Archive for February, 2012

The Declaration is filed at the Registry of Deeds

On March 16, 2011, a series of amendments to the Massachusetts Homestead Act (MGL Chapter 188, sections 1-10) took effect in the Commonwealth. Under the provisions of this new homestead law, the changes expand protections to homeowners.

Upon filing a legal document/form called a ‘Declaration of Estate of Homestead’ (often expressed simply as a Homestead Declaration) at the Registry of Deeds in the county where the property is located, the principal residence of the homeowner (owner-occupied residence) is protected against attachments, liens and bankruptcy by creditors up to $500,000 of equity per residence, per family. However, debts relating to the purchase of the home (purchase money mortgages), child and/or spousal support obligations and also tax obligations are not covered. Those provisions remain the same under the new law so homeowners do not need to re-file a homestead due to the new statutory changes. There is an exception worth noting regarding re-filing a declaration; in the event the homeowner refinanced the home in recent years, he/she should consider recording a new declaration since many refinancing mortgages contain a waiver of homestead rights. Re-filing a homestead declaration will assure the homeowner is protected.

The new homestead protection law introduces a couple of significant changes:

• It creates an automatic protection up to $125,000, without requiring any filing, on homes that do not already have a homestead declaration on file at the registry. This automatic coverage serves as a sort of safety net providing protection to homeowners who perhaps may not have heard of the Homestead Act. In addition, this coverage will safeguard deposits and will offer protection in situations where a declaration may not have been filed correctly. Of course, to acquire the maximum protection of $500,000, homeowners should file a homestead declaration at the registry.

• Homeowners may now sell their primary residence, yet retain the homestead protection on the proceeds of the sale for up to one year from the time of the sale or until a new principal residence is purchased, whichever comes first. According to the MAR Report, “this new consumer-friendly provision may allow a homeowner who, for example, needs to sell the home to relocate for a new job or downsize their current home to a smaller home or condo. In some cases, this may provide an opportunity for a homeowner with debt-related issues to still purchase another home”.

There are other changes in the new law also worth noting:

• Property held in trust are now eligible for homestead protections.

• An elderly couple (individuals over the age of 62) and the disabled (no age limitation) may now file a homestead on behalf of each individual and allows for an increased aggregate protection of up to $1 million.

• Mobile and manufactured homes may now be homesteaded and the declaration of homestead is to be filed at the local registry and not the town offices.

• A new declaration of homestead does not need to be filed after refinancing as the lender is now prohibited from requiring a waiver or release of the existing homestead.

• When purchasing a new primary residence, the closing attorney must provide notice to the purchaser of the right to declare a homestead protection. And the purchaser will be asked to acknowledge receipt of the notice in writing.

For more information on the Homestead Protection Law, you may wish to read the informational brochure for homeowners provided by the Secretary of State of the Commonwealth of Massachusetts.

A reminder that with all legal matters and specifically in regard to the Homestead Act, homeowners should consult their personal attorney with any questions or concerns about the law and how it may or may not impact them.

If you are considering acquiring a ‘homestead’, please visit my website BuyerBrokerRealty to search available homes by category – by town, by style, by proximity to water and more.

Thanks again for visiting and please feel free to comment on this post with reactions to share or with questions.

Until the next time,

Jackie Farrell, Realtor®

BuyerBrokersRealty

A Community for Active Adults 55+

On the South Shore of Massachusetts, a trend towards 55+ active adult communities has emerged, is growing and gaining in popularity. Arbor Hills in Kingston MA is but one of several age-restricted communities to emerge and flourish in recent years throughout the region.

The construction of the Arbor Hills development began in 2003 and the complex was completed in 2005. In all, there are 54 free standing, mostly Cape-style homes with just a few single level Ranch homes mixed in. While these detached homes resemble traditional single family houses, Arbor Hills is in fact a condominium complex. Therefore, the purchase of a home in Arbor Hills will not include the land on which the home sits and residents are charged a monthly fee to cover the cost of common expenses, i.e., sewer, real estate taxes, a master insurance policy, exterior maintenance of the buildings, trash and snow removal, landscaping and road maintenance.

