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(under Massachusetts law)
Under Massachusetts law, an owner (or owners) of a home (or one or all who rightfully possess the premises by lease or otherwise) and who occupy or intend to occupy said home as a principal residence, may acquire an estate of homestead to the extent of One Hundred Thousand Dollars. Mass. General Laws Chapter 186, Section 1. An estate of homestead makes such property exempt from the laws of conveyance, descent, devise, attachment, levy on execution and sale for payment of debts or legacies.
There are several exceptions that the consumer should note:
1. there can be a sale for taxes
2. there is no protection against a debt contracted before the estate of homestead is declared, even if evidence of the debt is not on record
3. there is no protection against a debt contracted for the purchase of said home (whether or not there is a mortgage to secure such funds)
4. there is no protection against an order from the probate court for support of spouse or children
5. there is no protection relative to other buildings on the same parcel owned by others
The term "owner" includes both a sole owner and a joint owner although only one individual may acquire such an estate (of homestead) for the benefit of the family. Further, there can be only one primary residence per family. Investment or vacation property cannot be protected by an estate of homestead.
The statutes also have additional provisions for extending the estate of homestead to Two Hundred Thousand Dollars for elderly (age 62 or more) and disabled persons provided certain procedures are followed.
An estate of homestead is easily released by either a filing of a release in the Registry of Deeds where the homestead is recorded or by a deed conveying the property which does not reserve the homestead. The estate is also terminated if the declarant files a new declaration of homestead in another property or abandons the subject property as his/her primary residence (the intent to abandon must be shown be unequivocal evidence).
There is one additional exception to the above in the statutes. If the property of a debtor worth more than $50,000 is assigned under the laws relating to insolvent debtors and the debtor claims as estate of homestead there can be a set off to the homesteader of only $50,000 and the residue shall vest in and be disposed of by the assignee.