Information You Should Know: Massachusett’s New Homestead Act

On March 16, 2011, a new Massachusetts Homestead Law went into effect, which updated and revised Massachusetts General Laws c. 188, sect. 1-10.

According to Robert Bevans, Esq., partner at Topkins & Bevans, “The homestead law which was previously in effect (the “Old Homestead Law”) has caused more debate among real estate practitioners than almost any other statute. Confusion seemed to be the only consensus that was ever reached when construing the Old Homestead Law. Basic controversial issues such as, “Was a mortgage release a release of the homestead?”; “Was a spouse required to sign a deed even if the spouse was a non-title holder?”; “What effect did the filing of a subsequent homestead have on an existing homestead?” The statute which goes into effect on March 16, 2011, (the “New Homestead Act”) seems to have been enacted to resolve these, and other, issues.”  -Excerpt from the Topkins & Bevans blog: The Massachusetts Homestead Law Takes Effect

Mass Legal Services compiled some important highlights of the Massachusetts Homestead Protection Law, as well as provided the informational links below:

• The Homestead Act allows homeowners in Massachusetts to protect their principal residence from unsecured creditors, up to a certain amount
• Existing homesteads recorded prior to March 16, 2011 remain valid
• There is an automatic $125,000 homestead; no recordation of a homestead declaration is needed for this protection
• Homeowners receive a $500,000 homestead protection by recording a homestead declaration; all owners must sign to gain the protection
• All owners must occupy or intend to occupy the home as principal residence
• Owners who are elderly or disabled should each file a homestead under section 2 of the new law to gain maximum protection (beyond $500,000)
• Under new law, both spouses can record a homestead
• Property held in trust can be homesteaded
• Every homeowner who has refinanced his/her mortgage in the last several years should record a new homestead declaration since many refinancing mortgages contained a waiver of homestead rights
• If a married couple has divorced or separated, each should re-examine whether a new homestead declaration is needed
• As under prior law, homestead declarations are subject to mortgages executed by all owners.

For more information about the New Homestead Act, click on the links below:

• Link to the new law
• Questions and Answers about the Homestead Act (downloadable brochure, prepared by the Massachusetts Registry of Deeds)
• Declaration of Homestead Form (fillable PDF, prepared by the Massachusetts Registry of Deeds)
• Declaration of Homestead Form for Homes Owned by Trustees (fillable PDF, prepared by the Massachusetts Registry of Deeds)
• Massachusetts Law About Homestead (Massachusetts Trial Court Library)

Goal Setting: Increase Your Performance

I’m fortunate to be able to attend the RE/MAX Convention this year. One highlight was listening to Richard Fenton, one of the creators of GO For NO! Listen to what he has to say about increasing our performance, using basketball star Shaquille O’Neal as an example.

Here’s the link to the USA article, JUST GETTING TO THE LINE, that Richard Fenton talks about in the video.

Do you think you need to be aggressive to win the game?

Safety, Spring and Daylight Saving Time

On Sunday, March 13th, at 2:00 am, Daylight Saving Time officially begins. Most people in the United States will turn their clocks one hour ahead to enjoy longer daylight hours.

Since we set our clocks ahead every spring, it’s a good time to do a few other things around our house at the same time, to ensure the safety of our loved ones.

• Make sure your smoke detectors and carbon monoxide detectors are in good condition. Replace them, as necessary.
• Change ALL the batteries in your smoke detectors AND your carbon monoxide detectors.
• Go over house evacuation rules with your family and practice what to do in case of emergency.
• Check to make sure your fire extinguisher is working, and everyone in your family knows how to operate it. Replace, if necessary.
• Vacuum the vents and returns on your HVAC system. While you’re at it, replace the filters.
• Open up your windows and let in the fresh spring air!

If it’s important for you to stay on schedule this Sunday, remember to set ALL of your clocks an hour ahead before you go to bed on Saturday. Your transition should be fairly seamless.

Enjoy your extra hour of daylight!

