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)

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.

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.

Marketing: The Social Media Way

[tweetmeme]I’ve decided to start a social media marketing campaign to reach out to more people than ever to help market homes for sale. People are getting more technically savvy and it’s time to embrace the change and get involved with this new way of technology.

I invite you to visit my new and improved website, www.nedmahoney.com and see how social media is integrated to provide as much outreach as possible for each listing.

You can also find me on LinkedIn, facebook, or Twitter. Come and be my friend!

www.linkedin.com/in/nedmahoneyremax

www.facebook.com/nedmahoney

www.twitter.com/nedmahoney

New England Patriot Fans…Win a House from RE/MAX!

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RE/MAX Takes YOU to the House! RE/MAX of New England will award one deserving winner $500,000 toward the purchase of a new home if the Patriots exceed 75 touchdowns during the 2010/2011 regular season (not including pre-season or playoff games). The contest began yesterday.

To enter the “RE/MAX Takes You to the House” program, Patriot fans must complete a 500 word essay explaining how winning $500,000 toward a new home will make a difference in their lives. Essays and applications can be submitted online at www.remax-newengland.com. Entrants must be 18 years or older and the promotion is open to residents of the six New England states. A special selection committee consisting of local media members and RE/MAX employees will determine the winner of the contest. Deadline for entrees is January 2, 2011.

The Benefits of GeoThermal Energy

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How does it work?
Geothermal systems rely on the earth’s subsurface maintaining a constant temperature. The temperature may fluctuate significantly at the surface, but at depths greater than 6 feet, the temperature remains relatively stable (approximately 50 degrees Fahrenheit). The standard geothermal system includes a loop (tubing) containing a liquid (antifreeze) which is constantly circulating. This loop runs from the building to the exterior, horizontally in the ground, or vertically in a boring, and then back to the building. As the liquid is circulated, it absorbs heat from the surrounding earth in winter, and transfers heat to the surrounding earth in summer. The liquid is circulated through the compressor or heat pump, which extracts heat for distribution throughout the structure. In the summer the system works in the opposite direction to provide cool air.

How big is the unit?
The units are comparable in size to a standard gas or oil furnace.

Benefits of Ownership

• Lower operating costs – Annual heating and cooling costs can be decreased by up to 70%.
• Enhanced comfort – Dual capacity compressors and EPC blowers eliminate blasts of hot or cold air and deliver a more even supply of warm or cool air.
• Quiet operation – There is no outdoor condenser and the air handlers are quieter than most forced hot air furnaces.
• Smaller carbon footprint – Gas and oil use is eliminated.
• No fossil fuels – Fossil fuel use is eliminated. There are no odors, vapors or dangerous gases.

Information provided by Achieve Renewable Energy
www.achieverenewable.com

Here’s an excellent YouTube video explaining Geothermal heating and cooling. It’s less than 1 minute 30 seconds and easy to understand.

Figuring Out Your Home’s Worth

Many people have experienced worry and fear over the past year with the downturn in the economic climate. There is hope–the stock market is starting to recover, mortgage rates have returned to historic lows, and real estate prices have rolled back–all in an effort to improve and secure our financial future.

There’s even more good news for home owners. Did you know your home’s equity is an important asset used to figure out your net worth? Even though there has been a downturn in the real estate market, you may have gained more wealth without knowing it, simply from owning a home.

If you’d like to know how to calculate the home equity of your home, subtract your outstanding mortgage balance from the fair market value of your home. The balance will tell you the amount of asset you have in your home.

Take Advantage of the Home Buyer’s TAX CREDIT Extension Before April 30, 2010

Good news for homebuyers. Congress has extended the Home Buyer’s TAX CREDIT until April 30th, 2010!

• Buy a home with purchase price of less than $800,000. Principal residences only.

• Homes must be purchased after November 6, 2009 and before April 30, 2010. Home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to June 30, 2010.

• First-time homebuyers and existing homeowners who have lived in their home 5 consecutive years, and are purchasing a home for their principal residence are eligible.

• Up to $8,000 tax credit for first-time home buyers. Income limits for purchases made between 1/1/09 and 11/6/09 are $75,000 for singles and $150,000 for married couples filing jointly. Income limits after 11/6/09 and before 4/30/10 are $125,000 for singles and $225,000 for married couples filing a joint tax return.

• Tax credit up to $6,500 applies to a repeat buyer who has owned and lived in previous home for five consecutive years. Income limits are $125,000 for singles and $225,000 for married couples filing a joint tax return.

• As long as property is not sold within 3 years of it’s initial purchase and continues to be used as the buyer’s principal residence, the credit does not have to be repaid.

• In order to comply with the Anti-Fraud rule, Buyers must attach documentation (HUD settlement statement) of their purchase to their tax return.

• Be sure to talk to your tax professional.

Home Remodeling Tips

INEXPENSIVE WAYS TO UPDATE

Keep up with regular lawn and garden maintenance for curbside appeal.

If you’re still saving for your kitchen/bath remodel, paint the cabinets and add new hardware for an affordable update.

Rearrange furniture; declutter rooms; add new pillows, window treatments, lighting and/or plants.

KEEP AN EYE ON TRENDS

When it comes to home remodels, if you want to add to the value of your home, keep in mind the home trends of your neighborhood.  This will help when it comes time to sell your home.  For example, if most homes have central air-conditioning, it would be good to consider it for your home.  Not only will it keep you and your family comfortable, it will be a nice feature for a potential buyer.

UNIQUE DOESN’T ALWAYS SELL

If you add a specialized feature to your home that is perfect for you and your family, do not expect others will appreciate  it if your house is on the market.  For example, perhaps you are a photographer and have a state-of-the-art dark room in your home.  Since not everyone has this talent, consider how you can convert the room so the average person would find the space intriguing.

KEEP TRACK OF EXPENSES

If you’re not careful, remodeling projects can go over your budget.  Get a few quotes, sign a contract, research and price out products, and keep track of your expenses and remodel budget.