Affidavit Of Occupancy Form With 2 Points

State:
Massachusetts
Control #:
MA-CLOSE88
Format:
Word; 
Rich Text
Instant download

Description

The Affidavit of Occupancy form is a crucial document for purchasers of real estate that certifies their intention to occupy the property either immediately or within a specified timeframe. This affidavit serves two primary functions: it confirms the buyer's commitment to occupy the property and provides assurance regarding their financial stability, ensuring that no significant changes in their financial status have occurred since their loan application. Key features of the form include options for specifying the occupancy timeframe and a declaration acknowledging potential legal repercussions for failing to occupy the property as agreed. Users must fill out their personal details, the property address, and select the appropriate occupancy statement, along with certifying their financial position. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it helps in compliance with lender requirements and provides a safeguard against any potential legal issues related to occupancy and financial misrepresentation. Completing this form accurately ensures the protection of all parties involved in the transaction.

How to fill out Massachusetts Affidavit Of Occupancy And Financial Status?

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Affidavit

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FAQ

The documents that can prove occupancy are: Utility bills dated within three months before the disaster: Electric, gas, oil, trash, water/sewer bills that show the name of the applicant or the co-applicant and the address of the disaster-damaged residence.

Owner Occupancy as a Requirement In return, these government-backed loans absolutely require owner occupancy. FHA and VA loans are intended solely for primary residences and multi-unit properties (up to four units) where the owner lives onsite.

A Certificate of Occupancy (CO) is required for new residential or commercial building structures for living or business purposes. In order to receive a CO, the following must exist for the job: All final inspections have been completed with a "pass" disposition, including fire if applicable.

Lending companies cannot force a homeowner to live in a home when they have legitimate reasons or even desires to move. However, to get out of the owner-occupancy clause on a primary residence home loan, the owner should be able to prove that they had every intention of occupying the home at the time of purchase.

Certificates of Occupancy will be issued within ten (10) working days. Under no circumstances may any building be occupied or used until a Certificate of Occupancy / Approval is issued. A penalty of $2,000 will be assessed!

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Affidavit Of Occupancy Form With 2 Points