On the Market: 9 George Street, Needham

Do you want to live in walking distance to Needham Center? Check out this terrific newer Colonial on George Street. Relax with family and friends in this wonderful home with great floor plan. Large island granite kitchen – formal living room and dining room with hardwood floors – family room with gas fireplace, slider to deck, large private yard – Farmer’s porch – 2 car Garage plus walk-up attic.

9 George Street is featured as a Needham Times Home of the Week (article by Victoria Groves): “This home is at a price point that’s not seen in Needham for new construction and this kind of square footage,” said listing broker Ned Mahoney of Re/Max First Realty. “It’s a great option for someone looking for a step up from a cape or a more modest colonial.”

If you would like more information, go to www.nedmahoney.com or call (617) 799-0566.

On the Market: 38 Ellis Street, Newton

Charm and character abound in this early American colonial home with both Victorian and contemporary flair. Old and New come together nicely in the design and amenities of this gracious home. This home represents the very best that Newton has to offer – comfort, convenience and unmistakable charm – a wonderful place to call home.

If you’re interested in living in Newton and would like more information, go to www.nedmahoney.com or call (617) 799-0566.

Boastful Moment, Career High

Everyone’s got to have a boastful moment, right? I’m  honored to be the RE/MAX of New England Top Producer for November 2010.

“Through my career, I’ve been tested by all kinds of markets and have come to know that I’m responsible for creating the best results for people that I can. My business model changes from time to time depending on the market, but my strategy for success remains unchanged. Each and every successful situation becomes a building block for the next. Now is not the time to rest on my laurels, rather a time to commit to running my business like I’m running for office and campaign for my clients’ continued trust and respect.”
-Ned Mahoney, Excerpt from RE/MAX of New England article

I’m grateful for this recognition.

What’s your boastful moment?

Recipe for New Year’s Resolution Success

Brian Tracy presents an effective way to make steady progress and obtain measurable results towards reaching your most important goal. Great video.

New Virtual Home Tour: 69 Clarke Circle, Needham

Just 2-years-old! Better than Spec New Construction Home custom built for the builder himself. Nearly 6,000 sq ft of living space. High end finishes: tray ceilings, deep moldings, real inlay detailing, 2 staircases. Gorgeous light cherry kitchen opens to eating area, large family room with built-ins. Master bath with radiant heat and large walk-in closets. 3 car garage, lovely patio and stone walls, finished basement.

Needham Library’s Black, White and Read All Over Gala!

Black, White & Read All Over Gala
Join us for the LFN’s 3rd annual Black, White & Read All Over Gala on October 23rd! There will be plenty of time to socialize, enjoy good food and drink, and support the library through the various auctions. Say “Yes” to reading!

Saturday, October 23, 2010
7:00 – 10:00 p.m.
Needham Free Public Library
1139 Highland Avenue, Needham, Massachusetts

Music, Silent Auction
Live Auction with Auctioneer Michael Fee, Town Moderator
Hors d’Oeuvres, Desserts, Cash Bar, $50 per ticket

For more information, visit www.lfnonline.org, call 781-801-6944, or email info@lfnonline.org
MasterCard, VISA, checks accepted
Proceeds benefit the Library Foundation of Needham

CORPORATE SPONSORS
Diamond Sponsor

Friends of the Needham Public Library 

Ruby Sponsor

Roche Bros.

 

 

Silver Sponsors

Briarwood Healthcare & Rehabilitation
Exchange Club of Needham, Inc.

Needham Womens Club

Rice, Heard & Bigelow, Inc.

 

 

Bronze sponsors

KW Insurance Agency

Louise Condon Realty, Inc.
Middlesex Savings Bank

Needham Bank

Rotary Club of Needham

 

INDIVIDUAL SPONSORS

Silver Sponsor

Gail B. & Thomas R. Hedges

The Javaheri Family

 

Bronze Sponsor
Sandra & Alexander Jaszek

Ned Mahoney, RE/MAX First Realty

LFN Board Members

 

Thank you to all of our sponsors for
supporting this year’s Gala!

TED Talk: Daniel Pink on The Puzzle of Motivation