Bill > H1574

This bill establishes a set of requirements for first-time home buyers in Massachusetts by mandating that certain parties provide a comprehensive homebuyers' guide created by the Massachusetts Housing Finance Agency (MHFA). Specifically, the bill requires real estate agents, brokers, and salespersons to provide the MHFA homebuyers' guide to prospective purchasers before finalizing a residential real estate sale, with a potential fine of $100 for non-compliance. Similarly, mortgage brokers must furnish the guide to residential mortgage applicants prior to obtaining a credit report, also with a potential $100 fine for violations. The bill directs the MHFA to create a detailed guide that covers essential information for home buyers, including topics such as home inspections, lead paint disclosure, environmental codes, lending Act disclosures, roles of various professionals in the home-buying process (like agents, attorneys, banks, and mortgage companies), and information about homeowners and condominium associations. The guide will be published on the MHFA's website and aim to provide comprehensive, accessible information to help first-time home buyers navigate the complex process of purchasing a residential property.

Budget and Finance, Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1574