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Subsurface Sewerage Disposal Systems
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Subsurface Sewerage Disposal Systems
Title 5 - Massachusetts General Law

We all know about the strict emissions and safety tests for our cars, the purpose of which is to protect the environment and public health. Title 5 serves a similar purpose - to protect the environment and public health by assuring effective treatment of wastewater before it physically returns to groundwater, to be used elsewhere. It is very important for buyers and sellers of real estate to be aware of the potential financial price tag of
Title 5 as well as the potential site-related implications.

Any exchange of ownership of real estate served by a ubsurface sewerage disposal or septic system triggers a Title 5 inspection if two or more years have passed since any prior inspection. The "ideal" Title 5 inspection will conclude that the septic system, as it exists, is draining correctly, AND that no component of the septic system is likely to be in the "seasonal high groundwater". Any component found to be in the groundwater is an automatic failure of the septic system. In that case, it is usually the seller who is responsible for the cost of testing, design, and installation of a new system.

The installation of a complete septic system requires a "perc test" and "deep hole" tests by a licensed soil evaluator and an engineered drawing by a Registered Sanitarian or a rofessional Engineer. The drawing must be approved by the local Board of Health and must meet all state and local Title 5 requirements. Only then can an installer provide an accurate cost for the septic system.
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UNDERSTANDING THE MORTGAGE LOAN MARKET
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The mortgage business is a complicated and ever-changing industry. It is important that you understand how the mortgage market works and how the lenders make their profit...
http://www.legalwiz.com/articles/mortgagemarket.htm
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Biweekly Mortgage
Source: RealEstateABC.com -
1998
A mortgage in which you make payments every two weeks instead of once a month...
http://content.realestateabc.com/glossary/glossary1.htm#biweekly mortgage
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Bill Of Sale
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A written document that transfers title to personal property...
http://content.realestateabc.com/glossary/glossary1.htm#bill of sale
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Bond Market
Source: RealEstateABC.com -
1998
Usually refers to the daily buying and selling of thirty year treasury bonds...
http://content.realestateabc.com/glossary/glossary1.htm#bond market
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Hazard Insurance
Source: RealEstateABC.com -
1998
Insurance coverage that in the event of physical damage to a property from fire...
http://content.realestateabc.com/glossary/glossary2.htm#hazard insurance
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Home Equity Conversion Mortgage (HECM)
Source: RealEstateABC.com -
1998
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender...
http://content.realestateabc.com/glossary/glossary2.htm#Home Equity Conversion Mortgage (HECM)
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Home Equity Line Of Credit
Source: RealEstateABC.com -
1998
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home...
http://content.realestateabc.com/glossary/glossary2.htm#home equity line of credit
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Home Inspection
Source: RealEstateABC.com -
1998
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property...
http://content.realestateabc.com/glossary/glossary2.htm#home inspection
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Homeowners' association
Source: RealEstateABC.com -
1998
A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project...
http://content.realestateabc.com/glossary/glossary2.htm#homeowners' association
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Homeowner's insurance
Source: RealEstateABC.com -
1998
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents...
http://content.realestateabc.com/glossary/glossary2.htm#homeowner's insurance
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Homeowner's warranty
Source: RealEstateABC.com -
1998
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning...
http://content.realestateabc.com/glossary/glossary2.htm#homeowner's warranty
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HUD median income
Source: RealEstateABC.com -
1998
Median family income for a particular county or metropolitan statistical area (MSA)...
http://content.realestateabc.com/glossary/glossary2.htm#HUD median income
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HUD-1 settlement statement
Source: RealEstateABC.com -
1998
A document that provides an itemized listing of the funds that were paid at closing...
http://content.realestateabc.com/glossary/glossary2.htm#HUD-1 settlement statement
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Joint Tenancy
Source: RealEstateABC.com -
1998
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate...
http://content.realestateabc.com/glossary/glossary2.htm#joint tenancy
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