MA H1574

Real estate agents, brokers, and salespersons must provide prospective home buyers with a copy of the Massachusetts Housing Finance Agency (MHFA) homebuyers' guide when entering into a residential real estate sale agreement.

Mortgage brokers must furnish the MHFA homebuyers' guide to residential mortgage applicants before obtaining their credit report.

Failure to provide the guide results in a fine of up to $100 per violation for both real estate professionals and mortgage brokers.

The MHFA must create and publish the homebuyers' guide on its website, covering topics including home inspections, lead paint disclosure, the state environmental code, Truth in Lending Act disclosures, roles of buyer's and seller's agents, attorneys, banks, and homeowners/condominium associations.

The requirement does not apply to private sales where no real estate agent, broker, or salesperson is involved.