Declaration Of Homestead

What is a Declaration of Homestead

A Declaration of Homestead is a simple legal document which can help to protect your house and property in times of economic hardship. It is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner.

The rights given by homestead laws don’t exist under common law, but they have been enacted in at least 27 states: Alabama, Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming. If you own, and live on, property in any of these states, you should definitely take the time file this important document. The fee for doing so is small, the forms are easy to fill out, some forms can be found online, and no lawyer is necessary.

Though they vary from one state to another, homestead statutes are similar in intent. Homestead exemption laws typically have three primary features: they prevent the forced sale of a home to meet the demands of creditors; they provide the surviving spouse with shelter; and they provide an exemption from property taxes which can be applied to a home. For purposes of these laws, a homestead is the one primary residence of a person, and no other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction where the exemption is claimed. Furthermore, the protection can be lost if the homeowner abandons the protected property by taking up primary residence elsewhere.

In some states, homestead protection is automatic, but in others however, the homeowner must file a claim for homestead exemption with the state, and will not receive the protections of the law until this has been done. A legal judgment resulting from bad debt or an accident could financially hurt a family, but with the safeguards provided by homestead statutes, their house and land would be protected up to the exemption amount allowed by their state.

In most cases, homestead exemptions do not apply to forced sales to satisfy mortgages, mechanics liens, special assessments, or sales to pay property taxes and different jurisdictions provide different degrees of protection under homestead exemption laws. Some of these laws can only protect property up to a certain value, while others are limited by acreage limitations. If homesteads exceeds these limits creditors may still force the sale while the homesteader may keep a certain amount of the proceeds of the sale.

Declaration of homestead, San Francisco, Calif

Business law for business men, a reference book for daily use in business affairs showing the law of California, on business contracts and legal obligations, the collection of bills and accounts, the rights of parties to notes and mortgages, and the law of attachments and executions

Business law for business men; a reference book showing the laws of California for daily use in business affairs

Business law for business men, state of California, a reference book showing the laws of California for daily use in business affairs

Law of real property, being a complete compendium of real estate law, embracing all current case law, carefully selected, thoroughly annotated and accurately epitomized