Arbor Hills is a well-maintained complex located approximately 4 miles from Kingston center off Route 106. Each home has an attached two-car garage, a basement – some finished; most of the homes have 2 bedrooms with some also having a second floor loft, and at least 2 full baths. Popular features/amenities offered in these homes include hardwood floors, tile, granite, stainless steel appliances, etc. The price of homes in Arbor Hills range from $350K to the upper $400Ks.

The bottom line, condo living is not for everyone – diminished privacy is one drawback. However, on the plus side, there is no yard work (mowing the lawn and raking leaves) or the need to shovel snow in the winter.  So, if your interest has been piqued and you want to peek at what’s available, you may browse the listings of current homes for sale at Arbor Hills.

Or perhaps you would be interested in browsing more homes for sale in other 55+ active adult communities elsewhere on the South Shore:

The Residences at Duxbury Estates in Duxbury MA.

The Elms of Hanover in Hanover MA.

Great Island, Tara Woods & others in Plymouth MA.

Meeting House Estates in Scituate MA.

Overlook Farm, The Maples & others in Marshfield MA

Or, for another alternative, you may browse listings in Middleboro MA, at the mobile home community for adults aged 55+.

Let me know if you would like to arrange a tour of these properties. I am here to help you select the home that’s right for you.

Thanks again for visiting and please feel free to comment on this post with reactions to share or with questions.  And should you have any questions about real estate in Kingston, Plymouth or another town on the south shore , please contact me or call 781-588-0961.

Until the next time,

Jackie Farrell, Realtor®

BuyerBrokersRealty

January Housing Market Health Check

Kingston

Plymouth

Carver

Duxbury

Halifax

Hanover

Marshfield

Norwell

Pembroke

 Scituate

As you can see by this month’s report, the overall numbers for January 2012 are down from the same period of the previous year. The total number of single family sold properties in January 2012 (for these 10 towns) was 71 as compared to 87 in January 2011. And the the average median price of a single family home in January 2012 (for the 10 towns) was $326,536 as compared to $405,665 in January 2011.

The condo market fared better in the month of January. The average median price of a condo in January 2012 was $183,550 as compared to $174,050 in January 2011. And the total number of condos sold was almost even, 17 in 2012 as compared to 18 in 2011.

We’ll be checking and comparing the market stats for the coming months, so please drop by again.

Thank you for visiting,

Jackie Farrell, Realtor®

BuyerBrokersRealty 

Cost vs. Value Home Remodels

Today I would like to share a recent article of interest that arrived in my inbox from the National Association of Realtors® entitled 2011-2012 Cost vs. Value: Which Remodeling Projects Pay Off the Most?  I believe and hope that readers here will also find it interesting as it contains information that is of benefit to sellers and homebuyers alike.

New homebuyers often have a ‘grand vision’, one full of ideas about improvements to their new home. There are always questions – and concerns – about the cost of the projects they want to take on. This article serves as a useful guide for making the best choices and most cost effective decisions no matter what region of the country you live in.

Beyond the advice provided in this article, there are other relatively low cost options to enhance and personalize your home. For example, simply changing out the hardware and/or perhaps refacing or painting the kitchen cabinets, or replacing light fixtures in a bathroom or dining room, or painting a room or accent wall in a new color, any of these changes can make a dramatic difference to the overall appearance of your home and all for a reasonable cost.

The biggest and most expensive targets in most home improvement plans are kitchens and baths. As a rule, these rooms should be updated every five years or so, but this doesn’t mean that you have to make the changes all at one time. Instead, you might consider replacing just one item per year, such as one appliance in the kitchen and/or perhaps one item in the bath such as the vanity, mirror or light fixture. In that way, by the end of five years, these room will have been updated and the cost for the improvements will have been made more manageable.

So, let me know what you think. Your comments or suggestions are always welcome. And should you have any questions about real estate in Kingston, Plymouth or another town in our service area on south shore Massachusetts, please contact me or call 781-588-0961.

Thank you for visiting,

Jackie Farrell, Realtor®

BuyerBrokersRealty