As a busy Realtor or Mortgage Professional, you want to be kept up to date on all the latest developments in the ever-changing maze of Massachusetts real estate law. Look no further. Through the Massachusetts Real Estate Law Blog and this site, we’ve put the latest real estate legal news right at your fingertips.
If the condominium project that you are buying into is involved in any pending litigation over construction or its common areas, you may not be able to obtain a conventional loan under newer, strict Fannie Mae condominium lending guidelines. This is not good for condominium buyers, lenders, unit owners desiring to sell and condominium associations. [...]
Read the full article →Fannie Mae’s new Loan Quality Initiative (LQI) mandates become effective on June 1, 2010, and these rules are really taking the mortgage industry by surprise. The new rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. The June 1 [...]
Read the full article →Walk-through tips: Do not waive the walk-through! You snooze, you lose, if there are subsequent problems. Always go with your agent. Bring your camera, Iphone, etc. to document any issues Turn on/off all major appliances to see if they are working properly Check under decks–sellers often leave nasty stuff behind Scour the basement, check for [...]
Read the full article →As we head to the April 30th deadline for the Home Buyer Tax Credit, here’s a bullet point summary of the rules. Buyers must be under contract on or before April 30, 2010, and close on or before June 30, 2010. Buyers will need to attach to their 1040 tax returns a copy of the [...]
Read the full article →Disclosure Dilemma Sellers who’ve been affected by the flooding are asking themselves and their realtors how they should handle the inevitable question from buyers: did your basement flood? Under Massachusetts disclosure law, while sellers are under no obligation to volunteer information, they must answer truthfully to any question posed directly by buyers regarding the condition [...]
Read the full article →President Obama and the Federal Emergency Management Agency (FEMA) declared a “major disaster” exists in Massachusetts due to rainstorms and flooding that began in late March. The 7 affected Massachusetts counties are Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester counties. Federal funds to homeowners in those counties affected by the recent flooding will be [...]
Read the full article →A HO-6 policy is like a regular homeowner’s policy, but for a condominium unit, and with a lot more extras. “HO-6″ insurance policies cover the interior of the unit and personal property inside–commonly known as “studs in” coverage. HO-6 Now Required By Lenders Under the new Fannie Mae (FNMA) and FHA overhaul of condominium lending [...]
Read the full article →Is an individual unit owner liable if someone gets hurt in the condominium’s common areas? The answer is most likely not. This is good lead in to the concept of “common areas.” When someone buys a condominium unit, they also obtain an undivided share of the condominium’s common areas and facilities. Common areas typically include [...]
Read the full article →New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs went into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering better consumer choice [...]
Read the full article →In December 2009, the Obama administration set long-awaited guidance on a plan for mortgage companies to speed up short sales of homes and other loan modification alternatives to stem the rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in [...]
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