Buying A Homestead In Florida
Florida property law allows a person to designate a “homestead” as their primary residence within the state, which grants the property certain protections. However, not every property is created equal, and there are factors that can make a piece of property undesirable as a homestead. Consulting a Florida real estate attorney can help you clarify your options before going ahead with a purchase.
What Is A Homestead?
The state constitution establishes the parameters for a homestead, being “owned by a natural person” and being officially declared as their primary residence. The land must measure no more than one half-acre if within a municipality, or 160 acres if outside a municipality. The main reasons why a person might seek to establish their Florida property as their primary residence all have to do with legal protections.
Perhaps the best known is exemption from forced sale. This protection means that if a person has declared bankruptcy, the homestead cannot be sold to pay debts. Other homestead-based exemptions include one for property tax, eliminating or removing the burden on the property, and one preventing the homestead from passing via will if a deceased person has surviving family.
Exemptions Have Exceptions
While Florida’s homestead protections are expansive – unlike in most states, a property of almost infinite value can be protected under the forced-sale exemption as long as it conforms to the geographic limits – they do not always apply in every situation. For example, the definition of a homestead has been expanded over the years by state courts, now including not only houses, but everything from properties held via life estate to mobile homes – but not all homestead exemptions will apply to every property.
If you are looking to purchase a homestead property and set down roots, it is important that you find one where the positives of a homestead will apply, It is generally the responsibility of the buyer to ensure that the property may qualify as a homestead, but it can be easier to do so with the right attorney at your side to help protect your investment.
Contact A Tampa Real Estate Attorney
The real estate market in Florida moves quickly, but a wise investor does their due diligence before investing in property. A Tampa real estate attorney from the Seward Law Office can help you ensure that your potential homestead will truly be one, with no legal surprises down the proverbial road. Contact our office today at 813-252-6789 to schedule a consultation.
Source:
flsenate.gov/Laws/Constitution#A10S04
