Difference between revisions of "Good Funds in Massachusetts"
From WFG Wiki
(→Requirements) |
(→Definition) |
||
| Line 4: | Line 4: | ||
Wet | Wet | ||
==Definition== | ==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 | + | 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== | ==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. | 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. | ||
Latest revision as of 12:30, 4 September 2018
Contents
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.
