Settlement/ Transfer Of Property Flashcards
The lender
The lender will always ask for some type of registered Engineering survey. However it is a good practice for buyers to always ask for a registered survey
UFFI
Massachusetts was the last state to do away with broker disclosure on UFFI
Municipal lien certificate
Towns issue a certificate that at specific property has no outstanding liens all balances for any taxes or charges owed by the owner to the town. As part of a closing ,certificate is required as part of the title search
Fiscal year
The fiscal year is any 12 month.
Deed tax stamps
In Massachusetts the seller is always required to pay the deed tax
Grantee
The person receiving the title, typically the buyer, is known as the grantee
Quit claim deed
A quit claim deeds are commonly used in Massachusetts and Are often use on property that may have had some type of” cloud.” When seller gives a quick claim deed, the deed comes with no guarantees or warranties of title
Homestead protection
Homestead protection is available at 500,000 for married couples and 250,000 for single owners
Carbon monoxide detectors
In 2005 in Massachusetts, a bill passed require residential and commercial real estate properties to install carbon monoxide detectors and have certificates upon property transfer
Closing statement
The purpose of the closing statement is to show the financial obligations of the parties
Alienation
Alienation is the act of transferring or conveying on ownership of real estate
RESPA
The Real Estate Settlement Procedures Act (RESPA
The broker is not required to give the RESPA
The Real Estate Settlement Procedures Act (RESPA
Percolation test
A perculation test is required prior to installing a septic tank, septic tank must also be large enough to accommodate the number of occupants that will be residing in the home.
