How do I protect the equity in my home?
Two ways to protect the equity in your home are:
Declaration of Homestead: A homeowner in Massachusetts may obtain protection for up to $500,000.00 of the equity in their principal residence. This is accomplished by recording a written document, with the correct statutory language, in the Registry of Deeds for the county in which the property is located.
Tenancy by the entirety: This is a form of ownership that applies only to married couples and must be included in your deed. Under a tenancy by the entirety, neither owner is permitted to sell the property without the consent of the co-owner. Equally, no creditor can force the property to be sold to collect on the debt of only one of the owners. Upon the death of either co-owner, property held in tenancy by the entirety passes automatically to the survivor without having to go through probate.
Should I hire an attorney?
The purchase and sale of real estate involves the signing of legally binding documents which may contain provisions that are not in a buyer's or seller's best interest. Therefore, you should hire an attorney to review and/or prepare these documents. More info
When should I hire an attorney?
You should hire an attorney before you sign any documents connected with the purchase and sale of real estate. More info
What does the attorney do?
The attorney will review, revise, prepare, and advise you about the purchase and sale documents. In addition, the attorney may review the title to the property, determine the status of any outstanding real estate taxes, investigate any zoning issues, prepare a title insurance policy and attend the closing. More info
What is title insurance?
Title insurance insures against risks connected with the title to real estate. Some of these risks include mistakes in recording legal documents, forged deeds, liens for unpaid taxes and fraud. A loan policy insures the lender's interest and an owner's policy insures the owner's interest.
How much do you charge?
Depending upon your legal service requirements, we charge by the hour or a flat rate. If by the hour, we will provide you with a range as to what the legal fee will be.
Get the legal help you need. Call Robert Allison at 978-338-4209 or send us an e-mail.
