The Massachusetts Borrowers Certification of Inventory is a crucial document used in real estate transactions, specifically in Massachusetts. It serves as a detailed description and inventory of the property being purchased, ensuring that borrowers are aware of the current condition and contents of the property. Keywords: Massachusetts, Borrowers Certification, Inventory, real estate transactions, property, condition, contents. This certification is typically included as part of the mortgage application process and is signed by the borrower(s) or homeowner(s). It aids in providing transparency between the buyers and sellers, safeguarding against any potential disputes or discrepancies that may arise after the sale is finalized. The Borrowers Certification of Inventory outlines the various features and characteristics of the property, including: 1. Physical condition: It includes a comprehensive assessment of the property's physical condition, highlighting any potential defects, damages, or structural issues. 2. Fixtures and appliances: The certification details all the fixtures (e.g., lighting fixtures, plumbing fixtures) and appliances (e.g., refrigerator, stove, dishwasher) that are present in the property. It helps ensure that the borrowers are aware of what assets will be included in the purchase. 3. Renovations and additions: If any renovations or additions have been made to the property, such as new flooring, windows, or builds, they are listed in this certification. This information aids the borrower in assessing the overall value of the property. 4. Property boundaries: The certification may include information regarding the boundaries of the property (if applicable), such as fences, walls, or markers, helping the borrower understand the limits of the property they are purchasing. 5. Easements or encroachments: If there are any easements or encroachments present on the property, it will be noted in the Borrowers Certification of Inventory. This data allows the borrower to be aware of any existing agreements or limitations that may affect the property. It is important to note that the specific content of the Massachusetts Borrowers Certification of Inventory may vary slightly based on the mortgage lender or real estate agent involved in the transaction. Different types of Massachusetts Borrowers Certification of Inventory may include variations depending on factors such as property type (residential, commercial), purpose (purchase, refinance), or specific lender requirements. However, the core purpose of providing a detailed description and inventory of the property remains the same across different types.
Massachusetts Borrowers Certification of Inventory
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How to fill out Massachusetts Borrowers Certification Of Inventory?
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The Act prohibits settlement agents from disbursing any funds from an escrow or settlement account in connection with a mortgage loan transaction until the settlement agent receives the disbursement of loan funds and such additional funds provided by the borrower or other third party to fully fund the transaction.
Massachusetts General Laws chapter 183, section 63B, also known as the ?Good Funds Law,? requires a mortgagee who makes a loan to be secured by a mortgage or lien on real estate in the Commonwealth to disburse the full amount of the loan proceeds to the mortgagor, the mortgagor's attorney, or the mortgagee's attorney, ...
Good funds, as the name implies, are funds guaranteed to be available upon demand. They are an equivalent to cash, in that they are a medium of exchange that is immediately valid, available, and usable.
Good funds legislation deals with title insurance companies, title insurance agents and independent escrowees who are making disbursements from a fiduciary trust account in connection with an escrow, settlement or closing.
California's good funds laws, Section 12413.1 of the California Insurance Code, require that an escrow company and title company have in possession sufficient good funds in order to close the transaction.
