 ==UPL==
 *UPL Hot Button Issues	--  Extreme caution required for MA Transactions; WFG approved attorney is ________________; closing with any other attorney requires written approval from Compliance.
 ==Vesting==
 ==Witness Requirements==