If you are considering purchasing a Massachusetts home one of the things you may be asked at some point, more than likely by your attorney or even possibly by the bank’s attorney, is whether you would like to have Massachusetts Homestead Protection.
Folks this is one easiest Real Estate decisions you could have make! Raise your hand immediately and say you want it. What an estate of homestead does in protect a persons residence from most creditors. The Massachusetts declaration of homestead protects the equity in your property for up to $500,000 in the event a lawsuit is brought against you. So if you are sued, $500,000 of your equity could not be touched by an attachment and subsequent levy on execution of sale.
As most people realize, we live in a litigious society. The chances of getting into an accident and someone suing you should not be taken lightly! It happens to quite a few people everyday. The Homestead protection document is filed at the registry of deeds in the county that your residence is located in.
All that is needed is the preparation and recording of a Declaration of Homestead as well as the payment of a state recording fee. The total cost is usually only around $100 to prepare and record the document. I am sure your attorney would be happy to prepare this document for you or possibly even the banks attorney if you don’t have legal representation at your closing.
To see the full article and continue reading visit Homestead protection Massachusetts.
About the Author: The above Real Estate information on Massachusetts Homestead Protection was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at email@example.com or by phone at 508-435-5356.
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