Can you explain the homestead exemption?
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Can you explain the homestead exemption?
My husband and I are purchasing a condo for our daughters to live in for college. We were told if one of my daughters names were put on the title that she could get the homestead exemption even though they are not the buyers. They will be living there approximately 9 months out of the year. Is this legal?
Asked on August 8, 2011 Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under many states in this country there are laws concerning what is called "The Homestead Exemption". The purpose of "The Homestead Exemption" is to protect owners of record of a home from judgment creditors who try and force a sale of one's primary residence to satisfy a judgment owed by the property owner.
The amount of "The Homestead Exemption" upon one's home varies from state to state. Its purpose is to protect up to a certain amount of equity in the home from a levy where the home is attempted to be sold to pay a judgment creditor to satisfy a judgment.
Some states like California have automatic "Homestead Exemption" statutes where the property owner does not have to record a "Homestead Exemption" on his or her home for this protection. Other states require the recording of a "Homestead Exemption" upon the desired property.
Good question.
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