Legal Question in Real Estate Law in California
Homestead Particulars
Are there any downfalls to ''Declared Homesteading'' a residence? Such as, do you have to retain ownership of the mentioned property for a set length of time before you can sale?
Asked on 5/06/03, 4:43 pm
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: Homestead Particulars
The main downside I can think of is that a declaration of homestead may be a yellow flag (or red flag?) to creditors or prospective lenders that you're having financial problems or facing a possible judgment.
The homesteaded property must be your residence at the time you declare homestead, but there are no restrictions on a future sale which, of course, would terminate the homestead.
Answered on 5/06/03, 5:05 pm
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