Difference between revisions of "MA Underwriting Summary"
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==Search/Exam== | ==Search/Exam== | ||
| − | *Minimum Search Requirements -- | + | *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 | *Plant or other search restrictions -- No | ||
*Additional Requirements for REO Searches -- N/A | *Additional Requirements for REO Searches -- N/A | ||
*Foreclosure Checklist -- N/A | *Foreclosure Checklist -- N/A | ||
| − | *Special Searches Required (Code, HOA, Utilities)? -- | + | *Special Searches Required (Code, HOA, Utilities)? -- Probate/Family Court |
*Survey Requirements -- | *Survey Requirements -- | ||
**Purchase – yes | **Purchase – yes | ||
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==UPL== | ==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. | + | *UPL Hot Button Issues -- Extreme caution required for MA Transactions; WFG approved attorney is ________________; closing with any other attorney requires written approval from Compliance. |
| + | |||
| + | *Mass is one of the most aggressive states on unauthorized practice of law enforcement and most restricted state – generally, agents must be a MA licensed attorney and all closings must be handled by them. Title examination may be performed by an independent non-attorney, but the attorney must review the abstract render the opinion of title. | ||
| + | |||
==Vesting== | ==Vesting== | ||
==Witness Requirements== | ==Witness Requirements== | ||
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==Mortgage/Transfer Tax== | ==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 | + | 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. |
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==Spousal Joinder Requirements/Homestead== | ==Spousal Joinder Requirements/Homestead== | ||
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==Time Limitations== | ==Time Limitations== | ||
*US Judgment Liens -- 20 years, renewable for 20 years | *US Judgment Liens -- 20 years, renewable for 20 years | ||
| − | *State Court Judgment Liens -- | + | *State Court Judgment Liens (Levy on Executions) -- 6 years + 90 days |
| − | *Federal Tax Liens -- 10 years (+30 days); can be | + | *State Court Pre-Judgment Attachments -- 6 years |
| − | *State Tax Liens -- | + | *Federal Tax Liens -- 10 years (+30 days) from assessment date; can be refilled; attaches to after acquired property |
| − | *Estate Tax Lien -- | + | *State Tax Liens -- 10 years; can be refilled; attaches to after acquired property |
| − | *State | + | *Federal Estate Tax Lien -- 10 years from date of death |
| + | *State Estate Tax Liens -- 10 years from date of death | ||
| + | *State Corporate Excise Tax -- 3 years from assessment | ||
*Mechanics Liens -- | *Mechanics Liens -- | ||
*Financing Statements -- 5 years, can be renewed for 5 year term | *Financing Statements -- 5 years, can be renewed for 5 year term | ||
| − | *Mortgages -- | + | *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 -- | *HOA Liens -- | ||
*Condominium assessments -- | *Condominium assessments -- | ||
| − | *Child Support Liens -- | + | *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== | ==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. | *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. | ||
Latest revision as of 14:51, 4 February 2019
Contents
- 1 Search/Exam
- 2 UPL
- 3 Vesting
- 4 Witness Requirements
- 5 Property Tax
- 6 Mortgage/Transfer Tax
- 7 Spousal Joinder Requirements/Homestead
- 8 Power Of Attorney
- 9 Construction Liens
- 10 Foreclosure Review
- 11 Instrument Requirements
- 12 Who May Serve As Trustee On Deed Of Trust
- 13 Time Limitations
- 14 Odd Stuff
Search/Exam
- 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 MGL c. 93, sec. 70; See REBA TS 1 [1]
- Plant or other search restrictions -- No
- Additional Requirements for REO Searches -- N/A
- Foreclosure Checklist -- N/A
- Special Searches Required (Code, HOA, Utilities)? -- Probate/Family Court
- 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.
- Mass is one of the most aggressive states on unauthorized practice of law enforcement and most restricted state – generally, agents must be a MA licensed attorney and all closings must be handled by them. Title examination may be performed by an independent non-attorney, but the attorney must review the abstract render the opinion of title.
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 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
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 (Levy on Executions) -- 6 years + 90 days
- State Court Pre-Judgment Attachments -- 6 years
- 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 from date of death
- 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 -- 5 years after stated maturity date; 35 years from recording if no stated maturity date within mortgage MGL c. 260, §33
- HOA Liens --
- Condominium assessments --
- 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.
