Homestead Flashcards
Elements to Establish a Homestead
- The real property must be owned by a natural person
- The persona claiming the exemption must be a Florida resident who establishes that he or she made, or intended to make, the real property his or her permanent residence
- The person claiming the exemption must establish that he or she is the owner of the property
- The property claimed as the homestead must satisfy the size and contiguity requirements of the constitution
Judgment Creditors Must
levy a claim before homestead has been established in order to have any claim
Exceptions From Protection
- Taxes and assessments against the property
- Mortgages on the property and
- Mechanics liens for labor performed on the property
Abandonment
If one leaves without the intent to return, then homestead protection is forfeited. In order for abandonment to occur, both the owner and the owner’s family must have abandoned the homestead
Proceeds
If you sell homestead and intend to reinvest the proceeds within a reasonable time in a new homestead, the proceeds are protected and retain their homestead status
Devise if Minor Child or Spouse
Will fail. Spouse will get a life estate and remainder to children
Devise if No Minor Children
Can devise to spouse in fee simple but you cannot devise homestead property away from spouse unless she waived it in a prenupt.
Policy of Homestead
Protecting the family