Boston MA Homestead Law Details

Homestead protection is available to Boston MA homeowners and shelters their equity from unsecured creditors. This is a vital consideration for any homeowner. The Boston MA homestead law details in this blog covers the most important facets of this law.

Why Homestead Is Important

Homeowners gain equity in a home over the years. This equity may be small in the short term, but can increase to a substantial amount over the years. There may be cases where creditors or other parties will go after that dollar value to cover a financial debt of a property owner. Protecting it will be of utmost importance.

In the case where a parent who declared homestead passes away, the homestead law protects the right of family members to occupy the property. The equity in the property (up to a certain amount) will not be used to cover the unsecured debts of the deceased individual. This covers spouses and children. This is merely one of many possible scenarios where homestead protection may save you from losing your home.

Boston MA Homestead Law Details

Massachusetts homeowners receive an automatic protection of one-hundred and twenty-five thousand dollars (125,000) without needing to file any forms. A Declaration of Homestead can be filed at the local registry of deeds in the county where your primary residence is located to increase the protection up to five hundred thousand dollars (500,000). The filing requires a specific form and a filing fee, which differs but is usually under one-hundred (100) dollars. If you are buying a new property, your closing attorney will give the form to you.

Supplementary Information

Homestead protection strictly applies to a primary residence. There are specific provisions for filers over the age of sixty-two (62) and disabled persons. The Homestead Law will not cover all creditors or lawsuits. Exceptions include municipal tax assessments, home mortgages, and probate court judgements, just to list a few. For comprehensive information on this law, visit the website for the Secretary of State. The information in this article are offered as an overview based on the facts available at the given time. It may change without notice (as alterations may take place to the Homestead law). Always consult with the website link above for current facts.

About Scott Beard

Finding the right Realtor can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience. That’s why choosing the right Agent to begin with is key. I have helped hundreds upon hundreds of clients during my career and sold over $55 million in properties and look forward to putting my experience to work for you.
Contact me at any time. I look forward to hearing from you.

Ask Scott...

* indicates required field