How does homestead exemption work in California real estate?

The automatic California homestead real estate law doesn’t require the recording of any document. The homeowner “automatically” qualifies for the exemption based on “residency” under Cal Code of Civil Proc. 704.710(c)). The declared homestead, on the other hand, necessitates that the homeowner records a homestead declaration.

What do you need to know about homestead protection?

A declared homestead is a legal form that you record with the Registrar-Recorder’s office. A declared homestead protects some of your equity for six months after you sell your home if the following three conditions are all true: You record a homestead on the new home.

Do you have to live in your homestead in California?

If you’re going to route of declaring your homestead under California law, you must reside in the property on the date the homestead declaration is recorded. There’s no requirement that you actually or continuously reside in a declared homestead after the declaration.

Can a California homestead protect you from a lien?

California homestead real estate law does not protect your home from voluntary liens, such as a mortgage or deed of trust, mechanics’ liens, federal tax liens and judgment liens for child or spousal support. It’s important to remember that California homestead real estate law does not prevent the involuntary…

How does California homestead real estate law work?

The three different California homestead real estate law exemption amounts are based on the status of the judgment debtor (single, married, or 65 and older, disabled, and/or 55 and older & low-income) at the time the lien is recorded (for “declared”) and execution sale (for “automatic”).

How much money is protected by homestead exemption in California?

California’s homestead exemption is the Super Hero of the exemption world. While other exemptions protect things worth a thousand dollars here and a couple of thousand there, the homestead protects $75,000 for a single person and $100,000 for a couple.

Can a home be protected under a statutory homestead?

Only one can be protected under either a Statutory or Declared Homestead but under a Statutory Homestead, automatically it is where you are residing when the Writ is served that has the homestead apply. The protection that is provided by a Declared Homestead will continue to apply to that residence even if the owner moves.