Buyers Brokers Only, LLC -
Massachusetts Buyer Agent Buyers Brokers Only, LLC - Massachusetts Buyer Agent
SEARCH MLS | EMAIL UPDATES | OUR BROKERS | BUYER AGENCY | FAQ | BLOG | TESTIMONIALS | FOR HOME BUYERS | ABOUT | CONTACT | HOME

Massachusetts Declaration of Estate of Homestead; Also Known as a Homestead Deed or Massachusetts Homestead Act

The Commonwealth of Massachusetts provides homeowners with an estate of “homestead,” also referred to as the homestead act or a homestead deed, to protect the possession and enjoyment of the owner and his/her/their family against the claims of certain creditors by preventing the property from execution and forced sale, as long as such person occupies or intends to occupy such property as his or her principal place of residence.

In December 2010, Massachusetts updated Massachusetts General Law, chapter 188, §§ 1-10, originally enacted in 1851, giving homeowners expanded protection and also clarifying several ambiguities in the previous homestead law.

Under the amended Massachusetts Homestead law (Estate of Homestead):

• Massachusetts homeowners will receive automatic $125,000 protection against debt collectors (if they hold that much equity in their home) without having to do anything.

• Homeowners can elect to file a homestead declaration with the Registry of Deeds, which will give homeowners up to $500,000 in equity protection from non-exempt creditors. Homestead forms, or homestead deeds, are filed at the Registry of Deeds in the county in which the residence is located. The filing fee ranges from $35-$100.

• For married couples, both spouses will now have to sign the form. If a single person declares a homestead and subsequently gets married, the Homestead automatically protects the new spouse.

• Homesteads now pass on to the surviving spouse and children who live in the home. The protections also remain for transfers between relatives.

• There is new protection for homeowners who receive insurance proceeds from fire or other damages.

• There has always been confusion whether a homeowner had to re-file a homestead after a refinance. The new law clarifies this issue. Homeowners do not have to re-file a homestead after a refinance. Under the new law, Homesteads are automatically subordinate to mortgages, and lenders are specifically prohibited from having borrowers waive or release a homestead.

• Homesteads are now available for single families, condominiums, coops, manufactured homes and now for 2-4 unit homes; and also for homes that are held in a trust for estate planning or other reasons.

• Closing attorneys in mortgage transactions must now provide borrowers with a notice of availability of a homestead.

• There is no need to re-do/re-file an existing homestead under the new law.

What a homestead exemption does is protect the property against attachment, levy on execution or a court-ordered forced sale to satisfy payment of a debt.

Under the statute, there are exclusions from the homestead protection, including: (1) federal, state and local tax assessments, claims and liens; (2) existing liens recorded prior to the creation of the Massachusetts homestead; (3) existing recorded mortgage(s); (4) spousal or child support court orders; (4) whenever the buildings or land on which the property exists are otherwise attached or transferred; and (5) upon a court order to enforce a judgment based upon fraud, mistake, duress, undue influence or lack of capacity.

It is strongly advised that consusmers consult a licensed attorney for assistance in properly recording a declaration of homestead.

The information on this Web site is not legal advice, but for informational purposes only. Please read the full disclaimer.

Homes For Sale

Home Listings By Email

Home Buyer Testimonials
Find The Right Home Loan
Home-buying Information
MA Home Buyer Blog
Mortgage Calculators
Real Estate News
Recent Sales
Contact Us
Disclaimer
Video
Press

Click to see our reviews - Buyers Brokers
Only, LLC

Buyers Brokers Only, LLC on Facebook

Massachusetts Association Buyer Agents
Massachusetts Association
of Buyer Agents

National Association of Exclusive Buyer Agents

Association of Realtors

Blog Feed



AddThis Feed Button

Blog Updates By Email


Preview | By FeedBlitz

Search For A
Buyer Agent
By County

Massachusetts
Counties

Bristol County Buyer Agent
Essex County Buyer Agent
Middlesex County Buyer Agent
Norfolk County Buyer Agent
Plymouth County Buyer Agent
Suffolk County Buyer Agent
Worcester County Buyer Agent

New Hampshire
Counties

Hillsborough County Buyer Agent
Merrimack County Buyer Agent
Rockingham County Buyer Agent
Strafford County Buyer Agent

What Our Buyers Say

Client: Leigh H.
"Buyers Brokers Only, LLC made my home-buying process painless from start to finish. I was well-informed throughout the entire process, and I didn't have to hire a separate attorney because they do it all!"

