Certification of Value?

[hastalavista]

Greetings Bay State Appraisers:

I'm working on a project, and was told the following:

In Massachusetts, there is some kind of law that requires lenders/AMCs to provide something called a "Certification of Value" whenever they complete an refinance or purchase appraisal on a property in Massachusetts.

I've never heard of such a requirement, and thought if there was one, it would be news. But I told my colleague I'd ask appraisers in the state if they ever heard of such a rule?

I might be able to believe it if (a) it was in regards to a purchase only, and (b) if the requirement was that such a document be provided to the taxing authority upon close as confirmation of the transaction/purchase price, but I still find it hard to believe.

If anyone knows anything (confirm or refute), I'd appreciate it, and perhaps I can put this thing to rest before it becomes some urban legend.

Thanks,

Denis

 

[residentialguy]

In MN, a CV is filed on every sale.

 

[hastalavista]

In MN, a CV is filed on every sale.

By whom?
12345

 

[residentialguy]

Anyone associated with the sale, usually the buyer. The info is verified with the assessor.

[url]https://www.dortest.mdor.state.mn.us/ecrv_submit/help/help.html[/URL]

 

[Meandering]

We don't call it that, but it's a paper that states the sale price and the transfer taxes paid for the property, and may or may not have the date the new title was recorded.

 

[hastalavista]

Anyone associated with the sale, usually the buyer. The info is verified with the assessor.

[url]https://www.dortest.mdor.state.mn.us/ecrv_submit/help/help.html[/URL]

Thanks for the link; as you mentioned, it can be filled out by anyone associated with the sale, but typically is done by the buyer, seller or title company.

I think the gist of the information I received was that there was something specific to an AMC or lender providing this information; it makes sense that the title company reports the transaction in addition to the recording of the deed.

I'm going to post it in the general forum since this is more than just a Bay State question.

 

[hastalavista]

We don't call it that, but it's a paper that states the sale price and the transfer taxes paid for the property, and may or may not have the date the new title was recorded.

Thanks, Marion.

I'm going to post my question in the General Forum since this is mroe than just a Mass. question.