The bill establishes a new chapter titled "Uniform Real Property Transfer on Death Act" within Title 33 of the General Laws, which sets forth the procedures for transferring real property upon the owner's death. It introduces definitions for key terms such as "Beneficiary," "Designated beneficiary," and "Transfer on death deed." The act allows property owners to execute a deed that names one or more beneficiaries who will obtain title to the property at the owner's death without the necessity of probate. The transfer on death deed is revocable and does not require notice or acceptance by the beneficiary during the transferor's lifetime. It also specifies that the transferor retains full rights to the property while alive.

The bill outlines the requirements for a valid transfer on death deed, including the necessity for the deed to contain the essential elements and formalities of a properly recordable inter vivos deed, state that the transfer to the designated beneficiary is to occur at the transferor's death, and be recorded before the transferor's death in the public records. It addresses issues related to creditor claims against the transferred property, stating that the transfer is subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests to which the property is subject at the transferor's death.

Furthermore, the legislation provides a framework for the revocation of transfer on death deeds, requiring a formal process that includes the owner's signature and notary acknowledgment before recording. The revocation is only effective if recorded prior to the owner's death and pertains solely to the interests of the signing owners. The act specifies that properties classified as low- or moderate-income housing or affordable housing are excluded from its provisions and must comply with existing conveyance procedures. The act aims to promote uniformity in property transfer laws across states and modifies certain aspects of the federal Electronic Signatures in Global and National Commerce Act. The provisions of the act will take effect upon passage.