Client: Jeff C.
"I truly enjoyed my experience with Buyers Brokers Only, and I couldn't understand why any potential buyer would, in good conscience, pass up the opportunity to have one of these guys on their side, and, as a buyer, it costs you nothing!"

Client: Derek A. & Aimee D.
" We highly recommend Buyers Brokers Only, LLC. They have a unique and practical business model, that adds TREMENDOUS value to the buyer."

Client: Amanda E.
"This was my first time buying, so every thing was new to me, and I appriecated the time you took to go over everything with me. The whole process was very pleasent, and I would recomend my friends and family to you."

Client: Ed M.
"I just have to say Thank You. You made the entire process as easy and painless as I wanted it to be. You answered all questions and had valuable insight. "

Client: Alexis V. & Michelle T.
"... as we continue to settle down in our new home, we cannot stop marveling at our good fortune. With your patient assistance, we found a lovely home. You were wonderful to work with, and we will always recommend you to anyone we know who is looking to buy a house."

Client: Kate M.
"Thank you so much for all your hard work & dedication in helping me to find the perfect condo. You will never know how much it means to me!! Thank you for being so patient with my 50 million questions about everything!! You have been such a blessing through this whole process, and I could never have done it without your constant guidance & help!!"

Client: Frank P.
"I can't thank you enough for all the work and guidance you provided during my search and purchase of my new home."

Client: Reid C. & Jocelyn P.
"We would recommend all my friends and family. Thank you for all the work you did to insure that we were comfortable as first-time home buyers."

Client: Susan H. & Brian C.
"Your knowledge of all things real estate was great, but more importantly we felt you had our best interests at heart."

More Testimonials


Our coverage area includes: Essex County, Middlesex County, Norfolk County, Plymouth County, Suffolk County, Worcester County, Barnstable County and Bristol County in Massachusetts. Rockingham County, and Hillsborough County in New Hampshire. The following are just some of the Massachusetts cities and towns we provide real estate buyer agent services: Acton, Abington, Amesbury, Andover, Ashland, Ayer, Avon, Belmont, Berlin, Beverly, Billerica, Bolton, Bolyston, Boston (including, East Boston, Charlestown, North End, South Boston, Dorchester, West Roxbury, Roxbury, Roslindale, Jamaica Plain, Chinatown, South End, West End, Back Bay, Allston, Brighton and Beacon Hill), Boxborough, Boxford, Bradford, Braintree, Brockton, Brookline, Burlington, Cambridge, Canton, Carlisle, Carver, Chelmsford, Chelsea, Cohasset, Concord, Danvers, Dedham, Dover, Dracut, Dunstable, Duxbury, Essex, Everett, Fall River, Fitchburg, Foxborough, Framingham, Georgetown, Gloucester, Grafton, Groton, Groveland, Hamilton, Hanson, Harvard, Haverhill, Hingham, Holbrook, Holliston, Hopedale, Hudson, Hull, Ipswich, Lawrence, Leominister, Lexington, Lincoln, Littleton, Lowell, Lunenburg, Lynn, Lynnfield, Malden, Manchester, Marblehead, Marlborough, Marshfield, Maynard, Medfield, Medford, Medway, Melrose, Merrimac, Methuen, Middleton, Millis, Milton, Nahant, Natick, Needham, New Bedford, Newbury, Newburyport, Newton, North Andover, Northborough, North Reading, Northborough, Norfolk, Norwood, Norwell, Peabody, Pembroke, Pepperell, Plymouth, Quincy, Reading, Revere, Rockland, Rockport, Rowley, Salem, Salisbury, Saugus, Scituate, Sharon, Shirley, Shrewsbury, Somerville, Southborough, Stoneham, Stoughton, Stow, Swampscott, Tewksbury, Topsfield, Townsend, Tyngsborough, Wakefield, Walpole, Waltham, Watertown, Wellesley, Wenham, Westborough, West Boylston, Westford, West Newbury, Weston, Westwood, Westport, Weymouth, Whitman, Wilmington, Winchester, Winthrop, Woburn and Worcester, Wrentham. The following are just some of the New Hampshire cities and towns we provide real estate buyer agent services: Atkinson, Brentwood, Derry, Dover, Durham, East Kingston, Epping, Exeter, Greenland, Hampstead, Hampton, Hampton Falls, Hollis, Hudson, Kingston, Londonderry, Manchester, Nashua, New Castle, Newmarket, Newton, North Hampton, Pelham, Plaistow, Portsmouth, Raymond, Rye, Salem, Seabrook, Stratham and Windham.

Buyers Brokers Only, LLC
© Copyright 2005-2011.
Call Anytime: (978) 835-5906.
All Rights Reserved.
Site Map.