Bill > S971

This bill aims to clarify the provisions around homestead estates and real estate titles in Massachusetts. The key changes include: 1. Defining the "Declared homestead exemption" and how it is calculated, especially for homes owned by joint tenants, tenants in common, or trust beneficiaries. 2. Expanding the definition of "Owner" to include additional types of property interests, such as life estate holders and trust beneficiaries. 3. Modifying the circumstances under which a homestead estate can be terminated, such as through a deed, release, or abandonment of the home. 4. Specifying how the proceeds from the sale, taking, or damage of a home subject to a homestead estate can be protected. 5. Allowing recorded instruments containing certain statements about the homestead status of a property to be relied upon by good faith purchasers. The bill aims to provide more clarity and consistency around homestead estates and related real estate transactions in Massachusetts.

Justice

https://malegislature.gov/Bills/192/S971