Grace is a Massachusetts real estate broker. Her buyer client, Henry, is about to close on a home in Needham and asks Grace whether the seller's existing Declaration of Homestead will transfer to him at closing. Which response accurately reflects Massachusetts law under MGL Chapter 188?
Correct Answer
B) No, the existing homestead declaration terminates at closing, and Henry must record his own Declaration of Homestead if he wants declared protection
Under MGL Chapter 188, a Declaration of Homestead is personal to the homeowner who recorded it and does not transfer to a new owner upon sale. When the property is conveyed, the seller's homestead protection terminates. Henry, as the new owner, will receive the automatic $125,000 homestead protection by operation of law when he occupies the property as his primary residence. To obtain the higher $500,000 declared protection, Henry must record his own notarized Declaration of Homestead at the Registry of Deeds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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