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You are a paralegal coordinating the closing of Massachusetts property being sold by Evelyn and Frank (Sellers) to Grace and Hope (Buyers) The property address

You are a paralegal coordinating the closing of Massachusetts property being sold by Evelyn and Frank (Sellers) to Grace and Hope (Buyers)

  • The property address is 200 Liberty Street, Soldasis, Massachusetts in Middlesex County.
  • The purchase price is $500,000.00 and Buyers have already submitted a deposit of $25,000.00 being held by the listing agent in escrow.
  • Buyers will be financing the purchase with a mortgage loan from Generic Mortgage in the amount of $450,000.00.
  • The closing date will be September 1, 2021.
  • Evelyn and Frank are married and hold title as tenants by the entirety. The presently occupy the property as their primary residence.
  • Property taxes are $3650.00 for the year and have been paid in full through the first quarter of Fiscal Year 2021 by Sellers. Like most Massachusetts towns, the Soldasis bills taxes quarterly and the fiscal year starts on July 1. The quarterly bills are due in August, November, February and May.
  • You have already calculated Sellers' total closing costs to be $27,999.00.
  • You have already calculated Buyers' total closing costs to be $7,212.05.
  • You have received a final water and sewer reading from the Town of Soldasis Water Department that shows $140.15 is due.
  • The Purchase & Sale Agreement recites that the Sellers have agreed to credit the Buyers $1,500.00 toward repairs.

please answer the below True or False questions:

1- True or False: Frank and Evelyn's marital status is required on the deed to Grace and Hope.

2- True or False: The purchase price must be recited on the Deed from Frank and Evelyn to Grace and Hope

3- True or False: The amount of excise tax due on the purchase must be recited on the Deed from Frank and Evelyn to Grace and Hope.

4- True or False: If Grace and Hope's tenancy is not recited on the Deed, they will hold as joint tenants if that was their intent.

5- True or False: The amount of Grace and Hope's down payment must be recited on the Deed.

6- True or False: The legal description of the property being sold must be recited on the Deed.

7- True or False: The signatures of both Evelyn and Frank, either individually or on their behalf under a Power of Attorney, are required for a valid deed.

8- True or False: The Deed will not be valid unless the buyers also sign it.

9- True or False: Evelyn and Frank must also sign a separate release of their homestead rights, which will be recorded with the Deed.

10- True or False: If the Deed fails to recite that Evelyn and Frank are signing under seal, the Deed is still valid.

11- True or False: The Deed must contain the amount and interest rate of Grace and Hope's mortgage.

12- True or False: The signatures of Frank and Evelyn do not need to be notarized if they signed under seal

13- True or False: The Deed to Grace and Hope will contain the title reference to the Deed that conveyed the property to Frank and Evelyn.

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