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Old 07-01-2011, 02:36 PM
 
Location: Boston, MA
184 posts, read 436,051 times
Reputation: 123

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I am in the process of closing on a condo and received a letter from the closing attorney regarding homestead protection and it is optional.

Considering that I am already going to pay for title insurance owner's policy, I do not see why it shouldn't be covering me on everything that I need a homestead. It seems like just another cost the way I see it.

Can someone enlighten me to how useful this cost really is or should I just decline it because the attorney is just trying to make an extra buck?

Below is a good link on the topic:
Massachusetts Homestead Law | THE CLOSING TABLE: MASSACHUSETTS SHORT SALE NEWS
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Old 07-01-2011, 03:34 PM
 
Location: Mass
22,184 posts, read 12,494,425 times
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Homesteads are good to have.
Go to the town hall and do it yourself.
Usually around $50.
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Old 07-01-2011, 04:16 PM
 
Location: stuck in the woods with bears and moose
22,520 posts, read 21,559,296 times
Reputation: 40165
What he said ^

It could be as low as $35, I think. When you have it no one can take your home away -- I've mostly heard of it for older couples so that if one went into a nursing home, the nursing home couldn't take the house for payment and leave the other spouse without a place to live. You never know what catastrophe may befall you (hopefully none!) but you won't lose your home if it is homesteaded. Yes, do it.
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Old 07-01-2011, 04:40 PM
 
755 posts, read 743,482 times
Reputation: 1175
Yes, I agree. It is worth the money for the peace of mind!!
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Old 07-01-2011, 08:53 PM
 
Location: Boston, MA
184 posts, read 436,051 times
Reputation: 123
Aha so basically the closing attorneys are charging me $150 to do it on my behalf. For those that have done it - how long and complicated is the process?
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Old 07-01-2011, 10:20 PM
 
1,936 posts, read 3,162,442 times
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You absolutely should get a homestead. It is real easy to do. You just need to go to the Registry of Deeds in your county (not the town hall - you can't file it there), fill out the form, and pay the $35. You can probably even just fill out the form and then mail it to the Registry of Deeds with your payment. They should mail it back to you once it is stamped and recorded as long as you request it to be mailed back and enclose a SASE. I did it and it took no time at all. Here is a link to give you more information about homesteads:

Registry of Deeds: Secretary Galvin Announces Changes to the Homestead Protection Law
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Old 07-02-2011, 06:56 AM
 
Location: Cape Cod
1,038 posts, read 3,664,719 times
Reputation: 438
Definitely get a homestead. Check your Registry's website for instructions and fees.
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Old 07-06-2011, 04:03 PM
 
Location: Where we enjoy all four seasons
20,799 posts, read 8,965,312 times
Reputation: 15908
Peace of Mind and once you do it, it is done and any changes you are always eligible for. It just rolls over. It is a one time fee and to me it is extremely reasonable.
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Old 07-07-2011, 07:16 PM
 
2 posts, read 2,512 times
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When I bought my current house, I had never even heard of Homesteading so I didn't bother to do this for the first three years I was here. BIG MISTAKE!!! My taxes were through the roof until I did Homestead the place. I'd never move to any place that didn't have Homesteading. Do yourself a favor. It's worth every cent and every minute you invest in it.
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Old 07-07-2011, 07:23 PM
 
2 posts, read 2,512 times
Reputation: 10
Default Homesteading

I'm not going to cast aspersions on attorneys BUT when I needed a Power of Attorney I was quoted a fee of FOUR HUNDRED DOLLARS ($400.00) !!!!! I got so angry at this outrage, I went and got a form, hired a Notary and then filed it in court Pro Se (by myself). It cost me EXACTLY $23.10 !!!!!
Skip the attorneys; they're just vacuuming stations. You can go to your land/property office and they will tell you how to do it. I knew nothing and all I had to do was go to the land office, fill out a form and pay a fee. Done and done! It's been a blessing ever since.

Last edited by Anne Hartford; 07-07-2011 at 07:33 PM.. Reason: Subject agreements
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