Bill > S795

This bill aims to clarify homestead estates and real estate titles. The key provisions include: 1. Defining the "declared homestead exemption" and how it is calculated, depending on the type of ownership (e.g., joint tenants, tenants in common, etc.). 2. Expanding the definition of "owner" to include various types of property interests, such as joint tenants, tenants by the entirety, and trust beneficiaries. 3. Amending the circumstances under which a homestead estate can be terminated, such as through a deed to a non-family member, a recorded release, or the abandonment of the home as a principal residence. 4. Specifying how the proceeds from the sale, taking, or damage of a home subject to a homestead estate are protected. 5. Allowing recorded documents, such as deeds and affidavits, to serve as conclusive proof of the parties entitled to claim a homestead estate, which can be relied upon by good faith purchasers for value. 6. Stating that the provisions of the bill apply to homestead estates arising or created before, on, or after the effective date, except for those subject to a final court judgment to the contrary prior to the effective date.

Justice

https://malegislature.gov/Bills/190/S795