Important Sale Information...
 In order to insure a smooth closing, we would like
to make you aware of the
following information:
1. MORTGAGES: If your property is presently mortgaged,
the mortgage(s) will be paid off at the time of closing
using proceeds from the sale, if any. Please complete
the enclosed form and return it to us right away in
order that we may contact the mortgagee(s) and make
the necessary arrangements for payment. This is very
important and requires your immediate attention. After
your mortgages have been paid in full, the banks will
send us discharges which we will record at the Registry
of Deeds.
In the event there is a non-institutional mortgage
(i.e. one given to a private individual, trust or
corporation as opposed to a bank or loan company),
we will require that the payoff amount be furnished
to us before the closing and a discharge be delivered
at or before the closing. UNFORTUNATELY, THERE CAN
BE NO EXCEPTION IN THIS REGARD. If you are uncertain
about whether an outstanding loan is held by a private
lender, please contact our office or have your attorney
do so. The obligation to
furnish a discharge at closing applies also to outstanding
attachments or other liens, if any.
2. DEED: The preparation of a new deed to convey
the premises to the buyer is your responsibility.
You should have your attorney send us a copy of the
proposed deed as soon as possible and before the closing
date. While we cannot represent the First Option Mortgage
and you, we are sometimes asked to prepare a deed
as part of our mortgage services. If you ask us to
prepare your deed, there will be a charge to you of
$100.00.
3. SMOKE DETECTOR CERTIFICATE: We call to your attention
the provisions of
Massachusetts General Laws, Chapter 148, Section 26E.
You should contact your local fire department, arrange
for an inspection, obtain a certificate of compliance
and bring it with you at the time set for closing.
 4. ELECTRICITY, WATER, SEWER, FUEL: If your electricity
is provided by a
municipal light plant, you must bring with you a final
electric reading. Similarly, your fuel oil readings
(if your property is not a condominium).
5. EXPENSES: You will also be required to pay for
Massachusetts Excise stamps, recording fees to discharge
mortgages and other liens and, where appropriate,
to pay these items from the proceeds of the sale.
6. REGISTERED LAND: If your property is registered
land, be certain to bring your Owner’s Duplicate
Certificate of Title to the closing. Your property
cannot be transferred and papers cannot be recorded
without it.
7. POWER OF ATTORNEY: If there is a power of attorney
involved, please send
our office a copy of the power of attorney document
prior to the closing.Ordinarily, the use of the power
of attorney will have to be approved by our client
and then the form and content thereof must be reviewed
by our office.
 8. CONDOMINIUM UNITS: If the transaction involves
a condominium unit, you
are required to provide a certificate pursuant to
Massachusetts General Laws, Chapter 183A, Section
6(d). This certificate is obtained from the organization
of unit owners and states the unpaid common expenses
which have been assessed to the unit owner. You will
also be required to provide a Certificate of Insurance
naming, as the insured, the buyer and the lender and
its successors and assigns. It is imperative that
the foregoing language be on the certificate of insurance.
The trustees of the condominium trust can assist you
in this matter.
9. SALE PROCEEDS: If the closing takes place in our
office, we will make every attempt to record papers
and disburse funds on the same day. Your funds will
not be released to you until the deed and mortgage
have been recorded at the appropriate Registry of
Deeds.
10. TRUST OWNERSHIP: If this property is owned by
a trust, our office also requires a trustee’s
certificate. This certificate should state that the
trust has not been terminated, amended or revoked;
that the trustee(s) are the same and they have not
resigned; and that so far as may be required by the
beneficiaries, they have assented to the transaction.
In addition, the statement should be acknowledged
before a notary public and be in the form suitable
for recording. We can prepare such a certificate at
a charge of $50.00 if you request us to do so.
11. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF
1980 AS AMENDED: This Federal Law places special requirements
for tax reporting and withholding on the parties to
a real estate transaction under certain circumstances
as set forth in the law. You should seek the advice
of your attorney or accountant concerning the effect
of this Act on this transaction. You will be required
to execute a copy of the enclosed certification under
penalty of perjury at the closing. If you do not plan
on attending the closing, please be sure that your
attorney or agent delivers the fully completed and
executed copy of the affidavit along with the deed.
The closing attorney for the firm can not and will
not provide information, advice or opinions regarding
the Act’s applicability to you or to this transaction.
 12. NEW FEDERAL TAX LAWS. Since January 1, 1986 Federal
Law requires the
closing attorney to report the proceeds of the transaction
to the Internal Revenue Service. Consequently, when
you complete the attached form, be sure to include
your Social Security or Federal Identification Number.
13. TITLE EXAMINATION. Please note that if, as the
result of searching the title or obtaining the plot
plan and municipal lien certificate, we discover that
there are any deficiencies or defects, they are your
responsibility to correct or to have your attorney
do so on your behalf or determine your rights, duties
and obligations under your purchase and sale agreement.
14. You should also be aware that most lenders require
72 hours notice in advance of the day of closing to
prepare the loan papers and to obtain the funds. When
applicable, there is no exception to this requirement,
and it is therefore incumbent upon you to coordinate
scheduling of the passing not only with our office
but with the buyers and brokers as well.
15. CORPORATIONS: If you hold title to the property
in a corporate name you
should immediately take steps to secure the following
documents:
a) a Certificate of Legal Existence from the Secretary
of State;
b) a certificate from the Clerk of the corporation
attesting to the adoption of a vote by the Board of
Directors, authorizing certain officers to sell the
property and to execute the deeds and all related
documents therefore;
c) a similar certificate from the Clerk of the corporation
attesting to the adoption of a vote by the holders
of at least two-thirds (2/3rds) of the voting stock
of such corporations, said vote to authorize the sale
of the property by certain officers; (see M.G.L. Chapter
156B, Section 75); and
d) a waiver of the corporate excise tax lien imposed
by the Commonwealth of Massachusetts Department of
Revenue under M.G.L. Chapter 62C, Section 51.
16. PHOTO IDENTIFICATION: Please have a photocopy
of your driver’s license
or state photo ID at closing.
|
