Legal Question in Real Estate Law in Arizona
what steps can be taken to protect your home if it is paid for free and clear
2 Answers from Attorneys
Your question is unclear, begging the question of protecting it from what? Taxes? Theft? Reduced value?
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Protecting your home would generally meaning that you purchase insurance from a high quality insurance company, not the cheapest policy, and you take care to properly maintain the home and all of its systems. Under AZ law, if it is your principal residence you have 'homestead protection" of your equity up to $125,000. I don't know of anything that you can do to protect against a drop in market value. You should also be sure to pay all taxes as they come due and check your property at the County Recorder's office to make sure that no liens have been recorded against your property.