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Flashcards in Homestead Deck (42)
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1

What section of the Florida constitution covers Homestead Property?

Article X, Section 4

2

What does the homestead protection defend against?

It protects you from being forced to sell your domicile.

There shall be exempt from forced sale under process of any court, and no judgment decree or execution shall be a lien thereon.

3

What are liens on the property that are exemptions to the homestead protection?

1) Unpaid taxes and assessments
2) Mortgages on the property for purchase or improvement of the property
3) Construction or Mechanic's Lien

4

What is required in order to place a lien on homestead property?

Need a waiver of both spouses to the homestead rights in order to get a mortgage.

5

True or False: The homestead property must be owned by a natural person.

True

6

True or False: A corporation or business entity can claim the homestead exemption.

False - only natural persons

7

What properties qualify for the homestead exemption?

1) Property located outside a municipality of up to 160 acres of contiguous land and improvements

2)Property located within a municipality to the extent of 1/2 acre of contiguous land.

8

What happens to an overage of land that is owned by the parties that have homestead protection on the remainder of the property?

The party owned it but it does not receive the homestead protection

9

What happens if a homestead property previously outside a municipality is include in a municipality?

The protection shall not be reduced without the owner's consent by reason of subsequent inclusion into a municipality.

10

Can more than 1 property be the homestead?

No only 1 property - the primary residence.

11

Who can the homestead property pass to?

Spouse or other designated heir

12

When does the homestead protection have to be declared in order to receive protection against creditors?

Before the creditor's levy attaches.

13

What is the specific tax exemption provided for homestead property?

The property value will be decreased by $50k as it relates to Ad Valorem Taxes

14

What is an additional benefit given to homeowners of homestead property as it relates to Ad Valorem Taxation?

There is a 3% annual cap on increases in Ad Valorem Taxation.

15

Can a party keep the homestead protection if they abandon the property?

No - the protection is lost.

The creditor has the burden of proof of establishing this.

Can be shown that the homestead has been leased for over a year.

16

Can a party lose the homestead exemption if they have leased the property over a year due to being deployed in the military?

No

17

Are proceeds from the sale of a homestead property protected?

Yes Proceeds from sale retain homestead status if the owner has a good faith intent to reinvest in another homestead without a reasonable period of time.

18

How does property held as JTBE pass if it has the homestead protection?

Goes to the spouse

19

Can a homestead be devised if the owner is survived by a spouse or a minor child?

No

20

Can the homestead be devised to a spouse by will if the Owner is not survived by minor children?

Yes

21

The homestead can be devised to ____ if the owner is not survived by a spouse or minor children who survive.

Any person

22

What occurs if a homestead property is devised improperly?

It descends in the same manner as intestate property.

23

What occurs if a homestead is improperly devised and the owner is survived by a spouse and children?

The spouse gets a life estate and the children get the vested remainder.

24

What occurs if a deceased spouse tries to exclude the other spouse from the homestead?

The spouse may elect to take 1/2 interest in the homestead in lieu of a life estate.

Property will be held as TIC with remaining 1/2 interest among lineal descendants surviving at the time of the death.

Once there is a TIC, the parties can agree to sell the property.

25

True or False: Once the homestead is covered to a TIC the homestead protection is gone.

True - susceptible to creditor claims

26

Are there any personal property protections under the homestead rule?

Yes up to $1000 of personal property is protected.

A surviving spouse or blind or disabled person can claim an additional $500.

27

Are there any probate protections under the homestead rule?

Yes family can claim a family allowance of up to $20k of personal property.

28

Can a property subject to homestead be conveyed without the other spouse?

No both spouses must sign - does not matter whose name is on the deed.

If both signatures not present, conveyance is void.

29

If a property is a homestead and deeded to BFP but only one spouse releases homestead protection, is the conveyance valid?

No - conveyance is void. Both signatures are required.

30

True or False: Equitable liens may be placed on the homestead for other debts if fraud is involved in inducing the loan.

True