Submitted by puzzledlandlord on Sun, 11/21/2010 - 00:31
Posted in
A friend bought a house and the attorney had him sign a Declaration of Homestead but my friend bought it as an investment property. He asked the lawyer later if it is possible to Undo this declaration of homestead as he already has one on his primary residence. The lawyer said "there really is no need to undo this as by virtue of this not being your primary home the Declaration will have no affect." I am worried that if in the future my friend does get sued, the court may be confused as to why the registries of deeds show two Declaration of Homesteads. Do I need to be concerned? Would it be easy to undo the incorrect declaration of homestead? Thanks.
two declarations of homestead
I wouldn't worry about your friend. See Massachusetts General Laws Chapter 188, Section 11, which states in relevant part:
An estate of homestead to the extent of $500,000 in the land and buildings may be acquired pursuant to this chapter by an owner or owners of a home or one or all who rightfully possess the premise by lease or otherwise and who occupy or intend to occupy said home as a principal residence. (Editor's emphasis)