Legal Question in Real Estate Law in California

Re: Homesteading

No and No.

JOEL SELIK

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Re: Homesteading

there is an automatic homesteading as to your actual residence. you have homestead exemption without doing anything further. obviously, any equity you have in your home beyond the homestead exemption amount will be reachable by creditors.

are you being sued or anticipating a suit against you?

Re: Homesteading

Homesteading your home will protect the amount of your homestead exemption. There is a significant difference between the recorded homestead and the automatic homestead. The automatic homestead applies only if the sale of your home is forced. A recorded homestead applies to the homestead exempt amount for six months after the sale.

Re: Homesteading

Mr. Johnson is correct. I would add, however, that you can only homestead your principal residence, which means you cannot record a homestead on two separate pieces of property. Moreover, it is a good idea record the Declaration of Homestead to "perfect" the homestead exemption for a number of reasons.