Century 21 Associates Realty LLC 
     Karen J. McLinden
      Phone 508-677-3233
       Fax 508-679-2006
       657 Pleasant St., Fall River, MA 02721 
                                                                                                                                   
 
Residential Real Estate, Commercial Real Estate, New Construction, Investment Property, Rentals, First Time Home Buyers, Relocating Assistance, Short Sale Assistance.   Areas Include But Not Limited To: Fall River, MA - Swansea, MA - Somerset, MA - Westport, MA - Dartmouth, MA - Tiverton, RI - Assonet, MA - Freetown, MA - Berkley, MA - Taunton, MA - Dighton, MA - Rehoboth, MA - Seekonk, MA - Warren, RI - Portsmouth, RI - Middletown, RI - Little Compton, RI - New Bedford, MA - Lakeville, MA - Middleboro, MA - Fairhaven, MA -   Wareham, MA

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DECLARATION OF HOMESTEAD If you are interested in having a declaration of homestead at the time of closing please contact the closing attorney and in most cases for a fee they will draw it up and record it for you. 

If you already own property and would like to fill out the form and record it yourself you can call your local Registry of Deeds and ask them if they are available there to pick up.

Questions and Answers

  1. How am I protected?
  2. Are my spouse and children covered, should I pass away?
  3. Will my Homestead Declaration protect my home from being taken
    if I go into a nursing home?
  4. Is there anything I will not be protected from?
  5. What happens to my homestead if I should re-mortgage or take out
    a second mortgage or home equity loan?
  6. If I divide my time equally between my winter and summer
    residences, can I declares a homestead on both?
  7. Does the Homestead protection take the place of home insurance?
  8. Is the Homestead form difficult to understand and fill out?
  9. Can my Homestead be terminated?
  10. What is the filing fee?

1. How am I protected?

The real property or mobile home which serves as an individual's principal residence upon filing a declaration of Homestead, shall be protected against attachment, or sale to satisfy debts up to Five Hundred Thousand Dollars ($500,000) per residence, per family.

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2. Are my spouse and children covered, should I pass away?

YES. Should the parent who declares the Homestead die, the law protects the house until the youngest unmarried child reaches the age of eighteen (18) and until the surviving spouse die or remarries.

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3. Will my Homestead Declaration protect my home from being taken
if I go into a nursing home?

Liens imposed by the Massachusetts Department of Public Welfare, as a result of the payment of Medicaid benefits, are exempted from the Homestead protection. Although there are exceptions.  You should consult an attorney for advise.

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4. Is there anything I will not be protected from?

The following are exempt from the Homestead Law: federal, state and local taxes, assessments, claims, and liens; first and seconds mortgages held by financial institutions or others; any and all debts, encumbrances or contracts existing prior to the filing of the declarations; and judgments that a spouse pay for the support of a spouse or minor children.

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5. What happens to my homestead if I should re-mortgage or take out
a second mortgage or home equity loan?

The lending institution may require that your Homestead be released.  Once the mortgage is recorded or registered, you can record a new Homestead. 

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6. If I divide my time equally between my winter and summer
residences, can I declares a homestead on both?

NO. A homestead can be declared only on an applicant's residence, and you can only have one residence. Neither can a husband declare a Homestead on one house while his wife files a Homestead on the other. The Homestead can only be declared on one's personal residence.

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7. Does the Homestead protection take the place of home insurance?

Absolutely not! The Homestead protection is not a substitute for home insurance or any other type of liability insurance. These are separate and distinct protections. The Homestead protection will only be effective after any liability insurance is used to pay for any judgment that are related to liability incurred under that particular insurance policy: e.g., home, automobile, etc.

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8. Is the Homestead form difficult to understand and fill out?

NO. It simply calls for basic information, just fill in the answers to the questions asked. Just be careful when writing in your Book & Page number or your Certificate of Title number; both are shown on your deed, or in the case of Registered Land, on your Certificate of Title.

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9. Can my Homestead be terminated?

The estate or claim of Homestead shall be terminated upon the sale or transfer of the real property or mobile home during the owners lifetime, upon the death of the surviving owner or by a release of the Homestead estate acknowledged by the owner, and recorded at the Registry of Deeds, or when the property ceases to be your residence.

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10. What is the filing fee?

The cost of filing the Declaration of Homestead is usually under Fifty Dollars.  Contact your local registry of deeds or local attorney for more information. The form must be signed by the person filing and his/her signature notarized. 

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 2013, Karen McLinden & Century 21 Real Estate LLC. CENTURY 21 is a registered trademark licensed to Century 21 Real Estate LLC. Equal Housing Opportunity. Each Office is Independently Owned and Operated.

 

 2013, Karen McLinden & Century 21 Real Estate LLC. CENTURY 21 is a registered trademark licensed to Century 21 Real Estate LLC. Equal Housing Opportunity. Each Office is Independently Owned and Operated.