Source: https://www.vuwriter.com/en/real-estate-practices/BP123064786900000000.html
Timestamp: 2020-02-19 11:13:44
Document Index: 224121654

Matched Legal Cases: ['§ 114', '§ 6', '§ 3', '§ 24', '§ 49', '§ 33', '§ 27', '§ 5', '§ 6502', '§ 51', '§ 14', '§ 50', '§ 9']

Massachusetts Real Estate Practices | Real Estate Practices | www.vuwriter.com Massachusetts Real Estate Practices
Massachusetts Real Estate Practices
Massachusetts is an “attorney state,” 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.
There is no required cancellation fee, and one is generally not charged for business consideration.
The lender issues the release. A servicer can issue the release, but it must be supported by documentary evidence that the servicer is in fact servicing the loan (e.g., servicing agreement, letter to the borrower to make payments to the servicer, etc.) 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.
With the exception of the western part of the state, which uses warranty deeds, deeds with only quitclaim covenants are used in all other transactions. Deeds from executors and administrators of an estate contain no covenants.
Yes, Chapter 183 Section 63B (9-4-19)
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).
Common Statute of Limitations Affecting Real Estate Titles in Massachusetts*
Interest/Right
6 years from date of recording
GL c. 223 § 114A
REBA TS 49
Betterment Assessment
30 years from date of recording
REBA TS 22
Child Support Lien[1]
10 years from date of perfection
GL c. 119A § 6(b)(3) and (5)
Creditors of Estate of Decedent
6 years from filing of bond for administration expenses
G L c . 190B §§ 3-803, 3­804 GL c. 202 s 20A
Errors in Acknowledgment, Corpo­rate Authority, Seals
10 years from date of recording (does not apply to regis­tered land)
GL c. 184 § 24
6 years from date of recording levy
GL c. 236 § 49A
REBA TS 47
5 years from maturity date OR 35 years from date of re­cording if no term is stated
GL c. 260 § 33
30 years from date of recording (unless prior to 12/31/1961)
GL c. 184 § 27
Right of First Refusal / Preemptive Rights
30 years after its creation (applicable ONLY to rights cre­ated after 6/30/90)
GL c. 184A § 5(a)
TAX - Federal Estate Tax
10 years from date of death
IRC § 6502
REBA TS 3
TAX - Federal Income Tax1
10 years and 30 days from assessment date
REBA TS 54
TAX - Mass Corporate Excise Tax
3 years from date of transfer
GL c. 62C § 51
TAX - Mass Estate Tax
GL. c. 65C § 14
REBA TS 55
TAX - Mass Income Tax1
GL c. 62C § 50
5 years from date of recording
GL c. 106 § 9-515(a)
[1] These liens will attach to after acquired property.
*For more detail and application, please review the referenced statutes and standards.
There is no mortgage tax in Massachusetts. There is a tax only on deeds and long-term leases.
(a) Owner’s Policy? The owner’s policy is paid for by the purchaser.
(b) Transfer Tax & Recording Fee? 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).
(c) Survey Charges? 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
(d) Closing/Settlement Fees? Closing and settlement fees are paid for by the buyer.
The policy is signed by the attorney-agent.
Real estate taxes are assessed on January 1 of each year for the fiscal year that begins the immediately following July 1 and ends 12 months later on June 30. 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.
Search fees can be charged separately (i.e., broken down on the HUD statement). Massachusetts is not an all-inclusive state.
On residential real estate where there is mortgage financing the attorney is required to do a 50-year search in order to avoid liability under consumer-protection statutes.
Mortgages are used in Massachusetts.
Except as provided in Schedule B – Part II, if any such Schedule is attached, this policy does not insure against loss or damage (and the Company will not pay costs, attorneys’ fees or expenses) that arise by reason of the following General Exceptions:
3. Discrepancies, conflicts in boundary lines, shortage in area, easements, encroachments, and adverse circumstances which an accurate land survey and inspection of the premises would disclose.
A. Covenants, conditions, restrictions, reservations, easements, liens for assessments, options, powers of attorney and limitations on title, created by the laws of the State of the insured premises or set forth in the Master Deed or Declaration of Condominium, in the related By-laws, or in the Declaration of Trust, as duly recorded in the appropriate Land Records Office and as the same may have been lawfully amended, and in any instrument creating the estate or interest insured by this policy.
B. Loss or damage arising as a result of liens for common charges and attorney's fees pursuant to Chapter 400 of the Acts of 1992. (Massachusetts)
The transfer tax is imposed on the seller on deeds or long-term leases and is charged as follows: (a) $2.28 per $500 of consideration in all areas except Cape Cod; (b) $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.
Usury coverage is generally available on first mortgages; it is available on second mortgages in most instances.
Include the following exception in your Massachusetts Usury Endorsement: “provided that notice is given under MGL Chapter 271, section 49.”
No witnesses are required, but instruments must be acknowledged.