Mar 15, 2018 | Uncategorized
By Patrick Crowley
Yesterday we started talking about some Massachusetts only tax breaks. Did you recently replace a septic system or connect to your town sewer? If so, there is a septic tax credit that is available to you to offset your Massachusetts income tax. The amount of the credit is 40% of the cost, up to $15,000, for the design and construction expenses to repair or replace a failed septic system or for connecting to a public sewer system. That means you can reduce your Massachusetts income tax dollar for dollar by up to $6,000. However, you’re only allowed to take $1,500 of the credit each year and if you received a low or no interest loan to help pay for the cost, the credit needs to be reduced by the amount of interest subsidy you received. Do you have an older home that has lead paint? If so, you may be eligible for a credit equal to the cost of the removal of the lead paint up to $1,500.
Subscribe to the Tax Minute here.
If you have a question on today’s topic or any tax matter call Hershman, Fallstrom & Crowley at
508-754-0800
or Email us at pc@hfctax.com
Legal Disclaimer
Mar 12, 2018 | Uncategorized
Important Instructions for Getting Your Document Notarized
Now that you have your deed, power of attorney, or other important document it will need to be signed (or executed) in person, before (in front of) a Notary Public, or other duly authorized individual, legally able to take your oath, affirmation or acknowledgement. Print your documents, single sided, then please read the process below. Contact our office if you have any questions about the process at all. If your document is not properly acknowledged, it may cause significant delay.
In Massachusetts:
In Massachusetts you may find a Notary Public at some of these locations:
- Insurance companies
- Banks
- Accountants
- Real estate offices
- Town halls
- Libraries
- Law offices
- AAA
You must appear in person before a commissioned Massachusetts Notary Public. Contact the office of the Notary Public in advance to make an appointment. The Notary Public will require that you provide valid, current, government issued, photo identification.
Bring the unsigned document to the Notary Public, sign the document in front of the Notary. The Notary will take your oath or acknowledgement, sign and apply their notary seal. Note: an embossed notary seal is not required. However, the Notary must sign the notary clause and provide their commission expiration date.
You are welcome to contact our office to schedule an appointment with one of our staff Notaries to have your documents notarized. In most cases, same day service is available. There is no fee for our notary service, however, please do not come in without making an appointment.
Outside of Massachusetts, but in the United States, or official U.S. Territory:
Massachusetts has reciprocity with all 49 U.S. States and all U.S. territories. This means that Massachusetts will recognize the acknowledgement of notaries from other states and territories. Provided that:
- The Notaries follow the laws of their own state or territory
- The notary clause or acknowledgement clearly states that the signing was the persons “free act and deed”
- The notary clause or acknowledgement clearly states that the persons signing the document “personally appeared” before the notary.
Note: Electronic, online, remote or video notary services are not recognized in Massachusetts for real estate documents. Original signatures of the signor and Notary are required. Electronic signatures are not acceptable. Do not use the services of remote notaries, you must personally appear before the Notary, or the document will not be valid for recording in Massachusetts.
Outside of the United States:
It is a very difficult and time-consuming process to have U.S. documents notarized in foreign countries. You must plan in advance if you expect that you will not be able to appear before a Notary Public in the United States.
If you plan to have a Massachusetts document notarized in a foreign country, please visit the website for the U.S. Department of State for clear instructions on the process:
https://travel.state.gov/content/travel/en/legal-considerations/judicial/authentication-of-documents/notarial-and-authentication-services-consular-officers.html
You will need to travel to the local U.S. Embassy or U.S. Consulate Office in the foreign country you are in to get the document notarized. Many Embassies and Consulates require that you schedule an appointment several weeks in advance. They do not accept walk in appointments.
Members of the U.S. Military:
Persons serving in the U.S. Armed Forces, wherever located, may acknowledge documents before a Commissioned Officer in active service in a Massachusetts or U.S. military unit with the rank of Second Lieutenant or higher in the Army, Air Force or Marine Corps, or the rank of Ensign or higher in the Navy or Coast Guard.
The Document must contain a statement that the person signing the documents is actively serving in or with the Armed Forces of Massachusetts or United States and that the person signing personally appeared, and the signing was their free act and deed.
More about Remote Online Notaries (RON)
Electronic, online, remote or video notary services are not recognized in Massachusetts for real estate documents. Original signatures of the signor and Notary are required. Electronic signatures are not acceptable for recording. Do not use the services of remote notaries, you must personally appear before the Notary, or the document will not be valid for recording in Massachusetts.
These services allow individuals to have documents notarized electronically, and they do not require anyone to appear in person. Though it may sound convenient, remote online notary services are not currently recognized under Massachusetts General Law. If you utilize the services of a Remote Online Notary (RON), you need to understand that your document will not be valid for closing.
