Homestead Declaration
September 6, 2011
Frequently a new homeowner will receive an official looking letter that refers to the recording of a "Homestead Declaration". The sender will, for a fee, record such a declaration for you. As real estate agents we receive calls from our new buyers questioning whether they must comply with the request. The answer is "No, there is no requirement to file a homestead declaration in the state of California."
However, a homeowner may want to record the homestead declaration. So what exactly is this document?
California's homestead law is a debtor protection law. It allows debtors and their families to remain in the home in some situations even when the sale of the home would pay off the creditors. It does not protect a homeowner from debt created when the home is used as security for a loan(s). Foreclosure proceedings are not subject to the homestead declaration. Nor is the homeowner from debts of alimony, child support, mechanics liens and certain taxes.
For detailed information about California's homestead law, you can google "California Homestead Law" and look into the details. If you seriously would like to record such an exemption, call the real estate agent who sold the property to you. They can guide you with the proper filing.
Frequently a new homeowner will receive an official looking letter that refers to the recording of a "Homestead Declaration". The sender will, for a fee, record such a declaration for you. As real estate agents we receive calls from our new buyers questioning whether they must comply with the request. The answer is "No, there is no requirement to file a homestead declaration in the state of California."
However, a homeowner may want to record the homestead declaration. So what exactly is this document?
California's homestead law is a debtor protection law. It allows debtors and their families to remain in the home in some situations even when the sale of the home would pay off the creditors. It does not protect a homeowner from debt created when the home is used as security for a loan(s). Foreclosure proceedings are not subject to the homestead declaration. Nor is the homeowner from debts of alimony, child support, mechanics liens and certain taxes.
For detailed information about California's homestead law, you can google "California Homestead Law" and look into the details. If you seriously would like to record such an exemption, call the real estate agent who sold the property to you. They can guide you with the proper filing.
posted by shirley harry at 8:27 AM
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