MA Underwriting Summary

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.