Quick Reference
Do’s and Don’ts of Document Notarization
| Do’s |
Don’ts |
| Do plan in advance. Get the document notarized as soon as possible.
|
Don’t wait until a few days before the document is needed. |
| Do have a valid, unexpired, government issued photo identification with you to show the Notary.
|
Don’t show up without a photo identification.
|
| Do print your document single sided.
|
Don’t print your documents double sided. |
| Do bring your unsigned documents to the Notary.
|
Don’t sign or date the documents prior to being in front of the Notary.
|
| Do have your document notarized in the U.S. |
Don’t have your document notarized outside of the U.S. unless it is absolutely necessary.
|
| Do be prepared to pay the Notary. In Massachusetts, a Notary is limited to the amount they can charge. You should not need to pay more than $10.00 in most cases. |
Don’t ask a Notary to notarize a document that they have not witnessed being signed. It is against the terms of their commission. They can be prosecuted if caught doing it.
|
| Do make an appointment with the Notary in advance.
|
Don’t show up to the Notary’s office without an appointment. |
| Do make certain that the words “free act and deed” are included on the acknowledgement.
|
Don’t expect the Notary to be able to answer questions about the document. They are not required to.
|
| Do appear in person. |
Don’t use a remote, online, or video Notary service. You must appear in person for the document to be recordable in Massachusetts.
|
| Do make sure that original documents are available for real estate closings. Copies are not acceptable.
|
Don’t sign documents electronically, only original documents with original signatures are accepted for real estate closings. |
| Do contact our office if you have ANY questions at all about getting your document notarized. |
Don’t get your document notarized in any other manner than what is listed here. It may not be acceptable for recording in Massachusetts.
|
Feb 5, 2018 | Uncategorized
Our office does not provide legal counsel on the acquisition, sale or transfer of ownership of Timeshare properties. However, we are often asked to assist timeshare buyers and sellers; here is our general advice on timeshare transfer.
- Check the timeshare contract and contact the management company for the policy and procedure for transferring title to your share. The seller may be subject to terms and restrictions such as a right of first refusal. In which case the timeshare association may have the right to purchase the share before it is offered to the public or a private buyer.
- Ensure that the transfer price is fair and reasonable.
- Confirm that the seller is the lawful owner and that they have authority to sell.
- Retain the services of an independent company or firm that will coordinate the transfer of title of the ownership according to the applicable state law.
- NEVER wire or send any funds without being absolutely certain of what the funds are for and to whom they are going. The timeshare transfer industry is ripe with fraudulent and criminal activity.
Resources:
Timeshare resources: myresortnetwork.com/
What is my timeshare worth: www.myresortnetwork.com/timeshare-market-value.asp
Timeshare Closing Services: timeshareclosingservices.com
Timeshare Closing Services: esortclosings.com/
Timeshare Litigation Attorney: aaronsonlawgroup.com/
Jan 23, 2018 | Buying Real Estate, Real Estate Tips, Selling Real Estate
I have had a lot of questions recently regarding the topic of marketable vs. insurable title. They are both terms of art, in that they are unique terms to the legal and title industry. They are not easily defined with comparable examples.
When a title is marketable it means that the chain of ownership (title) to a particular piece of property is clear and free from defects. And as such, it can be marketed for sale without additional effort by the seller or potential buyer.
In contrast an insurable title does, or may have a known defect or defects in the chain of title. However, with an insurable title, a title insurance company has agreed in advance to provide insurance against the defects ever affecting the ownership or value of the property.
If a property does not have a current, valid title insurance policy and there is a defect in the chain of title, then the defect must be cured or repaired before a seller can convey marketable title. If there is a current policy, rather than curing or fixing the defect, which can be very expensive and time consuming, the title insurance company may elect to insure against any problem the defect may cause in the future. That is, the insurance company agrees to fix the problem only when – and IF – it ever becomes an immediate problem. Some defects in title may never become a problem or threaten the value or ownership of the property. Title insurance companies, like any insurance companies are in the business of risk management, and whenever possible would rather defer the risk then to pay to address/correct it.
One of the biggest problems with insurable title is that a buyer of a property accepting insurable title (rather than marketable title) is taking a risk of their own. It’s not that the defects may ever threaten the value or ownership of the property, but that upon resale of the property the next buyer may not be as willing to accept the insurable title and may demand a marketable title.
Be sure that you know the type of title the seller intends to convey before you sign a purchase contract.
Jan 10, 2018 | Home Seller Tips, Uncategorized
Whether you’re new to the real estate game or you’ve bought and sold a home before, there are many details involved in selling. It can be enticing to think about taking on the responsibility yourself and going it alone, but there are a number of reasons it’s wise to use a real estate agent. Before you make a decision on selling your home, ensure you consider all the details you’ll have to deal with.
Misunderstanding Of The Market
It’s entirely possible for a home seller to look at the MLS listings and determine a price range for their home, but the right real estate agent will have a wealth of knowledge to draw from. In all likelihood, they will be familiar with the neighborhood and may even have sold a few homes in it. This means they’ll be able to determine the right offer for your home and ensure it’s feasible on the market, which may mean a higher price and a shorter selling time.
It Takes Time
While a real estate agent will get a certain percentage of the price for helping you sell your home, you won’t be getting paid anything to do the legwork. However, it’s easy to underestimate how much time it can take to market your home, arrange open houses and deal effectively with all of the negotiating. It may be enticing to do it on your own, but what it might save in money, it may end up eating in time.
The Closing Details
If you’ve determined the price of your home and you’ve received an offer, it can be a great feeling to know that you’ve taken the right steps. However, what happens after you receive an offer is one of the most important parts of selling your home, and a real estate agent will be able to guide you through counter offers and lowering your price if needed. While it may seem like this will be easy enough to navigate, having an agent who’s waded through the waters can help to simplify things.
Selling your home on your own may seem like a money saving opportunity, but the right real estate agent will be able to navigate the market and do the legwork for you while still getting a good offer. If you’re currently preparing to put your home on the market, contact your local real estate professional today for market tips.
