Massachusetts Real Estate

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.

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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 billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Massachusetts Real Estate information see Massachusetts Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service Real Estate short sales in the following towns in and around Metrowest Massachusetts: Hopkinton, Milford, Framingham, Franklin, Upton, Bellingham, Southboro, Westboro, Ashland, Holliston, Mendon, Northboro, Shrewsbury, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Millbury, Worcester, Natick, Sutton and Douglas MA.

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 25 years.

The Massachusetts homestead protection act is one of the biggest no brainers for any homeowner in Massachusetts to take advantage off. The Homestead law for Massachusetts was changed in 2010 and is completely summarized in the link above. The protection was extended to more than the summary items below.

Quite simply, an estate of homestead is protection for a persons residence. The declaration of homestead protects your equity in your home for up to $500,000 in the event you are sued. In other words, if you are sued, $500,000 of your equity could not be touched by an attachment and subsequent levy on execution of sale.

 The form is filed at the registry in the county that your home is located in. For example, if you live in Hopkinton MA you would file the homestead at the Middlesex registry of deeds in Cambridge. If you are a family it only needs to be filed by one person and the other spouse is protected as well.

There are somethings that the homestead declaration does not protect against.

The following are exempt from the Homestead Law:

• Federal, state and local taxes, assessments, claims, and liens;
• Mortgages used to purchase the residence, and in the case of the elderly homestead, first and second mortgages held by financial institutions or others;
• An execution issued from the Probate Court to enforce its judgment that a spouse pay for the support of a spouse or minor children;
• Where buildings on land not owned by the declarant of a Homestead estate are attached, levied upon or sold for the ground rent of the lot whereon they stand;
• Upon an execution issued from a court of competent jurisdiction to enforce its judgment based upon fraud, mistake, duress, undue influence or lack of capacity;
• Debts contracted prior to the acquisition of the homestead.

The protection only extends to one primary residence. You can not have homestead protection on multiple properties.

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About the Author: The above Real Estate information on getting Massachusetts homestead protection was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest MA Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.